The defendants told unsuspecting investors that they are using computer servers to mine OneCoin. They claimed that its value grew steadily grew from €0.50 to approximately €29.95 per coin as of January 2019 due to supply and demand.
In fact, Ignatov and Ignatova created OneCoin to defraud investors. They are setting the value of the cryptocurrency internally and are not using computer servers to mine it. OneCoin doesn’t exist as it is not stored in a private block chain or digital ledger, according to U.S. investigators.
OneCoin Ltd claimed that it has more than 3 million members worldwide. Investigators found that it generated €3.35 billion in sales revenue and €2.23 billion in profits. Ignatova disappeared from publicly running the company.
Ignatov took over and continued to deceive investors. He claimed that the company will launch an “initial public offering” of OneCoin in 2018 and 2019 to gain more investments from its member victims. In February, Ignatov travelled to the U.S. to conduct One-Coin related business.
