Europol has included Ruja Ignatova, the founder and mastermind behind the OneCoin crypto fraud, on the list of Europe’s most wanted fugitives. Other names in that list include murders, narco-traffickers and other violent criminals.
The European law enforcement agency is offering a reward of up to €5,000 for any information that might lead to the arrest of Ignatova. But, given the magnitude of her crime, the reward amount seems too small.
“This reward is intended exclusively for private individuals and not for public officials whose professional duties include the prosecution of criminal offenses,” the Europol’s notice stated.
One of the Largest Crypto Frauds
Ignatova, also known as the crypto queen, created OneCoin in 2014 in Sofia, Bulgaria. She headed the organization until she suddenly vanished from the public eye in October 2017.
“[She] is suspected of having, as the driving force and intellectual inventor of the alleged cryptocurrency “OneCoin”, induced investors all over the world to invest in this actually worthless ‘currency’,” Europol stated.
Indeed, OneCoin was purported to be one of the largest cryptocurrency scams to date. With its multi-level marketing network, the crypto scheme penetrated into around 175 countries, swindling as much as $5 billion.
The fraudulent scheme claimed to have 3 million members worldwide and reported total revenue of €3.4 billion from the fourth quarter of 2014 to the third quarter of 2016, as disclosed in a US court.
“The fraud-related loss established so far is in the upper double-digit million range. The loss caused on a global scale probably amounts to several billion USD,” the notice added.
Prosecutors of several jurisdictions are now taking action against the massive crypto scam. Konstantin Ignatov, who is Ruja’s brother and ran OneCoin since mid-2018, was arrested and already pled guilty to fraud and money laundering
Money Laundering
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders.
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders.
Read this Term charges in a US court. OneCoin’s co-founder Karl Sebastian Greenwood and corporate lawyer Mark Scott were also arrested and prosecuted.
Europol has included Ruja Ignatova, the founder and mastermind behind the OneCoin crypto fraud, on the list of Europe’s most wanted fugitives. Other names in that list include murders, narco-traffickers and other violent criminals.
The European law enforcement agency is offering a reward of up to €5,000 for any information that might lead to the arrest of Ignatova. But, given the magnitude of her crime, the reward amount seems too small.
“This reward is intended exclusively for private individuals and not for public officials whose professional duties include the prosecution of criminal offenses,” the Europol’s notice stated.
One of the Largest Crypto Frauds
Ignatova, also known as the crypto queen, created OneCoin in 2014 in Sofia, Bulgaria. She headed the organization until she suddenly vanished from the public eye in October 2017.
“[She] is suspected of having, as the driving force and intellectual inventor of the alleged cryptocurrency “OneCoin”, induced investors all over the world to invest in this actually worthless ‘currency’,” Europol stated.
Indeed, OneCoin was purported to be one of the largest cryptocurrency scams to date. With its multi-level marketing network, the crypto scheme penetrated into around 175 countries, swindling as much as $5 billion.
The fraudulent scheme claimed to have 3 million members worldwide and reported total revenue of €3.4 billion from the fourth quarter of 2014 to the third quarter of 2016, as disclosed in a US court.
“The fraud-related loss established so far is in the upper double-digit million range. The loss caused on a global scale probably amounts to several billion USD,” the notice added.
Prosecutors of several jurisdictions are now taking action against the massive crypto scam. Konstantin Ignatov, who is Ruja’s brother and ran OneCoin since mid-2018, was arrested and already pled guilty to fraud and money laundering
Money Laundering
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders.
Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders.
Read this Term charges in a US court. OneCoin’s co-founder Karl Sebastian Greenwood and corporate lawyer Mark Scott were also arrested and prosecuted.
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