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The Missing Cryptoqueen: The Crypto Con That Fooled the World
175 countries, four billion dollars, one scam: the thrilling rise and fall of the biggest cryptocurrency con in history and the woman behind it all
In 2016, on stage at Wembley Arena in front of thousands of adoring fans, Dr. Ruja Ignatova promised her followers a financial revolution. The future, she said, belonged to cryptocurrencies such as Bitcoin. And the Oxford-educated, self-styled cryptoqueen vowed that she had invented the Bitcoin Killer. OneCoin would not only earn its investors untold fortunes; it would change the world.
By March 2017, more than $4 billion had been invested in OneCoin in countries all around the world. But by October 2017, Ruja Ignatova had disappeared, and it slowly became clear that her revolutionary cryptocurrency was not all it seemed. Fortune was left asking, “Is OneCoin the biggest financial fraud in history?”
In The Missing Cryptoqueen, acclaimed tech journalist Jamie Bartlett tells the story he began in his smash hit BBC podcast, entering the murky worlds of little-regulated cryptocurrencies and multilevel marketing schemes. Through a globe-crossing investigation into the criminal underworlds, corrupt governments, and the super-rich, he reveals a very modern tale of intrigue, techno-hype and herd madness that allowed OneCoin to become a million-person pyramid scheme – where, at the top, investors were making millions and, at the bottom, people were putting their livelihoods at risk. It’s the inside story of the smartest and biggest scam of the 21st Century – and the genius behind it, who is still on the run.
In 2016, on stage at Wembley Arena in front of thousands of adoring fans, Dr. Ruja Ignatova promised her followers a financial revolution. The future, she said, belonged to cryptocurrencies such as Bitcoin. And the Oxford-educated, self-styled cryptoqueen vowed that she had invented the Bitcoin Killer. OneCoin would not only earn its investors untold fortunes; it would change the world.
By March 2017, more than $4 billion had been invested in OneCoin in countries all around the world. But by October 2017, Ruja Ignatova had disappeared, and it slowly became clear that her revolutionary cryptocurrency was not all it seemed. Fortune was left asking, “Is OneCoin the biggest financial fraud in history?”
In The Missing Cryptoqueen, acclaimed tech journalist Jamie Bartlett tells the story he began in his smash hit BBC podcast, entering the murky worlds of little-regulated cryptocurrencies and multilevel marketing schemes. Through a globe-crossing investigation into the criminal underworlds, corrupt governments, and the super-rich, he reveals a very modern tale of intrigue, techno-hype and herd madness that allowed OneCoin to become a million-person pyramid scheme – where, at the top, investors were making millions and, at the bottom, people were putting their livelihoods at risk. It’s the inside story of the smartest and biggest scam of the 21st Century – and the genius behind it, who is still on the run.
320 pages, Paperback
First published June 23, 2022
106 people are currently reading
3655 people want to read
About the author
Jamie Bartlett
9 books150 followersJamie Bartlett is a journalist and tech blogger for The Telegraph and Director of The Centre for the Analysis of Social Media for Demos in conjunction with The University of Sussex.
In 2013, he covered the rise of Beppe Grillo's Five Star Movement in Italy for Demos, chronicling the new political force's emergence and use of social media.
In 2014, he released The Dark Net, discussing the darknet and dark web in broad terms, describing a range of underground and emergent subcultures, including social media racists, cam girls, self-harm communities, darknet drug markets, cryptoanarchists and transhumanists.
He regularly writes about online extremism and free speech, as well as social media trends on Wikipedia, Twitter and Facebook.
In 2013, he covered the rise of Beppe Grillo's Five Star Movement in Italy for Demos, chronicling the new political force's emergence and use of social media.
In 2014, he released The Dark Net, discussing the darknet and dark web in broad terms, describing a range of underground and emergent subcultures, including social media racists, cam girls, self-harm communities, darknet drug markets, cryptoanarchists and transhumanists.
He regularly writes about online extremism and free speech, as well as social media trends on Wikipedia, Twitter and Facebook.
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Displaying 1 - 30 of 178 reviews
June 23, 2022
I’ve listened to the podcast in its entirety at least twice, but I was still excited about reading this – even though I assumed it’d essentially be a rewrite of the material I’d already heard. Turns out it is quite different! A much more in-depth look at the Ruja Ignatova/OneCoin story, focusing less on personal accounts and more on the background and mechanics of how the con was orchestrated. While I was slightly disappointed that Bartlett’s voice is absent (the tone is very neutral), the almost-unbelievable narrative twists, and the horror of how big this thing actually got, are more than enough to keep the pages turning. It’s a massive cliche to say a non-fiction book ‘reads like a thriller’, I know, but to my mind, this actually does; I couldn’t put it down.
I received an advance review copy of The Missing Cryptoqueen from the publisher through NetGalley.
TinyLetter | Linktree
I received an advance review copy of The Missing Cryptoqueen from the publisher through NetGalley.
TinyLetter | Linktree
July 13, 2025
What do you get when you combine a Ponzi scheme, a pyramid scheme and cryptocurrency? An absolute nightmare. Also, OneCoin.
This fascinating journalistic work tells the story of a massive scam, its enigmatic founder and its true believers. The writing is crisp and straightforward, explaining dense and complicated concepts in a way that’s relatively easy to grasp.
I found the final chapters to be the most engaging, and I wish there’d been more on Dr. Ruja’s disappearance and maybe less on her early life. But overall, I thought this was a very interesting and worthwhile read.
This fascinating journalistic work tells the story of a massive scam, its enigmatic founder and its true believers. The writing is crisp and straightforward, explaining dense and complicated concepts in a way that’s relatively easy to grasp.
