One of the heads of the largest cryptopony schemes, Onecoin's Ruja Ignatova, otherwise known as "Cryptoqueen," claims to own 230,000 bitcoins worth over $11 billion today. Court documents filed by victims of the Onecoin scheme show that she received the bitcoins from a member of an Emirati royal family in Dubai.
Onecoin's Cryptoqueen could have $11 billion in bitcoin
Ruzha Ignatova of Onecoin is a mystery woman who has been on the run for more than three years. Ignatova founded Onecoin in agreement with Sebastian Greenwood and her brother Konstantin Ignatov. Onecoin Ponzi was a multi-level marketing (MLM) enterprise that included packages that were ostensibly tied to a blockchain network.
Ignatova and her cohorts told the public that Onecoin will be the most dominant crypto asset and will eventually be the "killer of bitcoins ". Because of its organizational structure and fraudulent claims, the crypto community immediately warned people about Onecoin's operations.
Onecoin was launched on September 16, 2014 and by 2015. The FSC issued a warning about the project. Ponzi is headquartered in Bulgaria but registered as an offshore company in Dubai, and its subsidiary Onelife Network is registered in Belize.
In late 2016, cracks began to show and investigators said the project never used any type of blockchain technology. In 2017, U.S. law enforcement sent a secret arrest warrant for Ignatova and Cryptoquine is gone .
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 involved in several lawsuits as US prosecutors allege Onecoin fraudulently took $4 billion from global participants.
Konstantin Ignatov pleaded guilty to fraud and money laundering in November 2019, but Cryptoqueen was never caught. Now a lawsuit filed by victims of the Onecoin scheme shows that Ruzha Ignatova may have billions of bitcoins.
Ruzha Ignatova's privileges in Dubai and her alleged relationship with a member of the Emirati royal family
The reports indicate that Cryptoqueen may have an account in Dubai worth 500 million dollars, but the documents also claim that Ruzha Ignatova could have received 230 000 BTC . Reports claim that it received $11 billion worth of bitcoins from Sheikh Saud, who is the son of one of Dubai's richest men.
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 $ 6k apiece. Behind the MLM, Cryptoqueen's alleged relationship with Sheik Saoud is said to "come with benefits".
Ruzha Ignatova has managed to receive "diplomatic credentials" from the Intergovernmental Fund for Joint Action for Excellence (ICAFE) and the United Arab Emirates (UAE). Behind the MLM report, it is highlighted that "Ignatova was able to travel with impunity". В Article, published by financial columnist Rick Steves, explains that former real estate agent Mimoun Madani was also involved.
"The Ponzi scheme funneled billions to banks and real estate in Dubai, where it was allegedly aided by His Excellency Sheikh Saud bin Faisal Al Qasimi and former real estate agent Mimoun Madani," Steves writes. The reporter also described the transaction between the wealthy UAE-based individuals who allegedly gave her thousands of bitcoins. The article notes:
Sheikh Al Qasimi, in a well-documented and witnessed transaction, handed over four hard wallets (USB drives) containing 230,000 bitcoins, worth about $50 million, in exchange for now frozen [Onecoin] bank accounts, other assets and real estate in the UAE worth perhaps $1 billion.
Behind the scenes, MLM researchers say Ignatova's disappearance is due to multiple locations and possibly death. Countless reports over the past few years have suggested that Ignatova may be in the UAE region, Russia or Greece. Furthermore, researchers explain that the United Arab Emirates and the United States do not share an extradition treaty.
The attorney representing the victims, Dr. Jonathan Levy, blames the situation on the digital currency ecosystem as a whole.
"Regulators seem oblivious to the fact that the main purpose of cryptocurrency is to facilitate and reward criminals like Ruzha Ignatova. It is no coincidence that Ignatova is the main beneficiary of the bitcoin bubble," stressed Levy, the plaintiff's lawyer.