Cryptoqueen : THE BIGGEST BITCOIN SAM EVER. How did she handle to fade after scamming 4BN EUROS?

Ruja Ignatova known as herself the Cryptoqueen. She knowledgeable folks she had truly developed a cryptocurrency to rival Bitcoin, and persuaded them to speculate billions. Then disappeared. 

Dressed, in an costly ballgown,lengthy diamond earrings and good purple lipstick. Crowds cheered as knowledgeable them that OneCoin was on track to finish up being the world’s largest cryptocurrency “for everybody to make funds in every single place”. Dr ruja Ignatova had a powerful resume and schooling background. Her schooling credentials had been reputable fairly presumably the one reputable, and most likely the explanation why she was capable of pull off one of many largest ponzi schemes of all occasions.  Lets check out A snippet of Dr Ruja’s resume. 
• Degree in Law (M.Jur) from University of Oxford
• Masters Degree in Economics from University of Konstanz
• Ph.D. in Law from University of Oxford and Konstanz, Thesis on Corporate Litigation inside European Union
• Former Associate Partner with McKinsey & Company
• While at McKinsey & Company, initiatives in  Corporate Banking

Private Equity (KKR, TPG)

Asset Management

Risk Management

Operating and Liquidity Risk

• Former CEO and CFO of one of many largest Asset Management Funds in Bulgaria – CSIF with 250 Mio Euro belongings beneath administration

• Several initiatives for Texas Pacific Group (TPG), one of many largest Private Equity Funds on the earth

While at McKinsey labored for Sberbank, UniCredit, Allianz, Raiffeisen and different monetary establishments

• In 2012 awarded Business Woman of the Year in Bulgaria (Category International Business)

• Projects with Deutsche Bank Frankfurt, establishing Russian Investment Banking operations

• Structure and Set Up of a portfolio of 75 Mio Euro for Global Wealth Investment Funds (privately owned BVI firm)

• Consulting work for a number of CryptoCurrency firms

• Published two books in German and Chinese.

Bitcoin was the primary cryptocurrency and remains to be essentially the most vital and best-known. At the time Cryptocurrency as an thought was merely coming into the mainstream. Lots of people had been aiming to get related to this odd new alternative. OneCoin, Dr Ruja instructed the Wembley viewers, was the “Bitcoin Killer”. “In 2 years, nobody will discuss Bitcoin anymore!” she yelled to her very enthusiastic cheering crowd. No one can blame this crowd, after seeing Dr Ruja’s resume, she is an exceptionally good woman. And a persuading one.

All over the world, folks had been already investing their value financial savings into OneCoin, aspiring to be a part of this new revolution. Documents that had been leaked  to the media reveal that British people spent virtually EUR30m on OneCoin within the very first six months of 2016, EUR2m of it in a single week – and the speed of funding may have elevated after the Wembley extravaganza.Dr Ruja absolutely was dressed for the event, dripping in diamonds. In a interval rather less than three years, August 2014 and March 2017, greater than EUR4bn was invested in dozens of countries. From Pakistan to Brazil, from Hong Kong to Norway, from Canada to Yemen … even Palestine. 

But there was one thing very essential these buyers did not perceive.And that is the half the place every thing will get tough (all of us want to recollect this was the earlyish days of bitcoin,cryptocurrency & blockchain. In case you’re a full newbie

. I offers you a fast rundown on how on how 

CRYPTOCURRENCY truly works. The very first precept to know: cash is just worthwhile as a result of different folks suppose it is vital. Whether it is Bank of England notes and cash, shells, jewels or matchsticks – all of which have truly traditionally been used as cash – it simply works when everybody trusts it.

For a really very long time, folks have truly tried to provide a form of digital cash unbiased of state-backed currencies. They have always stopped working since no-one may belief them. They would always require any individual in cost who would possibly management the availability, and forgery was too easy.