I found the final chapters to be the most engaging, and I wish there’d been more on Dr. Ruja’s disappearance and maybe less on her early life. But overall, I thought this was a very interesting and worthwhile read.
June 30, 2022
Loved the book, also previously enjoyed the podcast!
A truly unbelievable true story of a crypto scam, including MLMs, Ponzie schemes and everything in between. And guess what? It’s still operational. Unbelievable.
I truly enjoy scam stories like these, from a purely psychological perspective, it’s just too crazy to be fake…
Looking forward to more books from this author or any similar books suggestions are always welcome!
A truly unbelievable true story of a crypto scam, including MLMs, Ponzie schemes and everything in between. And guess what? It’s still operational. Unbelievable.
I truly enjoy scam stories like these, from a purely psychological perspective, it’s just too crazy to be fake…
Looking forward to more books from this author or any similar books suggestions are always welcome!
Read
May 1, 2023Absolutely fascinating account of OneCoin, a cryptocurrency that wasn't. It was basically an MLM and also Ponzi scheme based on total fraud. Hugely readable and interesting, very depressing given that the scammer in question has never been caught. It looks fifty fifty if she's either living like a billionaire on a luxury yacht, or got murdered and dismembered by the Bulgarian mafia, and after reading the devastation caused by this horrible scam, I know what outcome I'm hoping for. Do not do MLMs. And if it looks too good to be true, it is.
November 7, 2022
Doktore Rūža Ignatova šķiet nereāla persona, tik iespaidīgi ir viņas sasniegumi šajā vispasaules krāpniecības shēmā. Grāmata ir izklaidējoša un izglītojoša ne tikai par kriptovalūtu pasauli, bet arī par multi līmeņu mārketingu, cilvēku psiholoģiju. Noderīga lasāmviela visiem vieglas naudas kārotajiem.
August 3, 2022
What a great story. Truly a page turner. I couldn't put it down. Brilliantly researched and well written. The book uncovers the story of OneCoin - a fake cryptocurrency / blockchain that scammed people out of $4 billion dollars by promising financial freedom and a technical revolution. The scheme was orchestrated by Dr. Ruja, who at the time was called a financial genius but has now disappeared, and reveals the inner workings (and dangers) of multi-level marketing. It is an unbelievable story - I highly recommend it.
February 7, 2023
Format: audiobook ~ Narrator: Jamie Bartlett
Content: 5 stars ~ Narration: 5 stars
Complete audiobook review
The Missing Cryptoqueen was, for me, the best true crime book so far. I think this is because no one dies here. I’m not a big fan of this genre, but I read a book from time to time.
This audiobook tells the story of Ruja Ignatova, one woman behind the enormous cryptocurrency fraud. She was running a profitable business that was, in fact, a Ponzi scheme. It was so successful because it combined MLM and cryptocurrency mania.
Interesting fun fact: this same cryptocurrency OneCoin still exists today.
This audiobook was a very engaging read. It was very interesting and detailed (but not overwhelming). The narration by the author, Jamie Bartlett, is very good.
Content: 5 stars ~ Narration: 5 stars
Complete audiobook review
The Missing Cryptoqueen was, for me, the best true crime book so far. I think this is because no one dies here. I’m not a big fan of this genre, but I read a book from time to time.
This audiobook tells the story of Ruja Ignatova, one woman behind the enormous cryptocurrency fraud. She was running a profitable business that was, in fact, a Ponzi scheme. It was so successful because it combined MLM and cryptocurrency mania.
Interesting fun fact: this same cryptocurrency OneCoin still exists today.
This audiobook was a very engaging read. It was very interesting and detailed (but not overwhelming). The narration by the author, Jamie Bartlett, is very good.
May 3, 2023
This is the fascinating story of how Ruja Ignatova from Bulgaria, built an crypto currency called "OneCoin" and became the richest self-made woman in the world. It was all a complete scam built on multi-level marketing, also known as Ponzi or pyramid schemes. OneCoin was completely fradulent and there was no actual blockchain. Despite this, it took years before the scandal broke and to this day OneCoin is still being sold.
Furthermore, the OneCoin scam broke in 2018. The lastest cryptoscam involved FTX crypto in 2022 (or was it even early 2023), where investors again lost billions of dollars after having invested in pure fantasy. Clearly, the FOMO syndrome is so strong in people that they are willingly being fooled again and again. We have all heard of the Norwegian who bought a handful of bitcoint in 2009 and became a millionaire, everyone wants to be on the train. That's what Ruja capitalized on, to her great success and the detriment of everyone who believed her.
Furthermore, the OneCoin scam broke in 2018. The lastest cryptoscam involved FTX crypto in 2022 (or was it even early 2023), where investors again lost billions of dollars after having invested in pure fantasy. Clearly, the FOMO syndrome is so strong in people that they are willingly being fooled again and again. We have all heard of the Norwegian who bought a handful of bitcoint in 2009 and became a millionaire, everyone wants to be on the train. That's what Ruja capitalized on, to her great success and the detriment of everyone who believed her.
August 10, 2022
Highly recommend this true story thriller about Dr. Ruja Ignatova and OneCoin. Dr. Ruja is an Oxford graduate who created OneCoin to become the #1 cryptocurrency in the world. Over $4 billion dollars were invested by people in over 175 countries who became enamored with the company and it's tremendous growth trajectory.
Part of what drove the eye-popping growth was FOMO, the fear of missing out. The tragedy is that many ordinary people who scrimped and saved invested their hard earned life savings into something they thought would pay off handsomely.
