Following a decision by Finnish authorities to
“monitor” OneCoin’s scamming of victims
, as opposed to doing their jobs, Finnish media have recently been reporting on the Ponzi scheme.

Much of what we already knew was covered in a recent Finnish Broadcasting Company (Yle) article, however specifics about OneCoin’s laundering of funds was news to us.

Following in the footsteps of Phil Ming Xu, who laundered
WCM777
Ponzi funds
through his sister and mother
, and Steve Chen, who laundered
USFIA
Ponzi funds
through his ex-wife
, OneCoin majority-owner Ruja Ignatova is purportedly laundering invested funds through her mother.

Finnish OneCoin point man Vuorinen said that Bulgarian Rina Ignatova owns 90 percent of the OneCoin parent company. However the cash that’s being harvested in Finland and other countries flows through a different organisation.

Monies are handed over to a Bulgarian firm known as One Network Services Ltd, as Yle discovered after sifting through the Bulgarian trade register. It turned out that the Bulgarian company also owns another local business, which in turn owns a third.

The person at the end of the chain of ownership is another Bulgarian, Veska Ignatov. Yle asked Tommi Vuorinen where the money trail ends.

“Veska? Ruja’s mother,” Vuorinen responded, referring to Ruja Ignatova, an individual who has appeared in public as the Oxford-educated developer of OneCoin.

Vuorinen confirmed that the money earned from selling currency purchase options and training packages eventually went to the mother of the OneCoin company founder.

I suppose the hope is that, once regulators move in, Ignatova’s mother will do a runner and make off with a mutual retirement fund.

With OneCoin itself registered in shady Gibraltar, you can bet Ignatova has her mother stashing funds in an equally shady hidey-hole.

“Apparently, yes. This is something you can ask the company directly. I can’t say anything more about it,” he added.

While you’re at it, be sure to ask them who the mystery people are that own the other 10% of OneCoin. I’m sure they’re nothing short of reputable pillars of the MLM industry.

Estimates in the Yle article peg current investment into OneCoin at over $3 billion EUR ($3.3 billion USD). If accurate, this would eclipse
TelexFree
, who at
$3 billion
is the largest MLM Ponzi scheme bust to date.

Unfortunately however, if authorities are investigating OneCoin, for now the status of their investigation(s) is/are unknown.

What we do know however is the regulatory cleanup of OneCoin is going to be substantially messier than that of TelexFree.

In addition to recent warnings issued in
Norway
and
Latvia
, Vietnam’s Industry and Trade Ministry’s E-commerce and Information Technology Agency has issued a warning of its own.

The industry and trade ministry’s E-commerce and Information Technology Agency (VECITA) has warned consumers and investors to be cautious while purchasing virtual currencies on e-commerce websites.

Spec

🤖 Quick Answer

Who is Ruja Ignatova and what is her connection to OneCoin's financial operations?
Ruja Ignatova is the majority owner of OneCoin, a cryptocurrency Ponzi scheme. According to Finnish media reports, she allegedly laundered invested funds through her mother, Rina Ignatova, who officially owns 90 percent of the OneCoin parent company, following patterns similar to other Ponzi scheme operators.

What money laundering methods were employed in the OneCoin scheme?
OneCoin utilized family members to launder funds, with Ruja Ignatova allegedly channeling invested money through her mother. This strategy mirrored previous Ponzi operations, where operators like Phil Ming Xu and Steve Chen similarly used relatives to obscure the movement of illicitly obtained capital.

What was the response from Finnish authorities to OneCoin's fraudulent activities?
Finnish

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