The three people are on trial for money laundering, scams, and other bank-related offenses.

One of the defendants is Ignatova's former lawyer, who allegedly wired $19.7 million to the Cayman Islands for Ignatova to purchase two London apartments. The other two are a couple who controlled 320 million euros in OneCoin customer funds over the course of a year.

OneCoin was labeled a scam by a German court prosecutor who was tasked with reading the accusation against the alleged parties.

According to the prosecution, Ignatova lied and claimed that OneCoin was a cryptocurrency pertaining to easily observable market forces and that its mining activities produced 50,000 coins per minute.

In addition, the coin was not generally accepted and had low value and liquidity.

Ignatova, who holds an Oxford University law degree and is always immaculately dressed, has over 3 million clients in over 100 countries despite not even having a fully functioning blockchain to demonstrate. In 2014, she launched the OneCoin scam in Bulgaria, swindling investors of more than $4 billion. The company stated a $2.2 billion profit between Q4 2014 and Q4 2016.

Ignatova reportedly pulled a commission ahead of investors who sold OneCoin to other individuals and recommended anyone who wanted to exit the scheme to "take the money and run," authorities said at the time.

Her location is unknown, and she has eluded capture by US and European authorities. She has been on the run since October 2017 after fleeing Bulgaria. Some presume she has fled to Greece, while a Daily Mail reporter, Jamie Bartlett, who has been following the Cryptoqueen, claims she returned to Bulgaria before traveling to Dubai and is now residing on a private yacht.

She is currently on the ten most wanted fugitives list maintained by the Federal Bureau of Investigation.

Since Ignatova's disappearance, the company has been led by her brother Konstantin. He was arrested in the United States in 2019 for wire and securities fraud and has agreed to cooperate with US authorities.

Sky Germany, Fremantle, and the U.K.'s channel signed a deal in June 2022 to produce "Cryptoqueen," a documentary series about the OneCoin scandal.

Do you think the cryptoqueen will show up for her trial? What do you think her defense will be? Let us know your thoughts by sharing this article on social media.

Oct 19, 2022
Crypto News

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