The multilevel marketers at OneCoin earned commission off any person they recruited into the organization, so many of the marketers recruited friends and family into OneCoin. The company grew to over 10,000 multilevel marketers. The marketers were told to sell a lifestyle. Leaders and marketers in the business purchased expensive homes, yachts, clothing, and jewelry and flaunted their belongings which fed into the desire of new recruits to realize wealth.
Throughout the book there is information about the very thin line between a genuine business and a pyramid or Ponzi scheme. One phrase that stood out for me is that "Ponzi schemes cause you to dream, not think."
Jamie Bartlett, the author, is also the creator of the BBC podcast about Dr. Ruja and OneCoin. She disappeared in October 2017 and was put on the FBI's most wanted list in June 2022.
This story will continue to unfold over the next few years.
Highly, highly recommend!!
Part of what drove the eye-popping growth was FOMO, the fear of missing out. The tragedy is that many ordinary people who scrimped and saved invested their hard earned life savings into something they thought would pay off handsomely.
The multilevel marketers at OneCoin earned commission off any person they recruited into the organization, so many of the marketers recruited friends and family into OneCoin. The company grew to over 10,000 multilevel marketers. The marketers were told to sell a lifestyle. Leaders and marketers in the business purchased expensive homes, yachts, clothing, and jewelry and flaunted their belongings which fed into the desire of new recruits to realize wealth.
Throughout the book there is information about the very thin line between a genuine business and a pyramid or Ponzi scheme. One phrase that stood out for me is that "Ponzi schemes cause you to dream, not think."
Jamie Bartlett, the author, is also the creator of the BBC podcast about Dr. Ruja and OneCoin. She disappeared in October 2017 and was put on the FBI's most wanted list in June 2022.
This story will continue to unfold over the next few years.
Highly, highly recommend!!
July 6, 2022
Ja jums patīk lasīt vai skatīties par white-collar noziegumiem, piemēram, Bad Blood vai Inventing Anna, tad arī šis stāsts varētu iet pie sirds - kā viena dāma (Ruža Ignatova) ar draudziņiem uztaisīja piramīdshēmu, tirgojot muļķiem zilu gaisu (jaunu kriptovalūtu), sapelnīto gudri sashēmoja un, kad viss sāka iet pa pieskari, pati veiksmīgi nosvīda.
Protams, kur aitas, tur cirpēji. Bet šis stāsts izgaismo arī robus mūsu finanšu izglītībā - cilvēks visu mūžu krāj naudu zeķē, un tad to vai nu apēd inflācija vai paņem kāds krāpnieks, jo ieguldīt neprotam, finanšu instrumentus nepazīstam un no Bankas Baltija arī neko neesam iemācījušies. Interesanti, ka grāmatā Latvija ir pieminēta kā viena no retajām valstīm, kur FKTK brīdināja par šo shēmu, savukārt Diena.lv jau 2017. gadā bija tapis raksts par šo “naudas izstrādājumu”, un izrādās, ka lielākie nemiera cēlāji bija BMWPower lietotāji. Skumjākais, ka grāmatas iznākšanas laikā šī piramīda vēl arvien aktīvi darbojās daudzās valstīs, un tas ir absurdi, ka valstu institūcijas galīgi nerūpējas par to, ka to iedzīvotāji tiek krāpti.
No grāmatas īsti nesapratu, vai jau no paša sākuma viss bija izplānots kā viena liela krāpšana vai tomēr pamatā bija laba ideja, kur vienkārši vairākas lietas izgāja ārpus kontroles, un tad jau atlika vai nu uzņemties atbildību vai bēgt un slēpties. Un kāpēc uzņemties atbildību, ja tu vari atlikušo dzīvi nodzīvot zaļi, pat ja tas diezgan vienmuļi notiek uz jahtas Vidusjūrā, dzerot šampi un sauļojoties.
Protams, kur aitas, tur cirpēji. Bet šis stāsts izgaismo arī robus mūsu finanšu izglītībā - cilvēks visu mūžu krāj naudu zeķē, un tad to vai nu apēd inflācija vai paņem kāds krāpnieks, jo ieguldīt neprotam, finanšu instrumentus nepazīstam un no Bankas Baltija arī neko neesam iemācījušies. Interesanti, ka grāmatā Latvija ir pieminēta kā viena no retajām valstīm, kur FKTK brīdināja par šo shēmu, savukārt Diena.lv jau 2017. gadā bija tapis raksts par šo “naudas izstrādājumu”, un izrādās, ka lielākie nemiera cēlāji bija BMWPower lietotāji. Skumjākais, ka grāmatas iznākšanas laikā šī piramīda vēl arvien aktīvi darbojās daudzās valstīs, un tas ir absurdi, ka valstu institūcijas galīgi nerūpējas par to, ka to iedzīvotāji tiek krāpti.
No grāmatas īsti nesapratu, vai jau no paša sākuma viss bija izplānots kā viena liela krāpšana vai tomēr pamatā bija laba ideja, kur vienkārši vairākas lietas izgāja ārpus kontroles, un tad jau atlika vai nu uzņemties atbildību vai bēgt un slēpties. Un kāpēc uzņemties atbildību, ja tu vari atlikušo dzīvi nodzīvot zaļi, pat ja tas diezgan vienmuļi notiek uz jahtas Vidusjūrā, dzerot šampi un sauļojoties.
September 19, 2025
Well, that was a wild ride.
