OneCoin is a Ponzi scheme[1][2] promoted as a cryptocurrency by Bulgaria-based[3] offshore companies OneCoin Ltd (registered in Dubai) and OneLife Network Ltd (registered in Belize), both founded by Ruja Ignatova in concert with Sebastian Greenwood.[4] OneCoin is considered a Ponzi scheme due to its organisational structure and because of the previous involvement of many of those central to OneCoin in similar schemes.[5] It was described by The Times as "one of the biggest scams in history".[6]