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Where is dr ruja now : By the end of 2016, Bitcoin’s price started to increase fast. As a result a cryptocurrency boom started in worldwide. For this the price of bitcoin and other cryptocurrencies started to grow.
On dec,2015 one bitcoin’s price was 30,000 rupees. This bitcoin price was double in next year. By the end of 2016 the price of one bitcoin was 60,000 rupees. And on june, 2017 it reached 1,50,000 rupees/bitcoin and on december, 2017 bitcoin price touched 8,00,000 rupees. The price of bitcoin was become double or triple in six months. For this many people attracted to bitcoin.
Where is dr ruja now? Biggest cryptocurrency scam ever।
Most of them became passionate for bitcoin or other cryptocurrencies. You surely observe that on this time period many people invested in bitcoin. But here the problem is that many people came to know about it when bitcoin’s price had already gone up. A few people knew about it from ago. And they who invested in it earned a huge profit. The people who entered in the bitcoin boom didn’t earn more. When the cryptocurrency boom was going on then some fraudsters thought to get its benefit.
And one of them is amit bharadwaj. He told people to submit one bitcoin in his company,Gain Bitcoin and after 1.5 year he would give 1.8 bitcoin for one bitcoin investment. He told people that he had a big bitcoin mining company in china. People started to trust on him. And they submitted their bitcoin in gain bitcoin. After somdays he ran away taking all the bitcoins. But he was arrested later. Many bitcoin scams came in light in the cryptocurrency boom. In this time period a woman was planning to do the biggest cryptocurrency scam.
She is Dr. Ruja Ignatova. She thought to take the huge benefit using the cryptocurrency boom. Let’s see how did she do the scam and where is dr ruja now? Dr. Ruja Ignatova, basically from bulgaria formed her company in UK or united kingdom. Then she started to say that she made a new cryptocurrency,named Onecoin that would be the biggest cryptocurrency in future and it would be bigger than bitcoin.
She completed her law degree from oxford university. And she also completed her phd education. People started to invest in onecoin watching ruja’s vision and her profile. She informed people that onecoin was a very secure cryptocurrency and it used block chain technology. She also told that she did kyc so that anyone couldn’t use onecoin in any illegal activity. To promote onecoin she did many events and conferences im different places.
There she told that onecoin would be the world’s biggest cryptocurrency and after two years anyone wouldn’t discuss about bitcoin. if something would be discuused in future then it must be about onecoin. Everyone could use this to do payment in everywhere in future. So you should become a part of this revolutionary and start to invest in onecoin.
To promote onecoin ruja focused on four main things. They are
*Hype:
She created a hype around cryptocurrency and onecoin. It was like only onecoin would be continuing in future and everyone would only use onecoin in future. On this time period cryptocurtency was going on trend because of bitcoin. And then cryptocurrency started their programme. So everyone started to trust on onecoin.
*Fear of Basic Out:
Most of people came to know about bitcoin when the bitcoin price already went up. For this the people who entered in bitcoin later could not gain more. Ruja told everyone to join onecoin from its first stage because when the demand of onecoin would be increased then you could get its whole profit.
*Safety:
The third point was safety. Dr Ruja informed people that onecoin used block chain technology. For this onecoin was safe and secure. So you should not think about its safety.
*Fortune:
She told how you could earn so profit in little time using onecoin. She started to bow big hope on the mind of people in her events or conferences.
The clips of her events or conferences were shown to people. Once she did paid promotion in Forbes magazine. She showed it doing edit to people that forbes kept her on the front page of them and praised for her efforts. Seeing this investors were influencing very much and hurried to invest in onecoin. Because they didn’t want to loss a big opportunity.
Actually the reality of onecoin ia that it wass not a real cryptocurrency. Onecoin is a fake coin. It means the product of onecoin is fake. There was no mining in onecoin like bitcoin or other cryptocurrencies. And its price fluctuation is fully programmed. She promised to give safety on onecoin because it used block chain technology. It is also fully wrong. Onecoin does not use block chain technology. Simple sql servers were used in onecoin.