Journalist Jamie Bartlett traces the rise, fall, and vanishing of Bulgarian conwoman Ruja Ignatova. Born in Bulgaria, raised in Germany, she wanted to be rich and famous. Unfortunately, instead of doing that by honest means, she created an MLM Ponzi scheme masquerading as a cryptocurrency called OneCoin. As the net closed in around her, she escaped with about $4 billion. She hasn’t been seen since 2017, though she probably is alive.
I did enjoy the bit on page 80 about how Comerica was used to launder her funds. I used to work with the former head of compliance there. He’s incompetent, as this nasty little scheme took place under his watch (LOL).
Honestly, this is more of a 3.5 star book. It’s a bit disjointed. And the author actually seems to believe Epstein killed himself. (Really?!) I decided to round up just to spite the crypto bros (haha).
Journalist Jamie Bartlett traces the rise, fall, and vanishing of Bulgarian conwoman Ruja Ignatova. Born in Bulgaria, raised in Germany, she wanted to be rich and famous. Unfortunately, instead of doing that by honest means, she created an MLM Ponzi scheme masquerading as a cryptocurrency called OneCoin. As the net closed in around her, she escaped with about $4 billion. She hasn’t been seen since 2017, though she probably is alive.
I did enjoy the bit on page 80 about how Comerica was used to launder her funds. I used to work with the former head of compliance there. He’s incompetent, as this nasty little scheme took place under his watch (LOL).
Honestly, this is more of a 3.5 star book. It’s a bit disjointed. And the author actually seems to believe Epstein killed himself. (Really?!) I decided to round up just to spite the crypto bros (haha).
June 27, 2023
Za ideą kryptowaluty stała szczytna, śmiem twierdzić nawet, że czysta wizja, którą prosto wyłożył Satoshi Nakamoto (postać legendarna i tajemnicza, a może także legendarna, bo tajemnicza). Idee libertariańskie były mi bliskie i nadal są (choć nie identyfikuję się z polskimi przebierańcami afiliowanymi w Moskwie, z podbiciem narodowokatolickim) więc swego czasu, kiedy bitcoin jeszcze raczkował, poświęciłem sporo czasu na zrozumienie blockchaina.
Była to strata czasu, ponieważ szybko po tym jak Satoshi Nakamoto zniknął po „uwolnieniu” swojej idei, bitcoin a z nim wszystkie kryptowaluty, które pojawiły się po nim, stały się wynaturzeniem tej idei. Z obiecującej waluty, która naprawdę mogła dać wolność i niezależność od rządów stał się zwykłym narzędziem do spekulacji dla garstki cwaniaków. O oszustach, czy przestępczości w ogólności nie wspominam - wykorzystywanie przez nich kryptowalut było nieuniknione, tak jak wykorzystywanie tradycyjnych walut.
Jednak o ile bitcoin jest naprawdę w swoim funkcjonowaniu przejrzysty to inne kryptowaluty okazywały się ściemą. Ta książka jest opowieścią o jednej z afer i specyficznych oszustach, którzy wylansowali jedną z nich, onecoina. Na czele tej grupy stała kobieta, ukrywająca się do dziś Róża Ignatowa.
Potężne pieniądze, dziesiątki jeśli nie setki tysięcy sprzedawców ułożonych w piramidę finansową udającą MLM (nie będę wchodził w szczegóły co to jest, książka przejrzyście to tłumaczy). Wielkie fortuny powstające i istniejące tylko wirtualnie (chyba że należałeś do szczęśliwców, którym udało się tę ściemę spieniężyć). Międzynarodowa skala, wielcy gracze.
I to wszystko było ściemą. Nie potrzebujecie wiedzieć, jak działa blockchain, ponieważ onecoin żadnego nie miał. Jak to było możliwe dowiecie się z tej książki. Wnikliwa i ciekawa opowieść o wielkim przekręcie, o którym najpewniej nie słyszeliście, bo dla pracowników mediów temat był zbyt trudny.
Podobno ściema jaką jest onecoin dalej jest sprzedawana. Mimo aresztowań, procesów, zajęć majątków tych, którzy pomagali Róży. Marzenia o szybkim bogaceniu się, FOMO, legendy o wartości kryptowaluty. Mocne połączenie, jak narkotyk.
W tym wszystkim tylko idei kryptowaluty żal. Tak zwany wolny rynek i - paradoksalnie - brak regulacji szybko ją wypaczył. Może zatem w libertarianizmie tkwi naturalny mechanizm samozniszczenia w zderzeniu z rzeczywistością. Nie wiem.
Była to strata czasu, ponieważ szybko po tym jak Satoshi Nakamoto zniknął po „uwolnieniu” swojej idei, bitcoin a z nim wszystkie kryptowaluty, które pojawiły się po nim, stały się wynaturzeniem tej idei. Z obiecującej waluty, która naprawdę mogła dać wolność i niezależność od rządów stał się zwykłym narzędziem do spekulacji dla garstki cwaniaków. O oszustach, czy przestępczości w ogólności nie wspominam - wykorzystywanie przez nich kryptowalut było nieuniknione, tak jak wykorzystywanie tradycyjnych walut.
Jednak o ile bitcoin jest naprawdę w swoim funkcjonowaniu przejrzysty to inne kryptowaluty okazywały się ściemą. Ta książka jest opowieścią o jednej z afer i specyficznych oszustach, którzy wylansowali jedną z nich, onecoina. Na czele tej grupy stała kobieta, ukrywająca się do dziś Róża Ignatowa.
