Former OneCoin Boss Admits it is a “Fraud Scheme”

Reading Time: 2 minutes

Konstantin Ignatov, the brother of wanted fugitive and OneCoin founder Dr Ruja Ignatova and former boss of the OneCoin scam, sensationally testified against her during the trial of OneCoin’s former lawyer, Mark Scott Wednesday. Ignatov, who has already pleaded guilty to conspiring to commit wire fraud on behalf of OneCoin, revealed what most people outside the OneCoin already knew – that the whole operation was a “fraud scheme” and that “the money came from a criminal activity”.

Dr Ignatova Made “Over $500 Million” From OneCoin

Ignatov stole the show at the second day of Scott’s trial, his evidence confirming what thousands of observers already knew and what a growing number of investors are slowly coming to realize – that the $4 billion invested into OneCoin since 2014 has served no other purpose than to supplement Dr Ingantova’s lifestyle and has been funneled into bank accounts, property purchases, expensive cars, and more. Among choice excerpts, Ignatov said that his sister made “over $500 million” from OneCoin, that she owned mansions in Dubai, Frankfurt and elsewhere, and drove a Porsche and an armored Lexus, among others.

It was also “very, very common” for his sister to go shopping he said, on one occasion spending over $1 million on a piece of jewelry. All this money came from investors who were sold lies on the promise of the token and the OneCoin platform, which Dr Ignatova claimed would “start a financial revolution”.

Hundreds of Millions Stolen by Employees and Contractors

Stating that Dr Ignatova herself never invested in OneCoin, Ignatov added that another accused, co-founder Sebastian Greenwood, stole over $100 million from “a special apartment in Hong Kong that was filled with cash”. There were other thefts from the company too, with one perpetrator being Amr Abdul Aziz, one of the several money launderers hired by OneCoin, who stole over €100 million. Ignatov also gave an insight into the likely reason behind Dr Ignatova’s disappearance – she was having a “nervous breakdown” because she was sure that her lover, Gilbert Armenta, was going to give her up to the FBI, who at that time were preparing charges against her.

As to her current whereabouts, Ignatov said he has no idea, having taken steps to find her that were ultimately unsuccessful. There is no doubt that the trial will continue to throw up some fascinating, and disturbing, facts regarding the biggest scam in crypto history that has left people as far afield as Uganda with shattered dreams and life savings gone.