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The Downfall of OneCoin’s Encryption Queen’s Ex-Boyfriend

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On February 20, it was reported that Gilbert Armament, the ex-boyfriend of Ruja Ignatova, co-founder of OneCoin, a Ponzi scheme of encryption (also known as \”e…

The Downfall of OneCoins Encryption Queens Ex-Boyfriend

On February 20, it was reported that Gilbert Armament, the ex-boyfriend of Ruja Ignatova, co-founder of OneCoin, a Ponzi scheme of encryption (also known as “encryption queen”), was sentenced to five years’ imprisonment for laundering 300 million dollars of digital assets.

The former boyfriend of “Cryptoqueen” was sentenced to five years in prison for laundering 300 million dollars

Interpretation of the news:


Recently, Gilbert Armament, the ex-boyfriend of Ruja Ignatova, OneCoin’s co-founder, was sentenced to serve five years in prison for laundering digital assets worth 300 million dollars. OneCoin was a Ponzi scheme that swindled investors around the world by promising high returns on their investment in unregulated cryptocurrency. The court’s decision to incarcerate Armament has further exposed the murky past of OneCoin’s founders and their accomplices.

The Ponzi scheme that OneCoin operated in the cryptocurrency market was one of the largest financial frauds, with investors from more than 175 countries. The encryption queen, Ignatova, had already gone missing in 2017, and subsequently declared absconding, leaving behind a string of victims worldwide. The scheme’s modus operandi was an advanced marketing campaign that leveraged social media, aimed primarily at those with little knowledge of cryptocurrency. The scheme offered tempting returns on investment, and the company promised massive profits within a short period. Moreover, the investment plans were laced with hidden costs that investors remained unware of.

Like other Ponzi schemes, OneCoin’s operations were based on recruiting new members, whose investment funds were then used to pay the commissions and bonuses of earlier investors. The entire scheme was wrapped in the garb of encryption, playing on the aspirations of people to invest in the “next big cryptocurrency.” However, the scheme was a total fraud, with no underlying assets or blockchain technology to support its claims.

Armament’s role in fueling the scheme was crucial as he facilitated money laundering activities that were crucial to sustaining the Ponzi scheme. He was responsible for setting up shell companies, transfer of money, and other activities that enabled OneCoin to continue with its nefarious operations. His sentencing to five years in prison comes as a significant victory to those affected by OneCoin’s Ponzi scheme. The decision showcases the authorities’ commitment to punish financial crimes and protect investors’ interests.

In conclusion, OneCoin’s Ponzi scheme is a classic example of how deceptive marketing campaigns can induce individuals to invest in fraudulent schemes. With Gilbert Armament’s imprisonment, the authorities have shown that they will not tolerate such crimes, and those associated with Ponzi schemes will be punished. It is a reminder that investors should exercise caution when investing in new-age financial products that are advertised widely on social media platforms.

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