Potężne pieniądze, dziesiątki jeśli nie setki tysięcy sprzedawców ułożonych w piramidę finansową udającą MLM (nie będę wchodził w szczegóły co to jest, książka przejrzyście to tłumaczy). Wielkie fortuny powstające i istniejące tylko wirtualnie (chyba że należałeś do szczęśliwców, którym udało się tę ściemę spieniężyć). Międzynarodowa skala, wielcy gracze.
I to wszystko było ściemą. Nie potrzebujecie wiedzieć, jak działa blockchain, ponieważ onecoin żadnego nie miał. Jak to było możliwe dowiecie się z tej książki. Wnikliwa i ciekawa opowieść o wielkim przekręcie, o którym najpewniej nie słyszeliście, bo dla pracowników mediów temat był zbyt trudny.
Podobno ściema jaką jest onecoin dalej jest sprzedawana. Mimo aresztowań, procesów, zajęć majątków tych, którzy pomagali Róży. Marzenia o szybkim bogaceniu się, FOMO, legendy o wartości kryptowaluty. Mocne połączenie, jak narkotyk.
W tym wszystkim tylko idei kryptowaluty żal. Tak zwany wolny rynek i - paradoksalnie - brak regulacji szybko ją wypaczył. Może zatem w libertarianizmie tkwi naturalny mechanizm samozniszczenia w zderzeniu z rzeczywistością. Nie wiem.
July 4, 2022
Truly a page turner; I couldn’t put it down. Brilliantly researched and well-written. The book uncovers the story of OneCoin - a fake cryptocurrency blockchain that scammed people out of $4 billion dollars by promising investors financial freedom and a technical revolution. The scheme was orchestrated by Dr. Ruja, who was at one time called a financial genius, but has now disappeared. It is an unbelievable story and I would highly recommend the book to all audiences.
July 21, 2022
It started out strong, a con artist apparently more successful than Bernie Madoff, a glamorous woman from Bulgaria with a degree from Oxford and fluency in half a dozen languages. She started her own cryptocurrency to compete with BitCoin, but there was a flaw in the plan. The currency was not backed by a block chain or anything else. It was imaginary. We follow her and her most trusted sidekicks for a few years, but it becomes repetitive and eventually just ends with the Cryptoqueen in hiding, wanted by the FBI and other international law enforcement agencies. Is she even still alive? Who knows? And by the time I finished this one, I didn't really care anymore.
September 22, 2022
Thanks Hachette Audio for the gifted book!
I know that there are tons of people out there who are obsessed with true crime - I am not one of them. But when a story seems intriguing, that’s all I need to want to read it. Queue up THE MISSING CRYPTOQUEEN: THE BILLION DOLLAR CRYPTOCURRENCY CON AND THE WOMAN WHO GOT AWAY WITH IT by Jamie Bartlett. This is a highly intriguing true story - like it’s so wild that it’s almost unbelievable! It’s a nonfiction book documenting a Ponzi scheme/MLM network/Inventing Anna/COVER STORY type of tale that is just 🤯
Bartlett took his famous podcast and expanded it. I have never listened to it before reading, and I’m now curious to go back and explore. He explained everything well, and I never felt lost for not listening! And I love that facts and references were included until the end because this is an ongoing case.
It fascinates me that people like Ruja Ignatova are real people and not a creation for a book/movie because what happens in THE MISSING CRYPTOQUEEN is mind-boggling. The premise is fascinating, but once you listen and remember this is a non-fiction book - it’s real life - you are just flabbergasted. The very last line left my jaw literally hanging open.
Reading this or listening will be an adventure. I enjoyed listening because Bartlett has the speaking skills of being a podcast host and delivering the facts with a bit of flair. After listening to this, the world baffles me even more. But I recommend this for the adventure and if you like the above type tales, but you know in irl 😳
I know that there are tons of people out there who are obsessed with true crime - I am not one of them. But when a story seems intriguing, that’s all I need to want to read it. Queue up THE MISSING CRYPTOQUEEN: THE BILLION DOLLAR CRYPTOCURRENCY CON AND THE WOMAN WHO GOT AWAY WITH IT by Jamie Bartlett. This is a highly intriguing true story - like it’s so wild that it’s almost unbelievable! It’s a nonfiction book documenting a Ponzi scheme/MLM network/Inventing Anna/COVER STORY type of tale that is just 🤯
Bartlett took his famous podcast and expanded it. I have never listened to it before reading, and I’m now curious to go back and explore. He explained everything well, and I never felt lost for not listening! And I love that facts and references were included until the end because this is an ongoing case.
It fascinates me that people like Ruja Ignatova are real people and not a creation for a book/movie because what happens in THE MISSING CRYPTOQUEEN is mind-boggling. The premise is fascinating, but once you listen and remember this is a non-fiction book - it’s real life - you are just flabbergasted. The very last line left my jaw literally hanging open.
Reading this or listening will be an adventure. I enjoyed listening because Bartlett has the speaking skills of being a podcast host and delivering the facts with a bit of flair. After listening to this, the world baffles me even more. But I recommend this for the adventure and if you like the above type tales, but you know in irl 😳
February 7, 2023
A very interesting look at cryptocurrency start ups and the downfall of onecoin.
I really enjoyed and immersed myself within the true story, however the narrator’s voice was just too monotone for my personal taste for such a high octane book.
I really enjoyed and immersed myself within the true story, however the narrator’s voice was just too monotone for my personal taste for such a high octane book.
May 14, 2023
A fascinating story, and reasonably well compiled, but I think the writing itself was lacking - changes in voice, weird phrasing and janky structures. The story itself was good enough to keep me interested though, so fair play.
October 7, 2023
What a wild story🤯 I can't believe we thought Elizabeth Holmes was the biggest con artist, when it's clearly Ruja Ignatova...but add a Ponzi scheme, MLM, and billions of dollars to the mix. If you enjoyed Bad Blood, whether you read it or listened to the podcast then you'll enjoy this too!
July 9, 2022
For fans of Bad Blood, Billion Dollar Whale, Billion Dollar Loser, and My Friend Anna. Highly recommend this shocking account of the ‘Cryptoqueen.’
Thanks to Netgalley for the opportunity to read this arc.
Thanks to Netgalley for the opportunity to read this arc.
December 5, 2022
It got a little boring, toward the end. I sense the author was scrambling for details to fill in the gaps on her disappearance.
But what this book did teach me was the many contradiction of the basic principals of crypto.
People scramble to get rich off it, but the point of crypto existing is to level the playing field on wealth.
As per the libertarian ideology that boosted crypto to its status, the point is so money can move more freely between the public; not for a few savvy entrepreneurs to be able to build a mass-recognizable networth off of it.
Ruja embodied this contradiction, with the addition of adding the MLM model to it, which made the whole concept of her crypto company more nonsensical.
Ruja herself seems closer to Anna Delvey or Billy McFarland than Elizabeth Holmes or Bernie Madoff, in terms of personal aspirations. It was more about the glamour life than fronting a company that was supposed to change lives- Though she got that message across well.
The pyramid scheme model seems to do well with the idea of crypto, since mlm's need upline mentors to sell it, and crypto was so vague, having a mentor to explain it made more sense.
But, the ridiculous contradiction in the two was MLM's need infinite people to keep thriving and crypto was naturally meant to have a cap limit, to combat the idea an ominous power decided how worthy it was by increasing the amount circulating.
So Ruja had to pivot the concept of crypto to something of her design that the technology couldn't support. Then she bailed out.
To be fair, she wasn't exactly stealing money, she just wasn't delivering on what she promised. That doesn't change the fact she was running a borderline Ponzi scheme that transitioned to a worse Ponzi scheme than Madoff and Enron. It's just interesting that her downfall wasn't that people realized that crypto in itself was a scam, but simply Ruj'a IT capabilities fell short. That was the gust of wind on the house of cards. Seems like a rather shallow slip up, but, with crypto, anything is possible.
I do with there was more from the perspective of her employees and their experiences with the OneCoin customers.
But what this book did teach me was the many contradiction of the basic principals of crypto.
People scramble to get rich off it, but the point of crypto existing is to level the playing field on wealth.
As per the libertarian ideology that boosted crypto to its status, the point is so money can move more freely between the public; not for a few savvy entrepreneurs to be able to build a mass-recognizable networth off of it.
Ruja embodied this contradiction, with the addition of adding the MLM model to it, which made the whole concept of her crypto company more nonsensical.
Ruja herself seems closer to Anna Delvey or Billy McFarland than Elizabeth Holmes or Bernie Madoff, in terms of personal aspirations. It was more about the glamour life than fronting a company that was supposed to change lives- Though she got that message across well.
The pyramid scheme model seems to do well with the idea of crypto, since mlm's need upline mentors to sell it, and crypto was so vague, having a mentor to explain it made more sense.
But, the ridiculous contradiction in the two was MLM's need infinite people to keep thriving and crypto was naturally meant to have a cap limit, to combat the idea an ominous power decided how worthy it was by increasing the amount circulating.
So Ruja had to pivot the concept of crypto to something of her design that the technology couldn't support. Then she bailed out.
To be fair, she wasn't exactly stealing money, she just wasn't delivering on what she promised. That doesn't change the fact she was running a borderline Ponzi scheme that transitioned to a worse Ponzi scheme than Madoff and Enron. It's just interesting that her downfall wasn't that people realized that crypto in itself was a scam, but simply Ruj'a IT capabilities fell short. That was the gust of wind on the house of cards. Seems like a rather shallow slip up, but, with crypto, anything is possible.
I do with there was more from the perspective of her employees and their experiences with the OneCoin customers.
June 1, 2023
This book feels like a work of crime fiction, but it is real. A very clever and glamorous lady called Dr Ruja Ignatova stole $4 billion and disappeared. She did it via a pyramid scheme and she was an overwhelmingly good confidence trickster. She told everyone she was an expert on cryptocurrency and that her new One Coin currency would be the next big thing. The book tells the full story of where she started and how every detail unfolded, including quoting the emails that were made public in court cases. At points, I don’t think she intended for this to happen, but perhaps I too am being naive. Sadly, like all pyramid schemes, everyone below the top layers lost their money. She is on the FBI’s most wanted list. The book tells the story perfectly, and the research is amazingly thorough, including highlighting all the known clues that were thrown up along the way and the warnings to investors, but none of them held her company back. I loved the detailed technical descriptions of the blockchain creation and mining process (or specifically the lack of one in this case) for cryptocurrency. A fascinating, jaw-wide-open, how-can-this-be-true type of read.
