A Petition has been filed with the Bulgarian Constitutional Ombudsman alleging the Bulgarian government has failed in its European Union mandated duties to victims of the up to €20 billion OneCoin pyramid scheme headquartered in Sofia. OneCoin is thought to be one of the largest and most successful financial pyramids in history. Victims however have not received any restitution with the vast majority of funds still in the hands of the OneCoin organization.
The Petitioner, Dr. Jonathan Levy, a lawyer acting on behalf of investors and creditors of OneCoin seeks an investigation of misfeasance by the Bulgarian government because OneCoin and its principals continue to operate from Bulgaria. The Bulgarian government has taken no steps to seize assets from OneCoin including real estate, bank accounts, and 230,000 Bitcoins worth over €12 billion. OneCoin has been declared a criminal enterprise by the United States and other governments and its mastermind, Ruja Ignatova, is a fugitive. Nonetheless, OneCoin was able to hold a recruiting event in July 2021 in Bulgaria.
OneCoin values its discredited cryptocurrency coin at over €40. A price made feasible through the payment of 230,000 Bitcoins by an Emirati sheikh for OneCoin assets in 2015 and the subsequent rise of Bitcoin. According to Dr. Jonathan Levy: “Ironically, OneCoin once billed itself as the “Bitcoin killer” but its chance acquisition of Bitcoins makes it possible for investors to recoup their losses, if only the Bulgaria would get serious and round up the criminals in their territory.”
The Petition states that OneCoin has links to violent organized crime and terrorism. Victims have been threatened with violence for speaking out and OneCoin promoters have been kidnapped, murdered, and assaulted.
In addition to an investigation of Bulgarian government inaction, the Petition requests that a claims commission be established and the offer of a reward of up to €1 billion, to be paid from OneCoin assets recovered, for information leading to the arrest of Ruja Ignatova and recovery of the missing billions.