OneCoin to rule them all

By Bill Wirtz

An alleged crypto Ponzi scheme implicates a Luxembourgish spy and a Luxembourgish banker.

“Imagine you had gotten on the Bitcoin train from the start?” It’s a haunting question for anyone who knew about what was a slowly rising cryptocurrency back in 2009. Created by the mysterious Satoshi Nakamoto (it is still unclear whether this is a real person who has disappeared or a mere pseudonym) the value of Bitcoin has jumped from a few dollars to a sizable $20,000 in late 2017. Today’s BTC value stands at $35.424,40 (status as of 6th of January 2021).

Since then, a myriad of “next Bitcoins” have challenged the incumbent, but have rarely managed to rival the psychological value of Bitcoin. The business adage “it’s about being first” rings true. In 2014, a new self-declared cryptocurrency named OneCoin appeared on the market. Created by the Bulgarian businesswoman Ruja Ignatova, OneCoin pledged to revolutionise the crypto-industry, while its advocates promised to make investors rich. At OneCoin events, “The Bitcoin Killer” sub-headered the background behind keynote speaker Ignatova.

Based out of Bulgaria, OneCoin sold so-called “educational packages”, providing information about cryptocurrency as well as the right to “mine” the currency.

This article is for subscribers only.

  • One-year subscription

    €168.00
    /year
  • Monthly subscription

    €15.50
    /month
  • Zukunftsabo up to 25 years of age

    €90.00
    /year

OneCoin to rule them all

€2.00
/article

Already have an account?

Log in
Sign up for our newsletter and don't miss a thing.
What is your preferred language for the newsletter? *

By subscribing to the newsletter of the Lëtzebuerger Journal you consent to the processing of your personal data - your email address and language preference - to receive a selection of the latest published articles on a regular basis. More information in our legal notice.

Next

Closeness at a distance