One of the ringleaders of the largest crypto-Ponzi programs, Onecoin’s Ruja Ignatova, also known as “Cryptoqueen”, today allegedly owns 230,000 Bitcoin valued at over $ 11 billion. Court documents filed by victims of the Onecoin program indicate that she received the bitcoins from a member of an emirate royal family in Dubai.
Onecoin’s Cryptoqueen may have $ 11 billion in Bitcoin
Ruja Ignatova from Onecoin is a mysterious woman who has been on the run for over three years. Ignatova founded Onecoin together with Sebastian Greenwood and her brother Konstantin Ignatov. The Onecoin Ponzi was a multi-level marketing (MLM) company that contained packages that were supposedly tied to a blockchain network.
Ignatova and her cohorts told the public that Onecoin would be the most dominant crypto asset and eventually a “bitcoin killer”. Due to its organizational structure and fraudulent claims, the crypto community immediately warned people about Onecoin operations.
Onecoin started on September 16, 2014 and by 2015 the Bulgarian Financial Supervision Commission (FSC) issued a warning about the project. The Ponzi’s head office was based in Bulgaria but was registered as an offshore company in Dubai and its subsidiary Onelife Network was registered in Belize.
Cracks showed in late 2016 and investigators said the project never used any type of blockchain technology. In 2017, US law enforcement officers sent a secret warrant for the arrest of Ignatova, and the Cryptoqueen disappeared.
Sebastian Greenwood was arrested in 2018 and her brother Konstantin Ignatov was arrested in Los Angeles in March 2019. Since then, the founders have been grappling with a number of lawsuits when U.S. prosecutors alleged Onecoin fraudulently raised $ 4 billion from global participants.
Konstantin Ignatov pleaded guilty to fraud and money laundering in November 2019, but the Kryptoqueen was never caught. Now, a court motion from victims of the Onecoin program shows that Ruja Ignatova may have billions in Bitcoin.
Ruja Ignatova’s Dubai Perks and her alleged relationship with a member of a royal family in the Emirates
Reports Indicate that the Cryptoqueen may have an account in Dubai $ 500 million However, documents also claim that Ruja Ignatova may have received 230,000 BTC. According to the reports, she received $ 11 billion worth of bitcoins Sheikh Saoud Who is the son of one of the richest people in Dubai.
The exact details of the transactions are unclear, but the deal is said to have taken place in October 2017 when BTC was trading for around $ 6,000 per unit. MLM claims that the alleged relationship between the Cryptoqueen and Sheik Saoud was “perks”.
Ruja Ignatova received diplomatic certificates from the Intergovernmental Collaborative Action Fund for Excellence (ICAFE) and the United Arab Emirates (UAE). Behind the MLM report it says: “Ignatova was able to travel with impunity.” A items The article, published by finance columnist Rick Steves, explains that former real estate agent Mimoun Madani was also involved.
“The Ponzi program has channeled billions to banks and real estate in Dubai, where they have allegedly been supported by His Excellency Sheikh Saoud bin Faisal Al Qassimi and a former real estate agent, Mimoun Madani,” wrote Steves. The reporter also described the transaction between the wealthy people in the UAE who allegedly gave her thousands of bitcoins. The article states:
In a well-documented and attested transaction, Sheikh Al Qassimi presented four hard wallets (USB devices) with 230,000 bitcoins worth about $ 50 million in exchange for the now frozen [Onecoin] Bank accounts, other assets, and real estate in the UAE worth perhaps $ 1 billion.
Behind MLM researchers, it is said that Ignatova’s disappearance was due to a few places and possibly death. A plethora of reports over the past few years suggest that Ignatova could be in the UAE, Russia, or Greece. The researchers further explain that the United Arab Emirates and the United States do not share an extradition treaty.
The lawyer representing the victims, Dr. Jonathan Levy, blames the digital currency ecosystem in general for the situation.
“Regulators seem unaware of the fact that the main purpose of cryptocurrency is to aid and reward criminals like Ruja Ignatova. It is no coincidence that Ignatova is the main beneficiary of the Bitcoin bubble, ”said Levy, the plaintiff’s attorney.
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