The 5 biggest scam stories in the short history of cryptocurrencies Part One

OneCoin and the disappearing 'Crypto queen'

OneCoin was perhaps the most extraordinary scam in the history of cryptocurrency. In 2016, Dr. Ruja Ignatova drew thousands when she announced that she was developing a cryptocurrency to rival Bitcoin. The slogan of the 36-year-old businesswoman, who has earned herself the title of "Crypto Queen", was quite ambitious:
When Ignatova claimed that the OneCoin cryptocurrency she was developing would "bring about the end of Bitcoin," the value of Bitcoin, the world's first and now best-known currency, soared to several hundred dollars. Excited investors hoped to be part of the Crypto Queen's dream of a "revolution". Between August 2014 and March 2017, nearly 4 billion euros flowed into OneCoin from dozens of countries, from Pakistan to Brazil, Canada to Norway and even Palestine.


While OneCoin was growing, Ignatova was enjoying her fortune, putting on spectacular shows around the world, attracting investors. She bought multimillion-dollar houses in Bulgaria and threw big parties on her luxury yacht Davina. But behind the glitz and glamor, problems were piling up. Investors became concerned as the establishment of a system that would allow OneCoin to be converted into other currencies was continually delayed. A major event in Portugal in October 2017 was announced to address all concerns, but Dr. Ruja did not show up. Nor did he respond to phone calls and messages. Dr. Ruja had disappeared with billions of euros. There was no cryptocurrency of any kind. Dr. Ruja's brother, Konstantin Ignatov, who replaced Dr. Ruja, was detained at a US airport in 2019 and pleaded guilty to charges against him, including fraud and money laundering. The "Crypto Queen" remains at large.