OneCoin's corporate structure is still spinning, even as the cryptocurrency scam's public face has vanished.

Last month, the company executed another shell company shuffle that exposes how easily fraudsters can hide behind layers of corporate ownership. Research by Capital uncovered a circular ownership structure so convoluted it circles back on itself: One Network Services transferred to One Forex, which is owned by Artefix Europe, which is owned by—One Network Services. The arrangement started when Pegaron Invest sold One Network Services to One Forex for roughly $1.25. Capital tried reaching OneCoin for comment. They got nothing.

The structure's existence raises an obvious question: why hasn't anyone stopped this? The answer is grimmer than it seems. Bulgaria's Commerce Act doesn't explicitly ban these circular ownership schemes. The country's regulators have shown no appetite for pursuing the scammers behind OneCoin either. German authorities are investigating, but nothing has emerged publicly since they raided OneCoin's Bulgarian offices earlier this year.

Ruja Ignatova, OneCoin's founder, abandoned the company in mid-2017 after cutting herself and her mother from its incorporation the year before. Since then, she's mostly stayed out of public view except for rare events hosted by her brother Konstantin and her former bodyguard. Yet her spending tells a different story.

Ignatova has been burning through OneCoin investor money at a stunning pace. After living on a $15 million yacht, she dropped $2.5 million on a beachfront mansion this year. That's only the latest addition to a Bulgarian property empire built with over $20 million in OneCoin funds. Her new estate boasts custom furniture imported from Germany and a playground. There's a pool too, continuously filled with what OneCoin victims would describe more accurately than the estate's designers intended.

OneCoin investors haven't been able to withdraw anything since January 2017. The promised returns evaporated. The money is gone.

Ed Ludbrook, a former OneCoin executive who had inside access to the operation, recently broke silence calling Ignatova exactly what she is: a con-woman. "I was recruited into a business that had everything right except it was run by a con-woman," Ludbrook said. "Someone, who through her actions, was happy to create a scam as she stole the money."

Ludbrook had previously claimed Ignatova misled him, though his latest statements don't clarify how a Ponzi scheme from inception could have had anything "right" about it. But Ludbrook did something his counterparts didn't—he left without trying to salvage his credibility by pretending the scheme was legitimate.

As OneCoin promotional events have dried up everywhere except the poorest countries, the company itself remains active at the corporate level, shuffling assets and repackaging ownership to stay one step ahead of justice. Bulgarian law allows it. Bulgarian authorities aren't stopping it. And Ignatova keeps spending.

🤖 Quick Answer

What is the circular ownership structure discovered in OneCoin's corporate entities?
Research revealed a convoluted circular ownership arrangement where One Network Services transferred to One Forex, owned by Artefix Europe, which itself is owned by One Network Services. This self-referential structure exemplifies how shell companies can obscure beneficial ownership through layered corporate entities, facilitating potential fraud concealment.

Why has OneCoin's shell company restructuring remained unaddressed?
Bulgaria's Commerce Act lacks provisions to effectively prevent or regulate such circular ownership structures. The regulatory gap enables fraudsters to exploit corporate law mechanisms for concealment purposes. International coordination gaps and jurisdictional limitations further impede enforcement against transnational corporate schemes.

What was the reported transaction value in OneCoin's ownership transfer?
Pegaron Invest sold One Network Services to One Forex for approximately $1.25, suggesting the transaction represented a nominal transfer designed primarily

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