<s>
OneCoin	B-Application
is	O
a	O
fraudulent	O
cryptocurrency	O
scheme	O
conducted	O
by	O
offshore	O
companies	O
OneCoin	B-Application
Ltd	O
,	O
based	O
in	O
Bulgaria	O
and	O
registered	O
in	O
Dubai	O
,	O
and	O
OneLife	O
Network	O
Ltd	O
(	O
registered	O
in	O
Belize	O
)	O
,	O
both	O
founded	O
by	O
Ruja	O
Ignatova	O
in	O
concert	O
with	O
Sebastian	B-Application
Greenwood	I-Application
.	O
</s>
<s>
OneCoin	B-Application
is	O
considered	O
a	O
Ponzi	O
scheme	O
due	O
to	O
its	O
organisational	O
structure	O
of	O
paying	O
early	O
investors	O
using	O
money	O
obtained	O
from	O
newer	O
ones	O
.	O
</s>
<s>
The	O
company	O
secretly	O
conducted	O
database	O
entry	O
scam	O
simulating	O
transactions	O
not	O
registered	O
by	O
an	O
actual	O
blockchain	B-Application
,	O
and	O
with	O
no	O
mining	O
behind	O
the	O
apparent	O
cryptocurrency	O
release	O
and	O
circulation	O
.	O
</s>
<s>
Many	O
of	O
those	O
characters	O
central	O
to	O
OneCoin	B-Application
had	O
been	O
previously	O
involved	O
in	O
similar	O
and	O
different	O
other	O
schemes	O
and	O
business	O
malpractices	O
separate	O
from	O
each	O
other	O
.	O
</s>
<s>
OneCoin	B-Application
was	O
described	O
by	O
The	O
Times	O
as	O
"	O
one	O
of	O
the	O
biggest	O
scams	O
in	O
history	O
"	O
.	O
</s>
<s>
Ignatova	O
disappeared	O
in	O
2017	O
near	O
the	O
time	O
a	O
secret	O
US	O
warrant	O
was	O
filed	O
for	O
her	O
arrest	O
and	O
her	O
brother	O
,	O
Konstantin	B-Application
Ignatov	I-Application
,	O
took	O
her	O
position	O
.	O
</s>
<s>
Greenwood	O
was	O
arrested	O
in	O
2018	O
,	O
as	O
was	O
Konstantin	B-Application
Ignatov	I-Application
in	O
March	O
2019	O
.	O
</s>
<s>
OneCoin	B-Application
was	O
launched	O
in	O
late	O
2014	O
.	O
</s>
<s>
It	O
was	O
not	O
a	O
decentralized	O
cryptocurrency	O
but	O
rather	O
a	O
centralized	O
currency	O
hosted	O
on	O
OneCoin	B-Application
Ltd	O
's	O
servers	O
.	O
</s>
<s>
According	O
to	O
OneCoin	B-Application
,	O
its	O
main	O
business	O
was	O
selling	O
educational	O
material	O
for	O
cryptocurrency	O
trading	O
:	O
investors	O
could	O
buy	O
"	O
educational	O
packages	O
"	O
costing	O
anywhere	O
from	O
100	O
euros	O
to	O
118,000	O
euros	O
,	O
or	O
—	O
according	O
to	O
one	O
industry	O
blog	O
—	O
225,500	O
euros	O
.	O
</s>
<s>
Investors	O
also	O
received	O
"	O
tokens	O
"	O
that	O
could	O
be	O
assigned	O
to	O
mine	O
OneCoins	B-Application
.	O
</s>
<s>
In	O
typical	O
OneCoin	B-Application
recruiting	O
meetings	O
,	O
recruiters	O
would	O
focus	O
on	O
cryptocurrency	O
investment	O
,	O
and	O
the	O
"	O
educational	O
material	O
"	O
was	O
barely	O
mentioned	O
.	O
</s>
<s>
The	O
only	O
way	O
to	O
exchange	O
OneCoins	B-Application
for	O
other	O
currencies	O
was	O
the	O
OneCoin	B-Application
Exchange	O
(	O
"	O
xcoinx	O
"	O
)	O
,	O
an	O
internal	O
marketplace	O
for	O
members	O
who	O
had	O
invested	O
more	O
than	O
a	O
set	O
amount	O
.	O
</s>
<s>
OneCoins	B-Application
could	O
be	O
exchanged	O
for	O
euros	O
,	O
which	O
were	O
placed	O
in	O
a	O
"	O
virtual	O
wallet	O
"	O
,	O
from	O
which	O
they	O
could	O
request	O
a	O
wire	O
transfer	O
.	O
</s>
<s>
The	O
marketplace	O
had	O
daily	O
selling	O
limits	O
based	O
on	O
which	O
package	O
the	O
seller	O
had	O
invested	O
in	O
,	O
greatly	O
limiting	O
the	O
amount	O
of	O
OneCoins	B-Application
which	O
could	O
be	O
exchanged	O
