Ruja Ignatova and the firm OneCoin have been found in default after failing to respond to a case over the alleged $4 billion scam cryptocurrency project

Ruja Ignatova affirmed that OneCoin would be the most powerful cryptocurrency in the world, but after only a year, she suddenly disappeared with a huge amount of money from investors. In a recent complaint filed by OneCoin investors, scam founder Ruja Ignatova is holding 230,000 Bitcoins currently worth over $10 billion. Moreover, this case has not been completed, another lawsuit has taken place. Ruga Ignatova and her company did not respond to the case, documents filed in New York federal court said.

Ruja Ignatova has been found in default after failing to respond to a case over the alleged $4.3 billion scam

In 2015, Ruja Ignatova was the protagonist of the largest Bitcoin transaction in history. In a well-documented transaction, she was given four USD drives by Sheikh Al Qassimi, a member of the Royal Dubai family, containing 230,000 Bitcoins worth about $50 million. At the moment, these Bitcoins are worth more than $10 billion.

According to Finance Feeds, Sheikh Al Qassimi gave Ignatova that Bitcoin in exchange for OneCoin bank accounts (now frozen), real estate in the UAE, and several other assets.

In the lawsuit filed against OneCoin, the victims revealed that in addition to the huge amount of Bitcoin above, Ignatova also owns about $500 million in a bank account in Dubai and other assets worth $1 billion. They are named by Sebastian Greenwood and some other associates of the “crypto queen” at OneCoin.

OneCoin is a multi-level scheme promoted as a digital currency by Onecoin (registered in Dubai) and OneLife Network (registered in Belize). Both companies were founded and developed by Ruja Ignatova and Sebastian Greenwood. When launching OneCoin, Ignatova asserted that it would be the most powerful digital currency in the world and could even overtake Bitcoin. However, after only 1 year of operation, Ignatova suddenly disappeared in 2017, stealing a huge amount of money from investors. To date, the identity of this fraud boss has not been found.

US prosecutors estimate the total investment in OneCoin to be around $4.3 billion. The OneCoin project has raised billions of dollars for banks and real estate in Dubai, where they are said to be backed by Sheikh Al Qassimi and a former real estate agent.

Al Qassimi is the son of one of the wealthiest men in the UAE – the CEO of the United Arab Emirates. Al Qassimi was Ignatova’s original associate and helped provide diplomatic paperwork to facilitate her travel and residency in the UAE. Ignatova is considered to have created one of the largest cryptocurrency scams in the world. In addition, this woman was also involved in the BigCoin multi-level fraud and was sentenced to 14 months of suspended prison in Germany.

To date, it is not clear whether Ignatova sold 230,000 Bitcoins or is still keeping them in her wallet due to the anonymity of this digital currency when transacting.

And along with financier Gilbert Armenta, Ignatova and OneCoin have been certified in default. Documents filed Monday said the defendants did not file an answer or move to a complaint.

Earlier in the case, plaintiffs Christine Grablis and Donald Berdeaux were warned by the judge that they risked jeopardizing the case by failing to file routine paperwork in an attempt to serve the documents. of the court for the defendants.
According to the latest documents, they served documents for Ignatova, who is wanted by the US and other authorities after going missing in late 2017.

Dr. Jonathan Levy, the plaintiff’s attorney, said:

“Regulators seem to be unaware of the fact that one of the main purposes of cryptocurrencies is to exchange or pay criminals like Ignatova. It is no coincidence that she benefited from the Bitcoin bubble. While organized criminals, money launderers, or market manipulators benefit greatly, ordinary people are constantly being deceived and losing money.”

Besides, he proposed to set up a fund to subsidize victims of cryptocurrency scams if it is not possible to completely ban this coin.

Source: AZCoin News

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