OneCoin: the "cryptocurrency" with no real blockchain
Sold worldwide through MLM networks, OneCoin did not run on any real blockchain. A co-founder was sentenced to 20 years in the US; the other founder, Ruja Ignatova, is a fugitive who was added to the FBI's Ten Most Wanted list.
Last reviewed: 15 October 2026
- Period
- 2014 – 2017
- Losses
- According to the US Justice Department, investors worldwide put in more than $4 billion.
Red flags
- Tokens bundled with "education packages"
- Coins could not be sold on any open exchange
- Commissions for recruiting
- The company set the price itself
How it worked
OneCoin marketed itself as a "Bitcoin killer". Members bought "education packages" bundled with tokens, and earned commissions for recruiting others. According to US prosecutors, there was no real blockchain behind it. The company set the coin's "price" itself, and the coins could not be sold on any open market.
Legal consequences
Co-founder Karl Sebastian Greenwood pleaded guilty and was sentenced in 2023 by a New York court to 20 years in prison. The other founder, Ruja Ignatova, has been missing since 2017; in 2022 she was added to the FBI's Ten Most Wanted list.
The lesson
If a coin can only be "seen" inside the company's own platform and cannot be sold anywhere else, it is not a real cryptocurrency.
Sources
This page is based on allegations and reports published by the sources cited; allegations are unproven until a court rules. Tell us if anything is inaccurate.