These servers does not properly support cryptocurrencies. If you want to block chain technology and its working process then Click Here. So onecoin’s price,mining or product was fake. She just allocated fake coins to investors and took the money of investors in return of it. And the big matter is that then people became so greedy for quick good returns. For this they did not give more importance to check the product well.
Ruja knew it that if she wanted to raise more money from investors then she had to do some different things. For this she started to do webinar so that she could reach to many investors of different countries. She did big events in dubai and other famous locations. And the event which ruja arranged was big. And also for this many investors attracted to onecoin and started to invest in onecoin. So the simple strategy of ruja was that at first do pretend and then sell the product. Through events,webinars she told many investors of different countries to invest in onecoin.
After this many investors of different countries started to invest in onecoin. Most of the investors were from UK,China,South Africa etc. And even many indian investors invested in onecoin. Chinese investors invested about half billion dollar between january,2016 to june,2016 or first six months of 2016. You can surely understand the craze of onecoin amid investors. Many african invest sold their animals and firms only to invest in onecoin so that they can earn quickly.
And the main weapon that she used was MLM or Multi Level Marketing. She knew if onecoin was to reach to more investors then mlm should be needed. Giving commission to others onecoin could be reached most investors. So mlm was best option. For this she arranged a meeting with the top mlm influencers. She told how they can earn more in short time and she started to give more commission to influencer for marketing onecoin. For more commission they promoted onecoin and adviced others to promote onecoin.
Thus onecoin spread like a fire. Mlm Influencer started to earn million dollars and the plan of ruja started to work. The investment of billion dollars started to come to ruja ignatova. The mlm influencer thought that it was really a good product and it would give a good return. So they invested a part of their commission in onecoin to get more return. But they didn’t know it that the product which they sold was fake.
Dr. Ruja promised investors to open onecoin exchange where they could convert their onecoin into money. But the opening of exchange was going to be late. For this a doubt was created in the mind of investors. To solve the doubt of investors and to declare the onecoin exchange opening date ruja arranged a event in portugal on october,2017. Many investors were present there and waited for ruja. But ruja did not come to event on time. Generally she reached on every event on time but in this event she delayed. People thought she would come obviously.
So they were waiting. One hour passed,two hour passed but ruja did not come. To know about ruja investors asked the other representer. But any response did not come from him. After they came to know that anyone couldn’t contact with ruja. For this concern of investors was starting to grow. And after that it was come to know that ruja ran away. She took the flight from sofia to athens. Then any information about her couldn’t be found.
But it is wonder now that in spite of happening all these people were investing then in onecoin. When all the scam came to light investors understood that their hard working money sank. The investors who invested through mlm influencer asked the influencer. But they did not do any response. The scam size was about 5 billion dollar or 35000 crore. Ruja bought many property,premium things etc on bulgaria on the help of scam money.
After FBI agents arrested ruja’s brother. He may be sentenced for 90 years. And fbi charges money laundering and securuty fraud on ruja ignatova. But till now(publish date) ruja is not arrested. Anyone doesn’t know wher she lives now. In india some fraudsters were promoting their products through mlm but after they were arrested by indian police. The big question is that
How did she do the scam so easily?
1. No Regulation:
Cryptocurtency was a new area. There was no regulation on cryptocurrencies. For this the cryptocurrency scam was happened. And there was no regulatory body that can watch the cryptocurrencies.
2. Ponze Schemes:
Ponze schemes offers people to get rich very soon. And then they fell investors into a trap. These schemes have been continuing from old age. But the different is that every schemes are brought in different technique and products. This type of scams will continuing untill the people are not aware in finance. Ruja caught the weak points of people. She fully used the greed of people.when people came to know then it was very late. Thus ruja did the biggest cryptocurrency scam.
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