.	O
</s>
<s>
On	O
1	O
March	O
2016	O
,	O
without	O
notice	O
,	O
OneCoin	B-Application
issued	O
an	O
internal	O
notice	O
that	O
the	O
marketplace	O
would	O
be	O
closed	O
for	O
two	O
weeks	O
for	O
maintenance	O
,	O
explaining	O
that	O
this	O
was	O
necessary	O
due	O
to	O
the	O
"	O
high	O
number	O
of	O
miners	O
"	O
and	O
for	O
"	O
better	O
integration	O
with	O
blockchain	B-Application
"	O
.	O
</s>
<s>
On	O
30	O
September	O
2015	O
,	O
Bulgaria	O
's	O
Financial	O
Supervision	O
Commission	O
(	O
FSC	O
)	O
issued	O
a	O
warning	O
of	O
potential	O
risks	O
in	O
new	O
cryptocurrencies	O
,	O
citing	O
OneCoin	B-Application
as	O
an	O
example	O
.	O
</s>
<s>
After	O
the	O
warning	O
,	O
OneCoin	B-Application
ceased	O
all	O
activity	O
in	O
Bulgaria	O
and	O
started	O
to	O
use	O
banks	O
in	O
foreign	O
countries	O
to	O
handle	O
wire	O
transfers	O
from	O
participants	O
.	O
</s>
<s>
In	O
February	O
2016	O
,	O
the	O
British	O
newspaper	O
Daily	O
Mirror	O
wrote	O
that	O
OneCoin	B-Application
/	O
OneLife	O
is	O
a	O
get-rich-quick	O
scheme	O
scam	O
and	O
a	O
cult	O
,	O
calling	O
it	O
"	O
virtually	O
worthless	O
"	O
.	O
</s>
<s>
Authorities	O
in	O
many	O
countries	O
have	O
warned	O
of	O
potential	O
risks	O
involved	O
in	O
businesses	O
like	O
OneCoin	B-Application
and	O
undertaken	O
prosecutions	O
against	O
persons	O
linked	O
to	O
OneCoin	B-Application
,	O
including	O
CEO	O
Ruja	O
Ignatova	O
and	O
her	O
brother	O
Konstantin	B-Application
Ignatov	I-Application
.	O
</s>
<s>
In	O
March	O
2016	O
,	O
the	O
Direct	O
Selling	O
Association	O
in	O
Norway	O
warned	O
against	O
OneCoin	B-Application
,	O
comparing	O
it	O
to	O
a	O
pyramid	O
scheme	O
.	O
</s>
<s>
In	O
December	O
2016	O
,	O
the	O
Italian	O
Antitrust	O
Authority	O
(	O
)	O
"	O
adopted	O
an	O
interim	O
injunction	O
against	O
the	O
company	O
One	O
Network	O
Services	O
Ltd.	O
,	O
active	O
in	O
the	O
promotion	O
and	O
dissemination	O
of	O
cryptocurrency	O
OneCoin	B-Application
"	O
,	O
and	O
its	O
representatives	O
in	O
Italy	O
,	O
describing	O
their	O
activities	O
as	O
an	O
"	O
illegal	O
pyramid	O
sales	O
system	O
"	O
(	O
)	O
,	O
and	O
ordering	O
them	O
to	O
cease	O
promoting	O
and	O
selling	O
OneCoin	B-Application
in	O
Italy	O
On	O
27	O
February	O
2017	O
,	O
after	O
concluding	O
their	O
investigation	O
,	O
AGCM	O
banned	O
all	O
activity	O
on	O
OneCoin	B-Application
until	O
further	O
notice	O
.	O
</s>
<s>
In	O
December	O
2016	O
,	O
the	O
Hungarian	O
Central	O
Bank	O
issued	O
a	O
warning	O
that	O
OneCoin	B-Application
is	O
a	O
pyramid	O
scheme	O
,	O
and	O
in	O
China	O
that	O
same	O
year	O
several	O
members	O
and	O
investors	O
of	O
OneCoin	B-Application
were	O
arrested	O
and	O
US	O
$30.8	O
million	O
worth	O
of	O
assets	O
seized	O
.	O
</s>
<s>
In	O
March	O
2017	O
,	O
the	O
Croatian	O
National	O
Bank	O
(	O
HNB	O
)	O
advised	O
the	O
public	O
to	O
"	O
exercise	O
a	O
high	O
degree	O
of	O
caution	O
"	O
in	O
decisions	O
involving	O
OneCoin	B-Application
,	O
noted	O
that	O
OneCoin	B-Application
operations	O
are	O
not	O
supervised	O
by	O
the	O
HNB	O
,	O
and	O
warned	O
that	O
possible	O
losses	O
will	O
be	O
fully	O
borne	O
by	O
the	O
investors	O
.	O
</s>
<s>
On	O
23	O
April	O
2017	O
,	O
Indian	O
police	O
arrested	O
18	O
people	O
in	O
Navi	O
Mumbai	O
for	O
organizing	O
a	O
OneCoin	B-Application
