Crypto fraud: The OneCoin scandal | DW Documentary

OneCoin was launched in 2014 and billed as the world's largest cryptocurrency. Founder Ruja Ignatova earned many millions of Euros before a tech nerd stepped in to stop the scam - putting himself in danger.

Bjørn Bjercke is a blockchain expert. Blockchain is a decentralized database that records transactions in a network and stores them, unalterably. All cryptocurrencies in the world are operated on blockchains. OneCoin also claimed to have one. But Bjørn Bjercke knew better.

The creators of OneCoin tried to recruit him. They offered him a tempting salary, a large car and various apartments. In return, he would set up a blockchain for the cryptocurrency.

But all this was months after OneCoin launched. It was clear to Bjercke from the start that this had to be a scam. He went public. By this time, however, the international OneCoin community had already grown considerably, thanks to a snowball system. OneCoin devotees felt threatened by Bjercke's revelations and tried to silence him.

In the meantime, the creators of OneCoin have been put out of business. Founder Ruja Ignatova has disappeared and is wanted by the German authorities, among others. Bjørn Bjercke is working with authorities around the world to uncover new scams. But for those who lost money, all this comes too late.

#documentary #dwdocumentary #dwdocs #crypto #onecoin #cryptocurrency
______

DW Documentary gives you knowledge beyond the headlines. Watch top documentaries from German broadcasters and international production companies. Meet intriguing people, travel to distant lands, get a look behind the complexities of daily life and build a deeper understanding of current affairs and global events. Subscribe and explore the world around you with DW Documentary.

Subscribe to: ‬
⮞ DW Documentary (English):    / dwdocumentary  
⮞ DW Documental (Spanish):    / dwdocumental  
⮞ DW Documentary وثائقية دي دبليو (Arabic):    / dwdocarabia  
⮞ DW Documentary हिन्दी (Hindi):    / dwdochindi  
⮞ DW Doku (German):    / dwdoku  

For more visit: http://www.dw.com/en/tv/docfilm/s-3610
Follow DW Documentary on Instagram:   / dwdocumentary  
Follow DW Documental on Facebook:   / dwdocumental  

We kindly ask viewers to read and stick to the DW netiquette policy on our channel: https://p.dw.com/p/MF1G