Onecoin’s Ruja Ignatova is one of the biggest leaders of the largest crypto Ponzi scheme, allegedly owning 230,000 Bitcoins, worth more than $11 billion today. Court documents submitted by the victim of the Onecoin project indicate that she received Bitcoin from members of the UAE royal family in Dubai.
Onecoin’s Cryptoqueen may have $11 billion in Bitcoin
Ruja Ignatova of Onecoin is a mysterious woman who has been on the run for more than three years. Ignatova co-founded Onecoin with Sebastian Greenwood and her brother Konstantin Ignatov. Onecoin Ponzi is a multi-level marketing (MLM) company that features software packages ostensibly tethered to the blockchain network.
Ignatova (Ignatova) and her associates told the public that Onecoin will become the most important crypto asset and eventually become the “bitcoin killer.” Due to its organizational structure and fraudulent requirements, the cryptocurrency community immediately warned people about the operation of Onecoin.
Onecoin started operations on September 16, 2014, and by 2015, the Bulgarian Financial Supervisory Commission (FSC) issued a warning about the project. The Ponzi scheme is headquartered in Bulgaria, but registered as an offshore company in Dubai, and its subsidiary Onelife Network is registered in Belize.
At the end of 2016, cracks began to appear, and investigators stated that the project had never used any type of blockchain technology. In 2017, the US law enforcement agency issued a secret warrant for the arrest of Ignatova, and Cryptoqueen was missing.
Sebastian Greenwood was arrested in 2018, and her brother Konstantin Ignatov was arrested in Los Angeles in March 2019. Since then, the founders have been dealing with a number of court cases as US prosecutors accused Onecoin of fraudulently collecting $4 billion from global participants.
Konstantin Ignatov pleaded guilty to fraud and money laundering in November 2019, but Cryptoqueen was never caught. Now, court documents from victims of the Onecoin project show that Ruja Ignatova may have billions of bitcoins.
Ruja Ignatova’s Dubai privileges and her relationship with members of the UAE Royal Family
The report shows that Cryptoqueen may have an account worth US$500 million in Dubai, but the document also claims that Ruja Ignatova may have received 230,000 BTC. According to the report, she received $11 billion worth of bitcoin from Sheik Saoud, one of the emirates of Dubai.
The exact details of the transaction are not yet known, but the transaction allegedly occurred in October 2017, when the transaction price of BTC was approximately $6,000 per unit. Behind the MLM said that Cryptoqueen’s so-called relationship with Sheik Saoud “gets a subsidy.”
Ruja Ignatova was able to obtain a “diplomatic certificate” from the Intergovernmental Cooperation Organization for Excellence Fund (ICAFE) and the United Arab Emirates (UAE). Behind the MLM report emphasized that “Ignatova can travel with impunity.” An article published by financial columnist Rick Steves explained that former real estate agent Mimoun Madani was also involved. .
Steve wrote: “The Ponzi scheme provided billions of dollars in funds to Dubai’s banks and real estate, allegedly by the chief Sheikh Saoud bin Faisal Qasimi and Former real estate agent Mimoun Madani (Mimoun Madani) assisted.” The reporter also described transactions between wealthy people in the UAE who allegedly gave her thousands of bitcoins. This article states:
In a well-documented and visible transaction, Sheikh Al Qassimi handed over four hard wallets (USB devices) containing 230,000 bitcoins, valued at approximately 50 million US dollars in exchange for the now frozen [Onecoin] Bank accounts, other assets and real estate in the UAE are worth about US$1 billion.
The researchers behind the MLM said that Ignatova’s disappearance was attributed to several locations and possibly even death. In the past few years, there have been numerous reports suggesting that Ignatova may be located in the UAE, Russia or Greece. The researchers further explained that the United Arab Emirates and the United States do not have a common extradition treaty.
The lawyer representing the victim, Dr. Jonathan Levy, blamed the situation on the digital currency ecosystem.
“Regulators seem to be unaware of the fact that the main purpose of cryptocurrency is to facilitate and reward criminals like Ruja Ignatova. It is no coincidence that Ignatova is the main beneficiary of the Bitcoin bubble.
How do you think Ruja Ignatova of Onecoin may have 230,000 Bitcoins? Let us know your thoughts on this topic in the comments section below.
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US$11 billion, 230,000 BTC, Belize, billions of bitcoins, Bulgaria, Cryptoqueen, Dubai, fraud, Konstantin Ignatov, money laundering, Onecoin, Onecoin package, onecoin ponzi, Onecoin scam, Ponzi Scam, Ruja Ignatova, Sebastian Greenwood
Picture Credits: Shutterstock, Pixabay, Wiki Commons, behind MLM, court application,
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