The cause quite a few persons are excited by Bitcoin is that it fixes that problem. It depends on a particular form of database known as a blockchain, which is sort of a enormous guide – one which Bitcoin house owners have unbiased nevertheless equivalent copies of. Whenever a Bitcoin is shipped out from me to any individual else, a document of that transaction goes into everybody’s guide. Nobody – not banks, not governments, or the one who creates it – is in cost or can change it. There is a few extraordinarily intelligent maths behind all this, nevertheless this means that Bitcoins cannot be fabricated, they cannot be hacked and cannot be double-spent.

The key level is that these particular blockchain databases are what make cryptocurrencies work. This is why Bitcoin and the bitcoin community works. For the blockchain followers ot let’s imagine “transparency” followers, that is an revolutionary new form of forex, with the potential to sideline the banks and nationwide currencies, and supply banking for anybody with a cell phone. And in the event you get in early, there’s the prospect to go to the moon as we are saying within the crypto world.  DR RUJA ASIDE, JUST TO MAKE SURE WE ARE ON THE SAME PAGE. BLOCHCKAIN TECHNOLOGY REALLY IS A BIG DEAL. BLOCKCHAIN SOLVED A “DOUBLE SPENDING” ISSUE THE WHOLE WORLD/ENTIRE BANKING INDUSTRY HASN’T BEEN ABLE TO SOLVE IN HISTORY. IT WAS CREATED BY THE PEOPLE FOR THE PEOPLE.

THIS IS WHERE THE STORY STARTS GETTING TWISTED.
Dr Ruja’s genius was to take all of this and supply the idea to the plenty.

In early October 2016 – 4 months after Dr Ruja’s London look – a blockchain specialist by the title of Bjorn Bjercke was contacted by a recruitment consultant, with forward searching job supply.The particulars had been: A cryptocurrency start-up from Bulgaria was in want of a CHIEF TECHNICAL OFFICER. Bjercke’s packages included an condominium and a automobile and a really  enticing annual earnings of about ₤250,000. British POUNDS!! And after all, that is all earlier than any negotiations begin!

” I WAS THINKING: ‘WHAT IS MY JOB GOING TO BE? WHAT ARE THE THINGS THAT I’M GOING TO HAVE TO DO FOR THIS COMPANY?'” HE RECALLS.

” AND HE SAID: ‘WELL, FIRST OF ALL, THEY NEED A BLOCKCHAIN. THEY DON’T HAVE A BLOCKCHAIN TODAY.’
confirmed that this was infact was true.  Wooo ! This principally means “OneCoin” a blockchain and cryptocurrency firm that had been operating for some time, didn’t have a blockchain? If you’re a newbie crypto fanatic and confused how severe that is, let’s simply say, a really profitable and well-known farmer by the title of James did not truly  personal a farm.In truth, he’d by no means stepped a foot on a farm in his entire life.  This was a cryptocurrency firm, and it had been operating for some time – nevertheless it did not have a blockchain. “SO WE NEED YOU TO BUILD A BLOCKCHAIN,” he went on.

” WHAT’S THE NAME OF THE COMPANY?” requested Bjercke.

” IT’S ONECOIN.”.

He declined the job supply.

Lets flip the coin and have a look on the opposite aspect One day a couple of months erlier, A girl by the title of Jen McAdam was contacted by a mate about an funding alternative that was simply unmissable. On her pc, the Glaswegian girl clicked a hyperlink and signed up with a OneCoin webinar.

During the Webinar, which was about Over an hour she listened completely to people speaking enthusiastically about this attention-grabbing brand-new cryptocurrency. How it may change her fortunes. All of them had been “VERY UP-TEMPO, FULL OF BEANS, FULL OF PASSION”, she retains in thoughts. “YOU ARE SO LUCKY THAT YOU’RE SEEING THIS WEBINAR RIGHT NOW,” she was instructed. “YOU’RE IN AT SUCH AN EARLY STAGE AND IT’S JUST GOING TO GO LIKE BITCOIN. IT’S GOING TO GO BIGGER.”

