In the world of crypto, OneCoin is a name many hate to hear. The Ponzi Scheme ended up being a $15 billion scam. That is a lot of money.
Now, some people never heard of OneCoin. And that is great. The Scheme started in 2016, with Dr. Ruja Ignatova behind it. She is missing since 2017.
On June 16, 2017, she claimed that OneCoin was licensed by the Vietnamese government. And that it was legally permissible to use it as a digital currency. The claim was OneCoin was the first cryptocurrency in Asia licensed by any government. With the hype around bitcoin, a lot of people tried to make quick money using OneCoin.
At the time, the price of bitcoin was a few thousand dollars, while OneCoin was a “steal at a few bucks”. Normally, many people thought they can get a huge amount of OneCoin, and the crypto will reach thousands of dollars, giving them 10x/100x profit.
This documentary explains the entire scheme. Watch it, you will find it useful to make the distinction between fake and real crypto.