Crypto Queen👸
The term "Crypto Queen" is associated with the OneCoin scandal, a fraud case. Founded by Dr. Ruja Ignatova, OneCoin was promoted as a cryptocurrency but was actually a fraud scheme. Ignatova called herself "Crypto Queen" and was introduced as the leader of the project.
OneCoin was actually a centralized system that did not use blockchain technology. Users could buy and sell virtual currencies that had no real value. Ignatova claimed that the value of the cryptocurrency will constantly increase, promising investors huge returns. However, it turned out to be a scam and the system was a pyramid scheme.
Fraudster Ignatova, nicknamed 'Crypto Queen', was placed on the FBI's most wanted list
It is estimated that between August 2014 and March 2017, billions of euros from dozens of countries, from Pakistan to Brazil, from Canada to Norway and even Palestine, flowed into OneCoin.
The success of the OneCoin heist is attributed to the fact that it is not only a fake cryptocurrency but also a pyramid scheme.
With this system, known as Ponzi, Ignatova earned $4 billion until she disappeared in 2017
Manhattan Federal Prosecutor Damian Williams said Ignatova used the confusion of the early years of cryptocurrencies to launch a fraud scheme with perfect timing.
The FBI adds fugitive names to its 'most wanted list' in order to receive tipping assistance from a wider segment of society.
The Federal Bureau of Investigation announced that it would offer a reward of 100 thousand dollars for information that would lead to the arrest of the Bulgarian woman.
Ruja Ignatova is the only woman on this list.
Jamie Bartlett, who followed the news for the BBC, said that the FBI list was the most important development after Ignatova disappeared in 2017
Bartlett points out that the most important reason why the fraudster could not be found is that she ran away with at least 500 million dollars.
The journalist also says that the Bulgarian woman uses high-quality IDs and is believed to have changed her appearance.
The co-founder of the fake OneCoin cryptocurrency, a massive pyramid scheme that raised more than $4 billion from millions of investors worldwide, was sentenced to 20 years in prison on Tuesday.
Karl Greenwood, 46, who orchestrated the multi-billion-dollar multi-level marketing scam, pleaded guilty to fraud and money laundering charges in December.
His partner, Ruja Ignatova, 43, known as the "Crypto Queen" on the FBI's 10 Most Wanted list, remains at large, the US Department of Justice said.
Greenwood “operated one of the largest fraud schemes ever carried out,” U.S. Attorney Damian Williams said in a press release.
We hope this long sentence resonates with the financial industry and deters anyone who might be tempted to lie to investors and fraudulently exploit the cryptocurrency ecosystem, Williams said.
Greenwood's sentence was handed down by federal Judge Edgardo Ramos in U.S. District Court in lower Manhattan. The Ministry of Justice said OneCoin, which started in Bulgaria in 2014, generated more than $4 billion in revenue from at least 3.5 million people between 2014 and 2016.
The program was marketed and sold through a multi-level marketing structure that paid commissions to OneCoin members who recruited others to purchase crypto packages. The DOJ said Greenwood, the largest distributor, received 5% of all OneCoin sales and generated more than $300 million in total revenue.
Both Greenwood and Ignatova have consistently portrayed OneCoin as the next Bitcoin-like crypto investment opportunity. However, the Department of Justice said, “Unlike legitimate cryptocurrencies, OneCoin had no real value and was perceived by Greenwood and Ignatova as a fraud from day one.”
The co-founders and others repeatedly lied to their investors, including claiming that OneCoin's value was determined by market forces, when in reality its price was determined "arbitrarily," officials said.
Ignatova was indicted on fraud and money laundering charges in October 2017. Days after a federal warrant was issued for her arrest, Ignatova flew from Bulgaria to Athens, Greece. The Justice Department said it “has not been seen publicly since.”
The FBI is offering a reward of up to $250,000 for information leading to Ignatova's arrest, according to Ignatova's page on the 10 Most Wanted Fugitives list.
The wanted poster states that she was “believed to be traveling with armed guards and/or co-workers” and “may have had plastic surgery or otherwise altered her appearance.”
Coming to the end of the topic; I will make a few recommendations. You may not come across someone as big as the queen, but thousands of fraudsters are waiting to trap us at any moment. I say don't click on any link you don't know and move on to the topic.
Do Careful Research: Do thorough research before jumping into any cryptocurrency or investment opportunity. Learn about the team, technology, business model and track record behind the project.
Avoid Non-Obvious Projects: Avoid anonymous or non-obvious teams and projects. Reliable projects usually share their teams and missions transparently.
Be Skeptical of Return Promises: Be wary of investment opportunities that promise abnormally high returns. Unrealistic promises of returns are often a sign of fraud.
Consider Regulations: Check whether the cryptocurrency or project you are considering investing in complies with the relevant regulations. To keep your investments safe, choose platforms that comply with regulations.
Focus on Big Projects Like Bitcoin and Ethereum: Go for larger, well-known cryptocurrencies. Larger projects like Bitcoin and Ethereum have survived longer and have a larger community.
Decide calmly: Making hasty decisions and acting with an emotional reaction can often lead to bad results. Evaluate your investment decisions calmly and logically.
Trade on Reliable Exchanges: Store your cryptocurrencies by trading on reliable exchanges. Stay away from exchanges that have a poor reputation or are unreliable.
