In pursuit of their money back, investors have obtained a global freezing order over a woman who was unfavorably considered a fugitive by the FBI for being the mastermind of a $4.5 billion cryptocurrency fraud scheme called OneCoin. A worldwide freezing order was issued against Ruja Ignatova, aka the "Missing Cryptoqueen," which freezes her assets and prevents her from selling or transferring them. Her connections to the Bulgarian criminal underworld and a man who is thought to have been an organised crime boss and was engaged in her disappearance were made public by the BBC in June.

Imagine putting your entire life savings into the next "big thing," only to find out later that it was a hoax. That is the case with OneCoin, a $4 billion swindle that was run by the mysterious "Cryptoqueen." It started with an ambitious and brilliant idea: a cryptocurrency that could rival Bitcoin and radically change financial access for millions of people. It was called OneCoin, developed by Dr. Ruja Ignatova, a self-assured Bulgarian entrepreneur with impeccable credentials. She promised the public, starting in 2014, not only money but also a role in the financial revolution. 

However, beneath the elegant speeches, high-end gowns, and glitzy advertising came a phoney plan that would turn out to be one of the biggest financial scams in history. Through her so-called cryptocurrency, Ruja Ignatova promised financial freedom, leaving millions of people in more than 175 nations with empty wallets and dashed hopes. What can we learn from this scam? Classic and essential for anyone entering the financial industry.

OneCoin's Allure: "Bitcoin, but Smarter"

OneCoin was positioned as a revolutionary cryptocurrency for the general public. Empowerment was more important than just the money. According to her team, OneCoin would give the impoverished and unbanked access to financial tools. How did it operate? Easy, or so it appeared. Investors purchased "educational packages" that included training materials on cryptocurrencies.

Free OneCoin tokens, which were supposed to be mineable into valuable digital currencies, were included with every bundle. Following this were promises of very high returns, exclusive trading on the secret OneCoin Exchange, and a rising coin price that was conveniently always under the company's control.

It was too delicious to pass up. Believing they were riding the next wave of global finance, many people invested their wealth in OneCoin. Similar to the hunt for Ms. Ignatova, OneCoin investors have not been able to obtain substantial recompense for their losses. A $5 million (£4 million) reward is currently being offered by US authorities for information that leads to her arrest. More than 400 OneCoin investors filed a collective action that included the freezing order, which was made public at the London High Court on Wednesday. It is headed by Jennifer McAdam, who claimed that the OneCoin scam cost her, her friends, and her family about £200,000.

No One Wanted to See These Alarming Signs

You're correct if you believe this sounds too polished. As soon as anyone dug deeper, OneCoin's assertions started to fall apart. As soon as anyone dug deeper, OneCoin's assertions started to fall apart.

1) No cryptocurrency, no blockchain

1)Real cryptocurrencies are built on transparent blockchain technology. OneCoin had no blockchain because it had no ledger, no decentralisation, and no mining. They gave monopoly money instead of what appeared to be gold.

2) Price arbitrariness and artificial scarcity

OneCoin's price was set by the firm, as opposed to Bitcoin, where value is determined by supply and demand. To preserve the appearance of uncontrollable expansion, they merely increased the coin's value whenever they felt like it.

3) A Pyramid Undercover

The foundation of OneCoin's business was a multi-level marketing (MLM) structure rather than technology. In a traditional Ponzi scheme, investors received commissions for bringing on new members, which allowed the new investors to pay off the old ones.

4) A Confidential Transaction That Closed

Investors could theoretically trade their currencies on the OneCoin Exchange, but it had severe restrictions and eventually closed. Participants were left with useless digital dust in the form of tokens they were unable to trade.

The "Cryptoqueen's" Ascent and Decline

Dr. Ruja Ignatova became the spokesperson for OneCoin. Her glitzy speeches at important gatherings, in which she referred to OneCoin as the "Bitcoin killer," gave the plan credibility. Investors saw her as a visionary who promised them a seat at the financial table and understood their needs. However, everything changed in October 2017. Ruja disappeared. She took a plane from Sofia, Bulgaria, to Athens, Greece, and disappeared just as OneCoin was about to crash. Many others questioned whether she had disappeared. Is she dead? Or is she living a lavish lifestyle while pretending to be someone else? The lie continued even after Ruja left. Konstantin Ignatov, Ruja's brother, stepped in, but his tenure was short.

The Repercussions: $4 Billion Lost, Lives Lost

It was too late by the time the world comprehended what had transpired. In 175 countries, OneCoin had collected more than $4 billion from victims. It wasn't just personal harm. The OneCoin scandal damaged the cryptocurrency sector, created more scepticism around it and caused stricter regulations across most of the world.

Where is Ruja? The Cryptoqueen Hunt

One of the lingering mysteries of the OneCoin saga has been the whereabouts of Ruja Ignatova. There's speculation that she is in wealthy areas of Cape Town or possibly concealed by powerful syndicates involved in organised crime. 

• Murder Allegations: With unverified allegations, Ruja could be dead from being murdered on a yacht, and being dumped into the Ionian Sea. Authorities, including the FBI, are searching despite the lack of evidence, assuming she is still alive.

The Lessons Learned From a $4 Billion Fraud

One thing to remember, OneCoin's victims were duped by a scam built on hope and trust. But frauds like this may give us lessons:

1. No Blockchain, No Coin. Educate yourself on the technology behind the cryptocurrency. Without a blockchain, it's a story, not a coin.
2. Look out for promised returns. There are risks to investing that are real. Any innocent and naïve individual offering guaranteed gains with no risk is probably too good to be true.
3. A pyramid-shaped structure is a warning sign. Companies that use MLM recruitment do not make profits that way. You can always do your due diligence. If you are making a huge investment, hire a professional for the due diligence.

An Uber-Cheerful Dream

OneCoin was a dream sold on over-the-top promises, not only a scam. Millions were mesmerised by Dr. Ruja Ignatova's enthralling venture into financial revolution and her charms. But behind the sparkles was a trail of devastation and broken promises. And even though Ruja may still be out there, hidden with a hoodie or alive with mischief. Her legacy is unmistakable: a warning about the perils of unbridled ambition and unquestioning trust. There are hints in history. Please exercise caution.

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