Of course,the hosts mentioned Dr Ruja’s glittering background: Oxford University, a PhD from Konstanz, a stint with the revered administration consultancy, McKinsey and Company. A speech Dr Ruja had truly given at a convention hosted by The Economist publication was revealed, and that is what clinched it for Jen McAdam. “THAT TICKED A BOX.THE POWER OF THE WOMAN.WELL DONE! I FELT PROUD OF HER.” 

By the time the webinar had completed she had determined to speculate EUR1,000. It was simple: you got OneCoin tokens, and these then generated cash, which went into your account. “One day”, she was instructed, she would be capable of flip these cash again into euros or kilos. The packages began from EUR140 and priced all the best way as much as EUR118,000. About every week in a while Jen McAdam bought a “tycoon” plan, for EUR5,000.

Eventually, she invested EUR10,000 of her personal cash,satisfied household and mates to speculate EUR250,000 of theirs too. On the OneCoin website the value of her cash regularly elevated and so they handed ₤ 100,000.A 10x return. And identical to any of us would have accomplished,  she deliberate holidays and buying journeys. Towards the top of the 12 months a stranger contacted Jen McAdam on the web.The stranger claimed to be a superb samaritan who had truly studied OneCoin rigorously and wanting to talk to OneCoin buyers. Reluctantly,Jen McAdam agreed to a Skype name.The dialog didnt go so properly, It turned out to be a shouting match between strangers, however it could ship McAdam’s life in a brand-new course.

The stranger was Timothy Curry, crypto advocate and Bitcoin fanatic. He believed OneCoin would tarnish , and provides bitcoin and different cryptocurrencies a nasty title, and he instructed McAdam candidly that it was a fraud. “the most important rip-off within the [expletive] world”. He acknowledged he may show it, too. “Well then show it to me!” Jen McAdam responded

Curry despatched out a stream of information about how cryptocurrencies work to Jen McAdam. Lnks, posts, YouTube movies, the lot. As a lot as he may discover. He launched her to Bjorn Bjercke, the blockchain designer who mentioned there was no blockchain.

It took McAdam three months to undergo all of it and he or she had questions for the oneCoin leaders. She started asking the leaders of her OneCoin group if there was a blockchain. In the start she was knowledgeable it was one thing she did not want to know, however when she continued she lastly bought  a voicemail in April 2017.

” OK Jen … they don’t want to disclose that form of data, simply in case one thing goes incorrect the place the blockchain is being held. And plus, as an utility, it doesn’t want a server behind it. So it is our blockchain innovation, a SQL server with a database.”

Thanks to Curry and Bjercke, she understood that an ordinary SQL server database was no foundation for an genuine cryptocurrency. The supervisor of the database may enter and alter it at will and that would not be categorized as “blockchain”. “I believed, ‘What???’ And actually my legs merely went, and I fell on the ground,'” she says.

The inevitable conclusion was that these rising numbers on the OneCoin web site had been nugatory – they had been merely numbers typed into a pc system by a OneCoin employee. Not solely was she scammed her family members had thrown 1 / 4 of 1,000,000 euros away too. Dr Ruja vanishes Although Jen McAdam had now seen the sunshine, in addition to few different OneCoin financiers had. Dr Ruja was nonetheless travelling the world to promote her imaginative and prescient.Hopping from Macau to Dubai to Singapore, finishing arenas, pulling in new financiers. OneCoin was nonetheless rising rapidly, and Dr Ruja was beginning to spend her brand-new fortune: buying multi-million-dollar houses,internet hosting events on her elegant yacht The Davina. American pop star Bebe Rexha carried out a private set.

The stranger was Timothy Curry, crypto advocate and Bitcoin fanatic. He believed OneCoin would tarnish , and provides bitcoin and different cryptocurrencies a nasty title, and he instructed McAdam candidly that it was a fraud. “the most important rip-off within the [expletive] world”. He acknowledged he may show it, too. “Well then show it to me!” Jen McAdam responded

Curry despatched out a stream of information about how cryptocurrencies work to Jen McAdam. Lnks, posts, YouTube movies, the lot. As a lot as he may discover. He launched her to Bjorn Bjercke, the blockchain designer who mentioned there was no blockchain.

