The New DealShaker development team confirmed a long-held suspicion yesterday: OneCoin, the cryptocurrency venture founded by Ruja Ignatova, possesses no functioning blockchain. This disclosure, delivered in a report to Veselina Valkova and subsequently circulated to OneCoin's senior management, immediately precipitated emergency crisis meetings in Sofia, Bulgaria, that continued through the weekend.

The developers issued their findings as a unified statement, representing the collective assessment of the entire team. These were not the complaints of disgruntled individuals, but rather the technical observations of the very professionals hired to construct OneCoin's digital currency infrastructure. Their report details months of mounting frustration stemming from a persistent disconnect between OneCoin's directives and the actual resources provided by Veselina Valkova's staff.

The situation escalated significantly following the arrest of Konstantin Ignatov earlier this year. At least one developer was present during Ignatov's apprehension by federal agents, who subsequently interrogated the individual without making further arrests. Ignatov had served as the primary liaison between OneCoin and the New DealShaker team. His detention effectively severed communication channels.

The report opens with a stark declaration: "This will be the first and only email that will come this way." The developers then directly addressed Valkova, questioning her intentions. They suggested her actions might be aimed at self-preservation or facilitating negotiations for certain individuals with authorities.

The developers outlined a technical collapse. In January 2018, "Momchi," the IT administrator for the "ONE" system, reportedly departed and took critical encryption keys and system knowledge with him. Months later, a replacement, identified as "Stan," was brought in to attempt repairs on what the report described as a severely damaged system.

Departures of key developers left evident operational flaws. Programming errors affected the website, the back office functions, and the DealShaker platform itself. A particularly problematic system is CoinSafe, intended to secure investor assets. Reports indicate coins have frequently disappeared from CoinSafe, leaving investors who entrusted their digital assets to the platform facing losses.

The core revelation of the report transcends mere technical deficiencies. The New DealShaker developers encountered a fundamental absence: there was no blockchain upon which to build. OneCoin had promoted itself as a legitimate cryptocurrency utilizing underlying blockchain technology. The developers found an infrastructure that lacked any distributed ledger or cryptographic foundation, presenting only the facade of a functional system.

Valkova had characterized Ignatov's arrest as a temporary setback. The developers viewed it as a terminal blow. Without Ignatov to manage the relationship and without the original IT expertise, maintaining the operation became impossible. The developers' assessment aligns with what prosecutors have likely contended: OneCoin was fundamentally structured on deception, a fact that becomes undeniable upon actual examination of its technical underpinnings.