Not so long ago, OneCoin and its criminal mastermind Ruja Ignatova, also known as ‘Cryptoqueen,’ became the only woman on the US Federal Bureau of Investigation’s list of 10 most wanted fugitives.

However, like the morning mist, she disappeared into the airy thinness of time. This was in 2017.
The 40 or so year old Bulgarian is wanted by the FBI for her role in OneCoin, the cryptocurrency scam she founded. The FBI alleges that Ignatova defrauded people who took part in OneCoin of $4b. The scheme had all the makings of a Ponzi. 

It promised investors that they could “make lots of money” with “zero risk,” using network marketing and commissions to reel people in.
As with any such scheme, everyone who introduced a new buyer to the platform received a commission.

Here in Uganda, police at the beginning of this year arrested the director of a supposed crypto company that is suspected to have defrauded Ugandans of more than Sh3 billion. CID spokesperson Charles Twine said the suspect reportedly defrauded more than 1,000 Ugandans through online digital transactions between 2018 and 2020 before vanishing.

However, scams are not the norm when it comes to investing in cryptocurrencies. It is easy to protect one’s investment from a crypto con by noticing certain red flags. 

Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam. 

Then, don’t trust people who promise you can quickly and easily make money in the crypto markets. As with any investment, a digital asset is acquired with the goal of generating income or appreciation. Appreciation simply means an increase in the value of an asset over time. So it is not a get-rich-quick fix to your financial needs.  By Mr Martin Orena, Daily Monitor