Ruja Ignatova — The OneCoin Fraudster

A fake cryptocurrency built on real money

Ruja Ignatova was born in Bulgaria in 1980 and moved to Germany as a young child. She claimed to hold a doctorate from Oxford University and a background in medicine and finance — claims that later proved to be lies. In 2014 she launched OneCoin from her home city of Sofia, marketing it as the "Bitcoin killer" or "Bitcoin's source."

OneCoin was not a real cryptocurrency. Nominally based on blockchain technology, it existed in practice only in marketing materials and promises. Ignatova guaranteed members enormous returns — as much as 15 to 16 times their initial investment within just a few years. She built a pyramid scheme structure in which existing members earned money by recruiting new investors, not through any actual trading activity.

The operation grew at explosive speed. Through glamorous conferences held at hotels around the world — from Bangkok to Las Vegas — Ignatova constructed a cult of personality around OneCoin. She presented herself as the embodiment of effortless success: diamond rings, designer clothing, and conspicuous luxury. The promise was simple: millionaires could be made overnight.

Money from desperate people

The people who fell for OneCoin were often vulnerable: unemployed, deep in debt, or from developing countries who saw it as their only path to financial freedom. Ignatova actively targeted these groups. She hired so-called promoters — many of whom were unaware of the full extent of the scheme's illegal nature — who used aggressive multi-level marketing tactics and social media to recruit new members.