OneCoin is a Ponzi scheme promoted as a cryptocurrency by Bulgaria-based offshore companies OneCoin Ltd (registered in Dubai) and OneLife Network Ltd (registered in Belize), both founded by Ruja Ignatova in concert with Sebastian Greenwood. OneCoin is considered a Ponzi scheme due to its organisational structure and because of the previous involvement of many of those central to OneCoin in similar schemes. It was described by The Times as "one of the biggest scams in history".
US prosecutors have alleged the scheme brought in approximately $4 billion worldwide. In China, law enforcement recovered 1. 7 billion yuan (US$267. 5 million) while prosecuting 98 people. Ignatova disappeared in 2017 near the time a secret US warrant was filed for her arrest and her brother, Konstantin Ignatov took her position. Most of the leaders have now disappeared or been arrested, though Ignatova has escaped arrest.
- United Arab Emirates