Those who are so caught up in chasing after every new cryptocurrency on the block, this article will help you put the brakes on your craze and be cautious how you invest in an imaginary money, while the people you pay your money to get real money.
In June 2016, a 36-year-old businesswoman called Dr Ruja Ignatova took the world by storm, by promising, during a global event, that she has what it took to multiply people’s money tenfold with her cryptocurrency, OneCoin, but it was all a scam.
Dr Ruja, a self-proclaimed “cryptoqueen”, promised the world that OneCoin was on track to become the biggest cryptocurrency in the world, even bigger than Bitcoin.
She actually slammed Bitcoin by saying “In two years, nobody will speak about Bitcoin any more!”
People believed her because she had many awards, a degree from Oxford, a PhD, and had been featured in The Economist magazine, so she looked like someone who knew what she’s doing.
Over time, she managed to convince people around the world to sink a whopping €4 billion into her OneCoin, promising to given them value for money, but she had other plans.
Between August 2014 and March 2017, people from the UK, Brazil, Canada, Norway and even Palestine invested heavily €4 billion in OneCoin, with the hope Dr. Raju will to keep her promise, but she bought a yacht, a mansion in Sofia, and threw a few parties before she finally disappeared.
BBC told the full story. In case you missed it, we found it for you: