Bulgarian Police Raid OneCoin Offices

Bulgarian police raided the Sofia offices of controversial cryptocurrency company OneCoin on 17 and 18 January and seized its servers, the Bulgarian prosecutor’s office said in a statement.

by Konstantin Simidchiyski
22 January • 1 min
In News

The move came after a request by the prosecutor’s office in Bielefeld, Germany. The founder of OneCoin, Ruja Ignatova, was born in Bulgaria but has a German citizenship.

The raid came after a number of other raids in other countries and also many court cases concerning the pyramid-like altcoin. Despite the servers shutting down, OneCoin remains fully operational.

The servers and documents were seized from Bulgarian company "One Network Services” EOOD, a distributor of OneCoin, and 14 other companies. Some 50 witnesses were questioned, but there have been no arrests so far.

The official registration of OneCoin Ltd. Is in the UAE, but the Bulgarian police report states that the company operates through hundreds of affiliates worldwide. Investigation in such affiliates is undergoing in countries such as Estonia, Latvia, Lithuania, Ukraine, Canada, the US, Italy, Ireland, and England among others.

In May 2017, a representative of OneCoin was charged with fraud in Kazakhstan, while the police in India had arrested of 23 people in relation to the Ponzi scheme of OneCoin by July 2017. In August 2017, Italy’s Antitrust and Consumer Protection Authority (AGCM) declared OneCoin a Ponzi scheme and imposed it a EUR 2.5 million fine.

OneCoin has been promoted as a centralized model protecting the safety of its members and also ensuring compliance with anti-money laundering regulations.