OneCoin was a cryptocurrency-based Ponzi scheme. The companies behind the scheme were OneCoin Ltd. and One Life Network Ltd., founded by Bulgarian national Ruja Ignatova, who disappeared in 2017. However, not before the scheme raised $4 billion.

The company’s main business was selling course materials, which were reportedly plagiarized in most cases.

Its course material business model was akin to a multi-level marketing (MLM) scheme, where course material buyers were paid to recruit new buyers.