It took McAdam three months to undergo all of it and he or she had questions for the oneCoin leaders. She started asking the leaders of her OneCoin group if there was a blockchain. In the start she was knowledgeable it was one thing she did not want to know, however when she continued she lastly bought  a voicemail in April 2017.

” OK Jen … they don’t want to disclose that form of data, simply in case one thing goes incorrect the place the blockchain is being held. And plus, as an utility, it doesn’t want a server behind it. So it is our blockchain innovation, a SQL server with a database.”

Thanks to Curry and Bjercke, she understood that an ordinary SQL server database was no foundation for an genuine cryptocurrency. The supervisor of the database may enter and alter it at will and that would not be categorized as “blockchain”. “I believed, ‘What???’ And actually my legs merely went, and I fell on the ground,'” she says.

The inevitable conclusion was that these rising numbers on the OneCoin web site had been nugatory – they had been merely numbers typed into a pc system by a OneCoin employee. Not solely was she scammed her family members had thrown 1 / 4 of 1,000,000 euros away too. Dr Ruja vanishes Although Jen McAdam had now seen the sunshine, in addition to few different OneCoin financiers had. Dr Ruja was nonetheless travelling the world to promote her imaginative and prescient.Hopping from Macau to Dubai to Singapore, finishing arenas, pulling in new financiers. OneCoin was nonetheless rising rapidly, and Dr Ruja was beginning to spend her brand-new fortune: buying multi-million-dollar houses,internet hosting events on her elegant yacht The Davina. American pop star Bebe Rexha carried out a private set.

Despite the profitable facade, hassle was brewing. The opening of a long-promised alternate that might enable OneCoin to be was money stored being delayed and buyers had been rising increasingly involved.

This was to be resolved at a big gathering of European OneCoin promoters in Lisbon, Portugal, in October 2017.

When the day got here, Dr Ruja – who was famously punctual – did not present up.

” She was on her manner. Nobody knew why she wasn’t there,” recollects one delegate. Frantic calls and messages went unanswered. The head workplace in Sofia, the place she was such an imposing presence, did not know something both. Dr Ruja had vanished. Some feared she ‘d been killed or kidnapped by the banks, who – they ‘d been instructed – had most to concern from the cryptocurrency revolution.

She had gone underground. FBI information offered in courtroom paperwork earlier this 12 months point out that on 25 October 2017, simply two weeks after her Lisbon no-show, she boarded a Ryanair flight from Sofia to Athens. And then went fully off radar. That was the final time anybody noticed or heard from Dr Ruja.

After Dr Ruja’s non-appearance in Lisbon, a degree got here when a bigger variety of buyers, like Jen McAdam, requested to see proof of the blockchain. They did not get it.

Till today Dr Ruja remains to be on the run.

It’s exhausting to know the way a lot cash has been put into OneCoin. some say it may very well be a lot as EUR15bn. Criminals construction their firms and financial institution accounts in such a manner that their belongings appear to vanish. one looking for them – whether or not that is a journalist or a police officer – they’re invisible.”

Dr Ruja recognized a number of of society’s weak spots and exploited them. She knew there can be sufficient folks both determined sufficient, or grasping sufficient, or confused sufficient to take a guess on OneCoin. She understood that fact and lies are getting tougher to inform aside when there may be a lot contradictory info on-line. She noticed that society’s defence towards OneCoin, the law-makers, the police, and the media would wrestle to know what was taking place.

Scariest of all, she accurately guessed that by the point the world realised it, she ‘d be gone. Where do you suppose Dr Ruja is?  Leave a touch upon our social media accounts ? Perhaps we may discover her, and recoup some funds she scammed.

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