Some are arguing that we are in the midst of a crash that cryptocurrency won’t be able emerge from. Bitcoin price fell 40% in the last month while more and more smaller currencies that emerged during the hype are being identified as scams.
One of the most prominent examples would be OneCoin, a cryptocurrency that attracted over $4 billion in investments between 2014 and 2016. Traders, and later the Federal Bureau of Investigation, later accused it of being run as a typical Ponzi scheme. The hype around it attracted those whose funds were used to prove OneCoin’s success.
FBI’s Director-in-Charge William Sweeney previously said that, despite it being positioned as a currency like any other, OneCoin had “no real value” to anyone except its founders.
The FBI Is After the ‘Crypto Queen’
While co-founder Sebastian Greenwood was arrested in Thailand, extradited to the U.S. and eventually imprisoned, another person alleged to have played a pivotal role in OneCoin’s rise and fall is Bulgarian national Dr. Ruja Ignatova.
Calling herself the ‘Crypto Queen’ at the peak of OneCoin’s popularity, Ignatova has been on the run from authorities since 2017. On June 30, the FBI added her to its Ten Most Wanted Fugitive List alongside several people who are on the run and suspected of murder and other violent crimes such as Jason Derek Brown and Arnoldo Jimenez.
“Investigators say Ignatova allegedly took part in a large-scale fraud scheme,” the FBI said in a Thursday release. “Beginning in…
