Continuing the saga of the seamy underside of human greed:
Oh, well, something didn’t go well in the technical world?
But the story, as outlined in court documents, isn’t one of overhyped promises that its founders couldn’t deliver upon — like the case of Elizabeth Holmes and Theranos. Instead, OneCoin was meant to be a Ponzi scheme from the get-go, investigators allege.
Despite supposedly being a form of crypto, OneCoin didn’t actually have a payment system or a blockchain model, the crucial technology that underpins cryptocurrencies — thus rendering OneCoin’s tokens essentially worthless. Ignatova and the company’s founders are accused of knowing as much. (In a statement to the BBC in 2019, OneCoin denied any wrongdoing.)
This is what transforms this from a story of not understanding how cryptocurrencies will interact with the real world into a a Shame on you! story.
Not on Ignatova.
On the investors scammed of their money. This is the persistent belief that Too good to be true will come true, and that, of course, is the recipe for disaster.
Come on, folks. Ignatova may have taken advantage of greedy people, and done so illegally, but to put her on the FBI’s Most Wanted List seems … like overkill.
I still wonder if the Amish really do have the proper way to run a society.