recruitment	O
event	O
.	O
</s>
<s>
On	O
27	O
April	O
2017	O
,	O
Germany	O
's	O
Federal	O
Financial	O
Supervisory	O
Authority	O
(	O
BaFin	O
)	O
issued	O
cease	O
and	O
desist	O
orders	O
to	O
Onecoin	B-Application
Ltd	O
,	O
Dubai	O
,	O
and	O
OneLife	O
Network	O
Ltd	O
,	O
Belize	O
.	O
</s>
<s>
The	O
Authority	O
concluded	O
that	O
trading	O
in	O
OneCoins	B-Application
was	O
fraudulent	O
"	O
own	O
funds	O
"	O
trading	O
.	O
</s>
<s>
On	O
28	O
April	O
2017	O
,	O
Bank	O
of	O
Thailand	O
issued	O
a	O
warning	O
against	O
OneCoin	B-Application
,	O
stating	O
it	O
was	O
an	O
illegal	O
digital	O
currency	O
and	O
that	O
it	O
should	O
not	O
be	O
used	O
in	O
trade	O
.	O
</s>
<s>
On	O
16	O
June	O
2017	O
,	O
the	O
CEO	O
of	O
OneCoin	B-Application
Ltd	O
.	O
claimed	O
OneCoin	B-Application
was	O
licensed	O
by	O
the	O
Vietnamese	O
government	O
,	O
that	O
it	O
was	O
legally	O
permissible	O
to	O
use	O
them	O
as	O
a	O
digital	O
currency	O
and	O
that	O
it	O
was	O
the	O
first	O
cryptocurrency	O
in	O
Asia	O
officially	O
licensed	O
by	O
any	O
government	O
.	O
</s>
<s>
On	O
20	O
June	O
2017	O
,	O
Vietnam	O
's	O
Ministry	O
of	O
Planning	O
and	O
Investment	O
(	O
MPI	O
)	O
issued	O
a	O
statement	O
that	O
the	O
document	O
which	O
OneCoin	B-Application
used	O
as	O
proof	O
was	O
forged	O
.	O
</s>
<s>
On	O
17	O
and	O
18	O
January	O
2018	O
,	O
Bulgarian	O
police	O
raided	O
OneCoin	B-Application
's	O
office	O
in	O
Sofia	O
at	O
the	O
request	O
of	O
the	O
prosecutor	O
's	O
office	O
in	O
Bielefeld	O
,	O
Germany	O
.	O
</s>
<s>
Also	O
14	O
other	O
companies	O
,	O
tied	O
to	O
OneCoin	B-Application
,	O
were	O
investigated	O
and	O
50	O
witnesses	O
were	O
questioned	O
.	O
</s>
<s>
OneCoin	B-Application
's	O
servers	O
and	O
other	O
material	O
evidence	O
were	O
seized	O
.	O
</s>
<s>
On	O
3	O
May	O
2018	O
,	O
the	O
Central	O
Bank	O
of	O
Samoa	O
(	O
CBS	O
)	O
banned	O
all	O
foreign	O
exchange	O
transactions	O
related	O
to	O
OneCoin	B-Application
and	O
OneLife	O
.	O
</s>
<s>
The	O
bank	O
had	O
earlier	O
in	O
March	O
issued	O
a	O
warning	O
about	O
OneCoin	B-Application
.	O
</s>
<s>
CBS	O
describes	O
OneCoin	B-Application
as	O
a	O
very-high-risk	O
pyramid	O
scheme	O
.	O
</s>
<s>
In	O
2019	O
(	O
plea	O
deal	O
,	O
4	O
October	O
;	O
made	O
public	O
,	O
12	O
November	O
)	O
,	O
Ruja	O
Ignatova	O
's	O
brother	O
Konstantin	B-Application
Ignatov	I-Application
pleaded	O
guilty	O
to	O
fraud	O
and	O
money	O
laundering	O
in	O
connection	O
with	O
the	O
scheme	O
.	O
</s>
<s>
On	O
24	O
November	O
2019	O
the	O
BBC	O
published	O
a	O
detailed	O
investigation	O
of	O
OneCoin	B-Application
and	O
Ignatova	O
titled	O
"	O
Cryptoqueen	O
:	O
How	O
this	O
woman	O
scammed	O
the	O
world	O
,	O
then	O
vanished	O
"	O
.	O
</s>
<s>
In	O
2020	O
the	O
FinCEN	O
Files	O
showed	O
that	O
BNY	O
Mellon	O
flagged	O
to	O
FinCEN	O
$137m	O
of	O
transactions	O
related	O
to	O
OneCoin	B-Application
.	O
</s>
<s>
The	O
company	O
OneCoin	B-Application
,	O
Ruja	O
Ignatova	O
and	O
Gilbert	O
Armenta	O
have	O
been	O
found	O
in	O
default	O
at	O
an	O
ongoing	O
trial	O
in	O
the	O
US	O
.	O
</s>
<s>
In	O
March	O
2023	O
,	O
OneCoin	B-Application
's	O
former	O
legal	O
and	O
compliance	O
officer	O
Irina	O
Dilkinska	O
was	O
caught	O
and	O
extradited	O
from	O
Bulgaria	O
to	O
the	O
United	O
States	O
.	O
</s>
