CRYPTO CURRENCY NEWS: German Trial Reveals OneCoin Cryptoqueen’s USD 18.2M London Penthouse

dWeb.News Article from Daniel Webster dWeb.News


Abbots House in Kensington. Source: A screenshot, Google

As the German lawyer of Ruja Ignatova, the creator of the notorious OneCoin Ponzi scheme, is on trial in Germany on money laundering charges, the legal proceedings have shed some light on her assets including the purchase of a luxury London penthouse.

Before vanishing off the face of the earth in 2017, the so-called ‘Cryptoqueen’ used the scam’s proceeds to fund a lavish lifestyle that included a 7,000 sq ft (650 sq m) penthouse in the city’s affluent Kensington district. The property is estimated to be worth some GBP 13.5m (USD 18.2m), according to data obtained by the BBC.

Ruja’s German lawyer, Martin Breidenbach, is on trial in Munster, Germany, along with two other individuals. He is accused of money laundering by facilitating a transfer of EUR 20m (USD 23.2m) to a London law firm. These funds were used for the purchase of the luxurious apartment.

The four-bedroom penthouse, located in a building fitted with a swimming pool, was filled with valuable art that included an Andy Warhol painting stuffed in a cupboard, said Jamie Bartlett of The Missing Cryptoqueen podcast.

This “broke my heart because I went to art college,” he was quoted as saying.

The property deed lists Abbots House Penthouse Limited as the property’s owner. Ruja was able to purchase the apartment from the Guernsey anonymous shell company without her name appearing on the deed or in public records on Channel Island.

Under the scam, investors worldwide were promised guaranteed returns as high as 300% for investing bitcoin (BTC) or US dollars with a Nevada-based outfit. The scam was perpetrated by two offshore companies OneCoin Ltd , and OneLife Network Ltd that were registered in Belize and Dubai. Although estimates of the losses caused by the international Ponzi scheme are varied, US prosecutors claimed that OneCoin could deceive investors around the globe out of USD 4bn.

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