Netflix is set to release a highly anticipated documentary shedding light on the infamous cryptocurrency pyramid scheme, OneCoin. This exposé aims to unravel the story of how OneCoin deceived millions of investors worldwide, resulting in losses amounting to billions of dollars.
**The Rise and Fall of OneCoin**
Founded in 2014 by Bulgarian entrepreneur Ruja Ignatova, OneCoin was marketed as a revolutionary cryptocurrency. However, it lacked the fundamental characteristics of a legitimate cryptocurrency, such as a blockchain or mining process. Instead, it operated as a multi-level marketing (MLM) scheme, where participants were incentivized to recruit others to purchase educational packages, which supposedly included tokens to mine OneCoins. In reality, these tokens were worthless, and the promised mining process was nonexistent citeturn0search2.
Despite these red flags, OneCoin rapidly expanded its global reach, attracting over three million investors. Between 2014 and 2016, the company generated approximately €4.037 billion in sales revenue, with reported profits of €2.735 billion citeturn0search1. The scheme was heavily promoted through lavish events and charismatic presentations, including a notable launch at Wembley Arena in London in 2016.
**The Downfall and Legal Repercussions**
The fraudulent nature of OneCoin began to unravel as authorities worldwide initiated investigations. In December 2022, co-founder Karl Sebastian Greenwood pleaded guilty to wire fraud and money laundering charges in a U.S. federal court. He admitted to playing a pivotal role in the scheme, which he and Ignatova had designed with the intent to defraud investors citeturn0search1.
Ruja Ignatova, often referred to as the “Cryptoqueen,” disappeared in 2017 and remains a fugitive. She was added to the FBI’s Ten Most Wanted Fugitives list in 2022, with a reward of up to $100,000 for information leading to her arrest citeturn0search1.
**Netflix’s Documentary: An In-Depth Investigation**
Netflix’s upcoming documentary promises an in-depth investigation into the OneCoin scandal. It will feature interviews with former investors, law enforcement officials, and financial experts, providing a comprehensive look at how OneCoin operated and the devastating impact it had on its victims. The documentary aims to serve as both a cautionary tale and a critical examination of the vulnerabilities in the cryptocurrency space.
As the release date approaches, viewers can anticipate a gripping narrative that delves into one of the most significant financial frauds of the 21st century. The documentary is expected to be available for streaming on Netflix in the coming months.
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