Does Ruja Ignatova Still Control OneCoin? IT staff Abandon Headquaters

Does Ruja Ignatova Still Control OneCoin? IT staff Abandon Headquaters

After the arrest of Konstantin Ignatov, the brother of OneCoin Founder Ruja Ignatova, the question rises how is it possible that OneCoin is still operational in the last months.

Insiders report that Konstantin had all the keys to bank accounts and software systems, received from his sister, who is suppose to travel the world on a (diplomatic) passport from the Ukraine or Russia. Billions are lost however, an estimated $50-100 million might be under the control of Ruja.

Those funds might be used to keep the “Dream” or “Nightmare” alive, to milk out the last penny….

Meanwhile the IT staff abandon the ship, as communicated recently in an internal email to Veselina Valkova (VV), OneCoin Office/Operations Manager in Sofia, Bulgaria:

Dear Veselina:

This will be the first and only communication that will come this way. We can all understand the confusion, anger and frustration among the people that have had the inside view to the last weeks communications going on. Not sure what agenda you have VV but we suspect that its either; trying to protect yourself and your integrity or it’s trying to get certain people to cut a deal with someone. Either way, the facts will here be laid out, as it is, not dressed in some fancy words from a “vanished” founder and creator of this magnitude of a mess.

In Jan/Feb 2018 the “ONE” systems IT administrator, “Momchi” left the ship. He took with him, not only most of the so called “keys” but also the knowledge how these systems were put together.

And a few months later, another IT administrator “Stan” stormed in, that took over what more could have looked like a crashed jumbo jet.

We were contracted with our staff of 7 highly trained IT people from Russia and India, to build a new platform to facilitate the use of the “ONE” in June 2018. The contract was never signed by anyone in the “ONE” family. In fact, the company BNC Consulting, that was put up as counter party, is not even around anymore, it’s been liquidated.

That company simply closed down and bills are not getting paid.

One of the main terms for this development to be successful is that the “ONE” would provide api’s (application protocol interface – ie systems and servers talking to each other by automatic code and callbacks using HTTP) that can connect the systems to each other. That is, to be able to do what every other block chain technology company with ease provides.

Open Source api’s to use to connect to their services and be able to build applications around it. Services like transferring assets from buyer to seller as payment for a product or a service. After several initial calls in June and July 2018, with staff in Sofia, it was again promised on the calls that api’s would be provided or helped with.

Another month goes by and nothing happens. Duncan is well aware of the situation and we all start raising our voices. “Where is the api’s to the ONE system”? First week of August 2018 your IT administrator sends the “source code” of DS and the “ONE” system that your services are based on. With one simple message attached! Here is the code, try to figure it out!

Seriously, that is like giving the workers at a car factory, the spare parts of a fighter jet plane and except them to put it together. And also forget to tell them, it’s a fighter jet they are going to build. There is not a single Fintech company on the planet that works like this.

In all our joint efforts to try to get in contact with Sofia’s IT administrator it is revealed to us that no one in Sofia or in “ONE” IT has really any complete and full understanding how to do this.

We had to use K every other week to try to get some assistance in understanding this big pile of mess-up. The saying goes, that if “it’s smelling like rotten fish it is because it’s a rotten fish” and nothing else. This did not smell good. Still no api’s or access to anything that can be used to try to connect a service that seems more like it’s a fiction of someone else’s fantasy. Now its end of October 2018.

Since Sofia are unable to provide api’s we finally get a database dump of some 250K users with their wallet balances of cash and “ONE” in the middle of November 2018.

We can therefore roll out the new platform, but the systems are still not connected. Furthermore, the cash balance on these accounts in the new platform are well over 40.5 million EUR and imported to the new service. Money that Sofia never paid a penny on, to us, or anyone else for that matter.

We now have 1 person fulltime dedicated trying to figure out how the service can be connected. No light in sight and its December 2018. We are trying to build an intermediate service to get it working. After a long and heated call with your IT administrators we are told that the ONE system is broken. Its broken since this “Momchi” left the scene. We ask for documentation. There is no documentation, “Momchi” took that or deleted it.

We ask ourselves yet again – how can this Fintech company that have raked in billions in revenue, not have better security, repository storage of codes and more importantly, not have any hard copies or secure cloud storage of these systems in more places than one!?!

Who in god’s name set this up and are responsible for its organization and structure? Why are someone like “Momchi” solely given access and responsibility to the core of the core? It’s like giving the Coca Cola ingrediencies to the guy in customer service and hope for the best when he walks out of the door never to look back.

We are all starting to get a bad gut feeling since there is simply no progress to get this sorted. We are now, in January 2019, reading the documentation written up from Sofia corporate about the “ICO white paper” in October 2018, explaining the ONE CC and its system. Is this for real!

There are so many contractionary facts in these papers that simply do not match when put together. It simply does not work like this in any real, open and transparent virtual crypto currency block chain, regardless of what technology it’s based on.Our concerns now are not only starting to become facts, they are more and more confirmed by the lack of ability to co-operate to get this connected.

