A lawyer representing investors defrauded by the notorious crypto scam Onecoin has urged authorities in Bulgaria to act on the case, claiming that the “world’s largest pyramid scheme” is still operating from the country. In a petition with the Bulgarian Constitutional Ombudsman, Jonathan Levy accuses officials in Sofia of failing to provide justice to the victims while seemingly protecting “the most notorious criminal organization.”
Lawyer Slams Bulgarian Authorities for ‘Misfeasance’ in Onecoin Case
In the petition, Dr. Levy points out that Onecoin has been recognized as a criminal enterprise by a number of countries including the United States, Argentina, and Germany, and classified as a pyramid scheme by law enforcement agencies such as the FBI. At the same time, the €20 billion cryptocurrency scam allegedly maintains several offices in the Bulgarian capital, uses a number of corporate identities, continues its operations unabated, and has even held a recruitment event this past summer.
The Crypto Ponzi scheme Onecoin was launched in 2014 and promoted through Bulgaria-based offshore entities Onecoin Ltd, registered in Dubai, and the Belize-incorporated Onelife Network Ltd. Both were founded by the pyramid’s mastermind, Bulgaria-born ‘Crypto Queen’ Dr. Ruja Ignatova, also a German national holding a PhD in European private law, and her partner Sebastian Greenwood from Sweden.
Ignatova disappeared in 2017 while her brother, Konstantin Ignatov, another Onecoin co-founder, was arrested in Los Angeles in 2019 and charged with financial crimes. He has since started cooperating with law enforcement, testified about Onecoin’s association with organized crime in Bulgaria and elsewhere, pleaded guilty, and sought witness protection. The scheme has been linked to terrorism funding as well. A number of people involved in the investigation and legal proceedings, including Ignatov, have complained about receiving legal and other threats.