June 28, 2023
因為作者很會寫，再加上戲劇性十足的故事線，我大概不到兩天就看完了，比連續劇好看太多了
書裡最讓我著迷的是，如何在短期內建立起這個以加密貨幣為幌子的直銷帝國，並以「個人魅力+新興科技+貪婪人性」來招徠投資客與大筆資金
在看這本書之前，我完全沒聽過這件事，後來我才發現，東南亞與中港都是維卡幣的主要客源，而當茹雅在逃、共同創辦人去年認罪時，維卡幣與其相關網站仍繼續在運作
可能因為最近在讀『影響力』這本書，所以相當享受書裡的種種細節，看完之後發現，這本書太警世了，根本就是反傳銷實戰教科書
書裡最讓我著迷的是，如何在短期內建立起這個以加密貨幣為幌子的直銷帝國，並以「個人魅力+新興科技+貪婪人性」來招徠投資客與大筆資金
在看這本書之前，我完全沒聽過這件事，後來我才發現，東南亞與中港都是維卡幣的主要客源，而當茹雅在逃、共同創辦人去年認罪時，維卡幣與其相關網站仍繼續在運作
可能因為最近在讀『影響力』這本書，所以相當享受書裡的種種細節，看完之後發現，這本書太警世了，根本就是反傳銷實戰教科書
August 11, 2022
DNF
it’s an interesting story but just too drawn out and detailed. I’d rather a short documentary or wiki article. After 20% it’s still in background
it’s an interesting story but just too drawn out and detailed. I’d rather a short documentary or wiki article. After 20% it’s still in background
September 9, 2022
I finally sort of understand what crypto is! Huzzah!
May 31, 2022
https://damianpenny.substack.com/p/on...
What’s the difference between a cryptocurrency like Bitcoin, and a multi-level marketing business like Herbalife? One is a scam and a cult that will consume your life, leave you unable to think or talk about anything else to a degree that alienates you from all your friends, and leave you much poorer than you were when you started dabbling in it. The other sells vitamins and stuff.
Okay, maybe that’s going a bit too far. The jury is very much out on whether cryptocurrency is just a passing fad or something that will revolutionise the way we spend, save and even govern ourselves. (A third possibility, which is that it will stick around on the side without completely changing the world, is a dark horse.) But even crypto backers have to concede that a shiny new, futuristic, much-talked-about and barely comprehensible product really lends itself to fly-by-night get-rick-quick schemes and fraudsters.
OneCoin is probably the most notorious example of a cryptocurrency scam. And its co-founder, Ruja Ignatova, has spent the last few years on the run as a result. Her rise, fall and disappearance was covered in an excellent BBC podcast, The Missing Crypto Queen, which has now been adapted and expanded into a compulsively readable book by its host.
The most powerful force in the universe isn’t gravity nor nuclear fusion nor Boban Marjanović. It’s FOMO - fear of missing out. That’s what has brought me back to Twitter after I’ve quit and deleted my account (I’m still resisting so far, but the lure is still there, like just one cigarette for old time’s sake) and what has led me to drop a little money on crypto in my Weathsimple account.
Hey, maybe it will come back. At least I didn’t throw everything I had at crypto, like some people now learning about market volatility and investment diversification the hard way.
The Bulgarian-born, German-raised Ignatova’s stroke of genius was pairing crypto FOMO with multi-level marketing. Some of Europe’s most successful MLM salespeople - the tiny handful atop the pyramid legitimate business who actually money at it - jumped aboard early, and before long, buyers around the world were throwing their good money into what was dubbed a “Bitcoin killer.”
To get around some legal hurdles, OneCoin officially sold “information packages” about investing in cryptocurrency (at least one of which was plagiarised from a …For Dummies book) with some of this supposedly revolutionary cryptocurrency as a bonus. Ignatova and her associates never really explained how it worked, but many starry-eyed crypto novices were dazzled by promises of untold wealth- the kind early investors in Bitcoin eventually earned - and glitzy conventions which sometimes featured A-list entertainers and sponsorship from legitimate companies.
And there was the alleged Forbes magazine cover shown above, which added legitimacy to Ignatova’s scheme. In reality it was just a special advertising supplement in the Bulgarian edition, but OneCoin salespeople were more than willing to let their marks believe otherwise. Surely a respected business publication would never put a fraud artist on its cover, right?
While Ignatova was announcing that even more OneCoins were going to be distributed and that the value of each coin would immediately double - Siri, how does supply and demand work? - a few online MLM watchdogs were keeping an eye on the OneCoin phenomenon. At least someone was, because many government regulators, especially in OneCoin’s home base of Bulgaria were asleep at the switch if not on the take. The tide really began to turn when a Swedish programmer was asked to create a blockchain for OneCoin. The thing is, this was after the company had already announced that its blockchain was up and running.
The whole thing began to unravel shortly thereafter, and many of Ignatova’s colleagues - including her brother - were arrested. But the crypto queen herself hopped on a Ryanair flight (who’d look for a business titan flying on freaking Ryanair, she must have been thinking) and hasn’t been conclusively found since then. As with most Ponzi schemes, the people who got in and out early made good money. The ones who came in later - including a distressing number of would-be investors from Africa - were the ones who got screwed.
Was OneCoin a legitimate business that got out of hand, or a scam from the beginning? Ignatova isn’t making herself available for interviews, so we can’t know for sure. There’s no doubt it became an elaborate, deliberate fraud, though, as illustrated by one experiment in which people bought and sold small amounts of OneCoin and compared it to the company “blockchain” listing, only to find their transactions conspicuously absent. It was little more than a random number generator.
Where is she now? The book drops a few hints, including the possibility that she may have fled in her expensive yacht and has been living mostly in international waters since then, but nothing definitive. Hopefully, this book will bring even more attention to the case and lead someone to recognise her.
And yet, even after OneCoin has been exposed as a massive fraud, the true believers are still out there, mostly in poorer countries where the story has received less coverage and some people are hungry for the American Bulgarian Dream. You won’t find it on one of these legitimate crypto exchanges plastered on F1 cars and advertised by Matt Damon, but there may be a friend of a friend of a friend out there willing to take your money for a product that may not exist.