In February 2019, suddenly, K is arrested in the USA, Duncan as well interrogated by the FBI. The shit storm is about to go down we think. When K is being away it seems, the communication ceases to exist, making the co-op from Sofia’s side to just die out. Then the final straw was on the 7th of May 2019, when we discover that the repository code storage of the “ONE” system is updated with brand new “commits”, where new services suddenly appear.

Services like Wallet Manager, Transaction Manager, API’s to “a” coin backend and blockchain?!? All of these did not exist 2nd of May when the commits where done. All of this have literally been created in the last months by your IT administrators.

Is this another effort to try to save yourself… And because of this, we now suddenly see communication to connect to the blockchain? That did not exist before!

We cannot be a part of an alleged criminal activity or an alleged conspiracy to commit any type of crime or even be implied to have been a part of such.

The facts are clear:

  • There is no real block chain. Just a simple block chain script that is running as a php code on a mysql server. Maybe there was a real block chain, maybe not. But it’s not something anyone publicly have seen in their own computers.
  • There is no mining and have never been, again just a script that is running on the server and also confirmed by R and S in their email exchange made public.
  • If you know what mining actually means you would also confirm this by just looking at the setup of the one system. Mining is for either creating blocks or confirming transactions in any real blockchain. If a block chain works on consensus of the members, there is no need at all for any mining power or mining servers.
  • There is no ledger, just a database table with numbers going back and forth.
  • There is no explorer where anyone can view transactions, since it simply does not exist.
  • There is no wallet service with encrypted private or public keys using cryptography.
  • There is no KYC implemented in the blockchain since there is no blockchain and the KYC data is stored in unsecure servers. And to quote R email to S.

“We are not mining actually – but telling people shit”.

And another quote from S email to R.

“Can any member find out that we actually are not investing in machines to mine but it is merely a piece of software doing this for us?”

And here is another text right out of the ICO whitepaper, published October 2018.

One of the biggest challenges for decentralized cryptocurrencies has been the issue of scalability – their inability to meet demand as they grow. Why? Because the more wallets are added to any given cryptocurrency, the slower every verification becomes, because it must be processed from every wallet on the net.


An example of the scalability issue is the one-megabyte size limitation of the block in the Bitcoin blockchain that resulted in increasing transaction fees and delayed transaction processing.

These facts are completely wrong. Transaction speed is not determined by anything else then how the block chain was setup originally and the willingness to pay transaction fees to get a transaction confirmed by miners in a new block. Bitcoin can process around 7 transactions per second and Etherum can process around 20 transactions per second in its current state, regardless of how many ‘wallets’ are being used.

If the wallet was the ‘node’ that keep the ledger, then all Bitcoin wallets would need around 210 GB storage just to function. Who on earth wrote this?

And finally, this:

ONE is cryptographically secure, peer-to – peer cryptocurrency that allows instant and cost saving payments. Its global accessibility and finite number of 120 billion ONEs make the coin one of the biggest reserve currencies worldwide.

While this may sound confusing, there is no such thing as mined ONEs or any other crypto currency.

A miner who spends computational energy to mine the next block in a bitcoin blockchain, as an example, is rewarded with new bitcoins. But the way this happens is that there is simply a transaction record that says “12.5 bitcoins are transferred to miner’s bitcoin wallet”, and such a transaction is considered a valid transaction by the blockchain.

It is important to understand that these “12.5 bitcoins” that were transferred to the miner’s bitcoin wallet address do not come from anywhere i.e. it’s not like there is a “treasury” of “digital coins” from which the miner is rewarded.

The 12.5 bitcoins never existed before and will never exist. The only thing that exists is a (valid) transactional record that 12.5 bitcoins are transferred to the miner’s wallet i.e. Bitcoins simply exists as a transactional record, and not as a real digital coin, let alone as a “reserve currency” like its perpetrating in the ICO whitepaper published in October 2018.

If you or anyone else cannot read or even interpret the few messages here we can’t do much about it. The message for us is crystal clear, and the members has a right to know.

Since you obviously are not going to let anyone know, we lastly urge you VV to put yourself on a flight to New York and meet up with the defense team of K and show them the source code, ledger, explorer with all transactions including the working block chain with dynamics as described in the ICO whitepapers. K was never part of this, and he clearly did not know the truth behind this setup.

Our goal is not to take anything from anyone but merely making sure that the 1.5 million, (yes it’s not 3.5 million users but 3.5 million accounts where multiple users have several accounts – to get the facts correct) unique users can get some value back, that will work – legally, secure, fully transparent and with absolutely no affiliation to anything that is in the past.

No one in the network teams speak for all members – we do care about the ones that invested their household saving in a dream. To realize that, you and everyone else need to realize this – it will happen despite what absurd threats some individuals burst out into the open. That is just sad. Threats’ to employees, members, networkers of all ranks.

No one is allowed to throw stone inside their own glass house. And just to be crystal clear, it’s not another ‘package’ to buy or ‘investment’ to make. It’s just going to become very clear when all is out for the public to see. We did not create this mess – we simply are putting up a helping hand to guide whoever is there to be guided.

Denial is one of the strongest human emotions.


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