What is OneCoin (OneCoin)?

Founded by Ruja Ignatova in 2014, it was marketed as a cryptocurrency, but in reality, lacked the fundamental blockchain technology characteristic of genuine cryptocurrencies. Instead of functioning as a decentralized ledger, OneCoin's transactions and coin creation were internally managed and opaque.

Where is OneCoin based?

OneCoin was based in Sofia, Bulgaria. OneCoin marketed and sold a fraudulent cryptocurrency by the same name. OneCoin began operating in the United States in or around 2015. Between the fourth quarter of 2014 and the fourth quarter of 2016 alone, the scheme took in more than $4 billion from at least 3.5 million victims.

What happened to OneCoin?

The companies behind the scheme were OneCoin Ltd. and OneLife Network Ltd., founded by Bulgarian national Ruja Ignatova, who disappeared in 2017. However, not before the scheme raised $4 billion. OneCoin was a Ponzi scheme that pulled in $4 billion from 2014 to 2016. OneCoin was not actively traded, nor could the coins be used to purchase anything.