Earlier in this piece, I linked to a YouTube video exposing OneCoin’s “educational” documents as plagiarised. At least one commenter wasn’t having it:
Even when people realize they’ve been scammed, it can take a long time for them to admit it. To anyone else, or to themselves.
What’s the difference between a cryptocurrency like Bitcoin, and a multi-level marketing business like Herbalife? One is a scam and a cult that will consume your life, leave you unable to think or talk about anything else to a degree that alienates you from all your friends, and leave you much poorer than you were when you started dabbling in it. The other sells vitamins and stuff.
Okay, maybe that’s going a bit too far. The jury is very much out on whether cryptocurrency is just a passing fad or something that will revolutionise the way we spend, save and even govern ourselves. (A third possibility, which is that it will stick around on the side without completely changing the world, is a dark horse.) But even crypto backers have to concede that a shiny new, futuristic, much-talked-about and barely comprehensible product really lends itself to fly-by-night get-rick-quick schemes and fraudsters.
OneCoin is probably the most notorious example of a cryptocurrency scam. And its co-founder, Ruja Ignatova, has spent the last few years on the run as a result. Her rise, fall and disappearance was covered in an excellent BBC podcast, The Missing Crypto Queen, which has now been adapted and expanded into a compulsively readable book by its host.
The most powerful force in the universe isn’t gravity nor nuclear fusion nor Boban Marjanović. It’s FOMO - fear of missing out. That’s what has brought me back to Twitter after I’ve quit and deleted my account (I’m still resisting so far, but the lure is still there, like just one cigarette for old time’s sake) and what has led me to drop a little money on crypto in my Weathsimple account.
Hey, maybe it will come back. At least I didn’t throw everything I had at crypto, like some people now learning about market volatility and investment diversification the hard way.
The Bulgarian-born, German-raised Ignatova’s stroke of genius was pairing crypto FOMO with multi-level marketing. Some of Europe’s most successful MLM salespeople - the tiny handful atop the pyramid legitimate business who actually money at it - jumped aboard early, and before long, buyers around the world were throwing their good money into what was dubbed a “Bitcoin killer.”
To get around some legal hurdles, OneCoin officially sold “information packages” about investing in cryptocurrency (at least one of which was plagiarised from a …For Dummies book) with some of this supposedly revolutionary cryptocurrency as a bonus. Ignatova and her associates never really explained how it worked, but many starry-eyed crypto novices were dazzled by promises of untold wealth- the kind early investors in Bitcoin eventually earned - and glitzy conventions which sometimes featured A-list entertainers and sponsorship from legitimate companies.
And there was the alleged Forbes magazine cover shown above, which added legitimacy to Ignatova’s scheme. In reality it was just a special advertising supplement in the Bulgarian edition, but OneCoin salespeople were more than willing to let their marks believe otherwise. Surely a respected business publication would never put a fraud artist on its cover, right?
While Ignatova was announcing that even more OneCoins were going to be distributed and that the value of each coin would immediately double - Siri, how does supply and demand work? - a few online MLM watchdogs were keeping an eye on the OneCoin phenomenon. At least someone was, because many government regulators, especially in OneCoin’s home base of Bulgaria were asleep at the switch if not on the take. The tide really began to turn when a Swedish programmer was asked to create a blockchain for OneCoin. The thing is, this was after the company had already announced that its blockchain was up and running.
The whole thing began to unravel shortly thereafter, and many of Ignatova’s colleagues - including her brother - were arrested. But the crypto queen herself hopped on a Ryanair flight (who’d look for a business titan flying on freaking Ryanair, she must have been thinking) and hasn’t been conclusively found since then. As with most Ponzi schemes, the people who got in and out early made good money. The ones who came in later - including a distressing number of would-be investors from Africa - were the ones who got screwed.
Was OneCoin a legitimate business that got out of hand, or a scam from the beginning? Ignatova isn’t making herself available for interviews, so we can’t know for sure. There’s no doubt it became an elaborate, deliberate fraud, though, as illustrated by one experiment in which people bought and sold small amounts of OneCoin and compared it to the company “blockchain” listing, only to find their transactions conspicuously absent. It was little more than a random number generator.
Where is she now? The book drops a few hints, including the possibility that she may have fled in her expensive yacht and has been living mostly in international waters since then, but nothing definitive. Hopefully, this book will bring even more attention to the case and lead someone to recognise her.
And yet, even after OneCoin has been exposed as a massive fraud, the true believers are still out there, mostly in poorer countries where the story has received less coverage and some people are hungry for the American Bulgarian Dream. You won’t find it on one of these legitimate crypto exchanges plastered on F1 cars and advertised by Matt Damon, but there may be a friend of a friend of a friend out there willing to take your money for a product that may not exist.
Earlier in this piece, I linked to a YouTube video exposing OneCoin’s “educational” documents as plagiarised. At least one commenter wasn’t having it:
Even when people realize they’ve been scammed, it can take a long time for them to admit it. To anyone else, or to themselves.
April 21, 2023
A fascinating account of one of the biggest and most bizarre scams of modern times, made even more bizarre by the fact that so few people know about it and the ‘cryptocurrency’ in question is still available to purchase. Other notable scams that pale in comparison to this one, but only marginally, include: the existence of Oliver Attwood’s hairline, the existence of Ben Phillips’ hairline, the existence of William Whittaker’s hairline and the existence of my hairline.
June 25, 2023
Absolutely fascinating!
December 8, 2023
for fans of Bad Blood, anti-MLM, and women’s wrongs
minus 2⭐️ for having to read the terms blockchain and investment fund so many times
minus 2⭐️ for having to read the terms blockchain and investment fund so many times
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