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.