This podcast follows journalist Jamie Bartlett as he tries to uncover what happened to Dr. Ruja Ignatova. Dr Ignatova is a charismatic entrepreneur renowned for her expensive dresses and red lipstick. In 2014, she created a cryptocurrency called OneCoin. Huge sums of money were invested in OneCoin — some say €4 billoin, some say up to €15 billion. People invested their life savings and persuaded their family and friends to do the same. The problem is that OneCoin is a Ponzi and pyramid scheme fraud. When the US authorities began closing in on OneCoin in 2017, Dr Ruja disappeared. Her brother was arrested, and she is on the FBI’s Ten Most Wanted Fugitives list, yet she remains at large. At least 3.5 million people are waiting to get their money back. This podcast was captivating, and it was amazing to hear how even very scientific people can be credulous. The commitment of Jamie Bartlett over seven years — the podcast was updated in January — was also impressive. An incredible podcast, but a very sad story for the victims.
Prof Eileen Barker of the London School of Economics, who has spent years studying groups like the Moonies and Scientologists, says there are similarities between OneCoin and messianic millennium cults, where people believe they are part of something big that is going to change the world – and no matter what the evidence, once they’ve signed up, it’s very hard for them to admit they are wrong.
When prophecy fails they believe more strongly,” she says. “Particularly if you have invested something, not only money, but belief, reputation, intelligence. You think, ‘Wait a bit longer.'”
Money might push people to invest in the first place, but the sense of belonging, of doing something, of achieving something, is why they stay, Barker says. “And in that sense it’s cultic.”
Sixteen episodes of approximately 45 minutes each.