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INTEL
PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED] / PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED]
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COMPANY · MLM SCHEME

OneCoin

🇧🇬 Sofia, Bulgaria (OneCoin Ltd registered in Dubai) · FOUNDED 2014
THE FIGURE
~$4B
Paid by ~3.5 million investors for OneCoin packages worldwide (DOJ); €4.037B of sales were booked Q4 2014–Q4 2016 alone.
WHAT IT SAID IT WAS

A 'cryptocurrency' sold through a multi-level-marketing network (OneLife) as the 'Bitcoin killer', with educational packages and mining certificates.

WHAT IT REALLY WAS

A pyramid scheme with no blockchain: the coin's price was set by hand on a private server; about 3.5 million people paid over $4B for packages.

THE STORY

Ruja Ignatova and Sebastian Greenwood founded OneCoin in Sofia in 2014 and sold it through a multi-level-marketing network as the cryptocurrency that would replace Bitcoin. Members bought 'educational' packages that came with tokens to mine coins whose price only rose, because it was typed into a database; there was no blockchain. Sales reached €4 billion in two years. Ignatova boarded a flight from Sofia to Athens on 25 October 2017 and has not been seen since; her brother Konstantin was arrested in 2019 and cooperated, Greenwood got 20 years in 2023, and the FBI put her on its Ten Most Wanted list with a $5 million reward.

WHO RAN IT
Ruja Ignatova ▸
founder; 'the Cryptoqueen' (fugitive) · open the case file
Karl Sebastian Greenwood ▸
co-founder and global master distributor · open the case file
Konstantin Ignatov
Ruja's brother; de facto leader after 2017 — pleaded guilty 2019; cooperated; time served (5 March 2024)
Mark Scott
Locke Lord partner who laundered proceeds through the Fenero Funds — convicted November 2019; 10 years (January 2024)
Irina Dilkinska
head of legal and compliance — pleaded guilty 2023; 4 years (2024)
WHO WAS HURT
~3.5 million package buyers in 175 countries
HOW IT ENDED
Founded
2014
Based
Sofia, Bulgaria (OneCoin Ltd registered in Dubai)
Ended
2019
How
collapsed — founder vanished October 2017; US charges 2019; network faded; no formal liquidation

No penalty imposed on the company itself. Karl Sebastian Greenwood: 20 years and $300M forfeiture (September 2023); lawyer Mark Scott: 10 years for laundering ~$400M (2024); Konstantin Ignatov: time served (March 2024); Irina Dilkinska: 4 years (2024). Ruja Ignatova is on the FBI Ten Most Wanted list with a reward of up to $5M (2024). DOJ opened a victim compensation process from forfeited assets.

SOURCES
justice.gov/usao-sdny/pr/co-founder-multibillion-dollar-cryptocurrencyfbi.gov/news/stories/ruja-ignatova-added-to-fbis-ten-most-wanted-fugitjustice.gov/opa/pr/justice-department-announces-compensation-process-o
Facts as published in court records, regulator releases and the sources above. Anyone charged and not convicted is alleged only.
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