15,000,000,000 Dollar CRYPTO SCAM 🔥 | Biggest Crypto SCAM | Business Case Study

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15,000,000,000 Dollar CRYPTO SCAM 🔥 | Biggest Crypto SCAM | Business Case Study | Bitcoin Biggest Scams In India | Bitcoin Scams 2022

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Video Introduction:
OneCoin was launched in late 2014. It was not a decentralized cryptocurrency, but rather a centralized currency hosted on OneCoin Ltd’s servers.
According to OneCoin, its main business was selling educational material for trading. Members are able to buy educational packages ranging from 100 euros to 118,000 euros or, according to one industry blog, 225,500 euros. Each package includes “tokens” which can be assigned to “mine” OneCoins. OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. Each level (except six and seven), or package, gives new educational material, which is plagiarized from several sources. However, in a typical OneCoin recruiting meeting, recruiters mainly talk about investing in cryptocurrency and the educational material is barely mentioned.
The only way to exchange Onecoins for any other currency was OneCoin Exchange, xcoinx, an internal marketplace for members who had invested more than just a starter package. Onecoins could be exchanged for euros, which were placed in a virtual wallet from which they could be requested for wire transfer. The marketplace had daily selling limits based on which packages the seller had invested in, which greatly limited the number of onecoins which could be exchanged.
On 1 March 2016, without notice, OneCoin issued an internal notice that the market would be closed for two weeks for maintenance, explaining that this was necessary due to the high number of miners and for “better integration with blockchain”. On 15 March 2016, the market opened again but no visible changes had been made; most of the transactions expired as before and daily limits stayed on. The exchange was shut down without notice in January 2017, though individuals affiliated with the scheme continue to accept funds.

OneCoin is a Ponzi scheme promoted as a cryptocurrency by Bulgaria-based offshore companies OneCoin Ltd (registered in Dubai) and OneLife Network Ltd (registered in Belize), both founded by Ruja Ignatova in concert with Sebastian Greenwood. OneCoin is considered a Ponzi scheme due to its organisational structure and because of the previous involvement of many of those central to OneCoin in similar schemes. It was described by The Times as “one of the biggest scams in history”.

US prosecutors have alleged the scheme brought in approximately $4 billion worldwide. In China, law enforcement recovered 1.7 billion yuan (US$267.5 million) while prosecuting 98 people. Ruja Ignatova disappeared in 2017 near the time a secret US warrant was filed for her arrest and her brother, Konstantin Ignatov took her position. Most of the leaders have now disappeared or been arrested, though Ruja Ignatova has escaped arrest. Greenwood was arrested in 2018, as was Konstantin Ignatov in March 2019. In November 2019, Konstantin Ignatov pleaded guilty to charges of money laundering and fraud. The total maximum sentence for the charges is 90 years in prison.
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Title Contents:
00:00 – Introduction To CRYPTO SCAM Business Case Study
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