After the popularity of bitcoin a huge number of cryptocurrency arrives. Also people did not liking the process of over power banker in financial system. So they are into some alternative methods by which this super power of bankers may end. They found cryptocurrency.
A Oxford University PhD holder Dr. Suja Ignatova took this opportunity and give people hope that they can spend money without support of bank in near future. She also advertised that her invention onecoin will pass the bitcoin very soon as termed himself cryptoqueen. Her degrees, glamorous life style influence people to invest in this.
She arranged seminars in different part of world and told them her vision about the currency onecoin. She used to tell them to buy the coins as different education package and it will help to mine currency. As many people earned a lot from bitcoin earlier there are many people who thought it was a good chance to earn money. She gave them hope that they will become richer in few days through their policy. They started to organize ramp shows , several other shows to show their presence. They told them if currency buyers can sold more package to more people they will also get benefit from it.
People across the Europe start to invest in onecoin. Not just they invested but they influence other friends, relatives to invest in this coin. Even poorer African countries like Uganda people also invested in this coin, some sold everything to invest here.
The problem started after 2 years of invention they invited a cryptographer and told them to make blockchain from them. He was surprised that the main thing of a cryptocurrency the blockchain was not made by the company. It mean everything is centralised and anyone can change going there. As people are not educated or they did not cross checked the speech of Dr Suja.
Scam is established:
The cryptographer refused to join instead of heavy package as he come to know something big happening which is wrong. The cryptographer then contacted with an investor and told everything about this. The investor then researched everything and read article about cryptocurrency. She started to ask about the blockchain to the company. The company told that she did not need to think about that as they have two blockchains. But as she was asking for more prove they stopped responding. Instead clarifying Dr. Suja doublified the value of onecoin.
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Till then it was too late. The scam is happened that was established like daylight. There was a pre scheduled press conference arranged where Dr. Suja was assumed to clarify everything. But she did not appeared that day and till now. She disappeared and never come in public. His bodyguard cum brother was arrested for money laundering case. After investigating it was found that she was not maintaining a cryptocurrency but just a multi- level marketing as ponzi scam. Onecoin become a virtual worthless coin and thus they scammed more 5 billion dollar which become one of the biggest scam in history.