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The biggest crypto scam in history?
Jun 21, 2024
An Oxford alumnus discusses the biggest crypto scam in history, unraveling the OneCoin cryptocurrency scam that promised wealth but collapsed, leaving investors trapped and the mastermind vanished.
08:22
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Quick takeaways
- OneCoin's success was based on a network marketing strategy, leading to a pyramid scheme structure.
- Investors initially trusted Ruja Ignatova, but her disappearance and legal repercussions exposed the extent of the scam.
Deep dives
The Rise of OneCoin: A Cryptocurrency Scam
In 2016, Ruja Ignatova, along with Carl Sebastian Greenwood, began OneCoin, a cryptocurrency that promised wealth based on educational course materials sold with membership packages. Unlike traditional cryptocurrencies, OneCoin's value was artificially assigned, and its success relied on a network marketing strategy where investors earned by recruiting others, leading to a pyramid scheme structure. High-profile events and marketing tactics attracted investors globally, with promises of luxurious lifestyles. However, the scheme unraveled when a whistleblower exposed the lack of a blockchain, plagiarized materials, and fraudulent practices, leading to investigations and legal actions.
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