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OneCoin: How Ruthless & Over-the-top Marketing Fooled Millions
Founded in 2014, under the guise of being the next Bitcoin, OneCoin promised not just financial returns but a revolution in the very fabric of financial transactions. It was a digital illusion so convincing it attracted billions of dollars, weaving a complex web of deception that resonated across continents, forever altering the landscape of cryptocurrency investment and leaving a trail of questions about trust and truth in the digital age.
Inception, Rise & the initial promises
The rise of OneCoin was marked by a perfect storm of opportunity, charisma and grandeur. In the early days, OneCoin was more than a mere cryptocurrency; it was a symbol of a financial revolution. OneCoin's co-founder, Ruja Ignatova, with her sophisticated demeanor and compelling narrative, positioned OneCoin as the future of money. She promised a system that was secure, user-friendly, and destined to surpass Bitcoin in success and influence.
Investors were captivated by the blend of Ignatova's assurance and the promise of partaking in the lucrative world of cryptocurrencies. OneCoin's launch was not just the unveiling of a new currency; it was a spectacle, promising to democratize wealth and empower its believers. The initial allure of OneCoin lay in this vision – a world where everyone could benefit from the digital gold rush.
The Art of Deception: Exploring the Marketing Strategies
OneCoin's rise was a masterclass in marketing and psychological manipulation, cleverly disguised as technological advancement. Here's a closer look at how OneCoin attracted a global audience and established itself as a seemingly legitimate cryptocurrency powerhouse:
➤ “CryptoQueen” and The Power of Persuasive Leadership:
Ignatova's charisma and eloquent public speaking were pivotal in drawing attention to OneCoin. Her presentations were not merely informative sessions; they were spectacles that captured the imagination of potential investors.
Ignatova effectively used these opportunities to bolster the image of OneCoin and successfully position herself as visionary leaders in the cryptocurrency space.
➤ High profile events:
The marketing strategy heavily relied on hosting extravagant events, which played a crucial role in bolstering the scheme's perceived legitimacy and allure. The events were often held worldwide in prestigious locations and involved elaborate productions. Such settings provided a sense of grandiosity and success, which was persuasive in attracting investors. These events also helped to build a sense of a global community among OneCoin members. This global footprint reinforced the illusion of OneCoin being a widely accepted and successful currency.
The “Coin Rush” event held on June 11, 2016 at the SSE Arena, Wembley, London, is described as a dramatic, fire-filled spectacle. During this event, Ignatova, the face of OneCoin, dubbed OneCoin the “Bitcoin killer”. This showcases the grandeur and the bold claims used to market OneCoin to potential investors.

➤ Use of Testimonials, Rewards and Success Stories:
OneCoin showcased individuals who claimed to have attained substantial financial gains through their involvement with OneCoin. These testimonials served as social proof, effectively persuading others to invest by demonstrating the supposed success and legitimacy of the scheme. This approach played on the psychological tendency of people to follow the actions of others, especially when they see them as successful or relatable. These stories of success and the rewards associated with them created a compelling narrative that OneCoin was a not-to-be-missed investment opportunity.

➤ Targeting Crypto Novices:
OneCoin specifically targeted individuals new to cryptocurrency, exploiting their limited technical knowledge and their fear of missing out on a lucrative opportunity similar to Bitcoin. By emphasizing the potential for huge profits and playing on the allure of being part of the next big digital currency, OneCoin successfully attracted a large number of investors who lacked the expertise to understand the underlying technology or recognize the signs of a scam. This strategy was crucial in enabling OneCoin to grow rapidly and gather substantial investments from innocent and unsuspecting individuals around the world.
➤ Exploiting the Fear of Missing Out (FOMO):
OneCoin capitalized on the regrets of investors who missed out on Bitcoin's early boom, cleverly positioning itself as the next major breakthrough in the cryptocurrency world. This strategy generated a strong Fear of Missing Out (FOMO) among potential investors, compelling them to invest in hopes of catching the next wave of digital currency success. This psychological tactic was a key element in OneCoin's rapid growth and widespread appeal.
➤ Multilevel Marketing (MLM) Scheme:
Unlike traditional MLM schemes that revolved around products or memberships, OneCoin's model was unique. It was based on selling a cryptocurrency that the promoters claimed was akin to Bitcoin. This approach was instrumental in rapidly expanding its network of investors.
➤ Marketing Buzzwords:
OneCoin used popular cryptocurrency buzzwords like "secure," "easy to use," and "revolutionizing payments" to gain credibility. It was presented as a secure, user-friendly digital currency set to revolutionize global payments, tapping into the growing intrigue and excitement surrounding cryptocurrencies.
➤ Building a Cult-like Community:
OneCoin's marketing created not just a customer base but a community of believers. This cult-like aspect was a critical factor in its widespread adoption. Investors were not just buying into a currency but also into a movement, a community that shared a common belief in OneCoin's potential.
➤ Media Manipulation:
OneCoin's digital marketing strategy was robust, leveraging social media and online platforms to spread its message. Additionally, Ignatova paid-for appearance in the Bulgarian version of Forbes magazine which lent an air of credibility to OneCoin and its leadership.
The combined effect of these strategies was a carefully crafted illusion of a groundbreaking digital currency, one that managed to draw in investors from all corners of the globe.
Miscellaneous:
OneCoin raised an estimated $4 billion from 2014 to 2016.
OneCoin was neither actively traded nor were the coins usable for purchasing anything.
While OneCoin was promoted as a cryptocurrency but it lacked blockchain technology, the essential fundamental that defines authentic cryptocurrencies.
In September 2023, Karl Greenwood, the co-founder of OneCoin received a 20-year prison sentence in the United States, and an order for repayment of $300 million
Ruja Ignatova is the only women on FBI's 10 Most Wanted List

Conclusion
The OneCoin saga serves as a stark warning about the dangers of sophisticated marketing tactics exploiting gaps in public understanding, coupled with the widespread fear of missing out (FOMO). This scenario highlights how persuasive and compelling marketing strategies, especially when they are centered around complex and poorly understood concepts like cryptocurrency, can lead individuals to make poorly-informed decisions.
OneCoin's scheme was particularly insidious because it leveraged the allure of emerging technology – in this case, cryptocurrency, which was a hot topic and widely seen as a novel investment opportunity. To many, the world of digital currencies was both fascinating and mystifying, making it an ideal target for exploitation by fraudulent schemes.
The human element – fear of missing out – also played a crucial role. As people observed the meteoric rise of legitimate cryptocurrencies like Bitcoin, many feared missing out on what they perceived as the next big investment opportunity. This fear was expertly manipulated by OneCoin's marketers, who promised similar returns and growth.
Unfortunately, the combination of these factors – powerful marketing, a lack of comprehensive understanding of the technology, and FOMO – led many to invest without due diligence. The disastrous result was the loss of substantial amounts of money by those who were caught up in the scheme, underlining the need for greater public education and awareness in matters of emerging technologies and investment opportunities.