The FBI recently added Ruja Ignatova, known as the “Cryptoqueen,” to its top ten most wanted list, and it has
What is Xcoinx?
OneCoin was a Ponzi scheme that purported to be a cryptocurrency by firms with offices in Bulgaria called OneCoin Ltd (registered in Dubai) and
US authorities claim that the scam has generated over $4 billion in revenue worldwide. Chinese authorities seized 1.7 billion yuan (US$267.5
Who were behind the Xcoinx scam?
Ruja Ignatova and Sebastian Greenwood helped promote the OneCoin scam. Ruja Ignatova disappeared in 2017, just as her brother Konstant. In April 2019, both Greenwood and Ignatov were arrested. Konstantin Ignatov was taken into custody in March 2019, after he pled
How did the Xcoinx scam work?
The official rise of OneCoin in late 2014 was the start of a new era. It was a centrally controlled currency, rather than a decentralized coin,
The primary business of OneCoin was the exchanging of educational materials, according to the group. Members can purchase instructional bundles ranging from 100 to 225,500.
Each container contains “tokens” that may be used to “mine” OneCoins. They stated that servers in Bulgaria and Hong Kong are used for mining.
Fresh, original educational content for each level or package (except levels six and seven) has been copied verbatim from various sources. nHowever, during a typical OneCoin recruitment meeting, recruiters mostly discuss bitcoin investing, and the instructional material is seldom ever mentioned.
The Only Way to Convert OneCoin for Another Currency Was OneCoin Exchange, a private market accessible only by members who had invested more than just a start-up package. Euros were placed in a virtual wallet from which they could be requested for wire transfer, and OneCoins could be exchanged for them. The marketplace had selling limits based on the seller.
On March 1, 2016, The OneCoin market was abruptly suspended for two weeks while the business announced that it was needed “for continued interaction with blockchain.” The market reopened on March 15, 2016, although there were no apparent changes; the majority of transactions expired as before, and daily restrictions remained in place.
In January 2017, the exchange was abruptly shut down, and the problem fell under the purview of regulators all around the world.