The fallout from BaFin’s freezing of OneCoin’s bank accounts in Germany continues, with more and more victims coming forward to report their losses.

BaFin investigators have labeled OneCoin “one of the most dangerous money games of recent years”.

The latest figures released by investigators on Thursday, April 13th revealed “at least” 25,000 investors Germany have together lost “well beyond 400 million euro” ($424 million USD).

Those numbers are expected to climb, as many victims have yet to go public with their losses “out of shame”.

That’s not the half of it though, with BaFin’s investigation revealing startling information about the company.

Rumors of OneCoin’s ties to organized crime have persisted for months. Personally I haven’t seen anything concrete, other than Bulgarian authorities’ suspicious inaction.

Following a “confidential conversation” with one or more BaFin investigators, Germany’s Gerlach Report has learned the regulator considers OneCoin a “collaboration between the Bulgarian and Russian mafia”.

Purportedly mafias in Europe have found success in MLM underbelly scams over the past few years. With little to no opposition from authorities (typically until it’s far too late), organized crime rackets behind the schemes have gotten bolder.

Their greed and “Masslosigkeit” (???) over the past (few) years continues uninterrupted.

The Gerlach Report attempted to reach out to Kevin Schütz, one of Germany’s top OneCoin investors.

After initially denying he was involved in OneCoin, The Gerlach Report confronted Schütz with evidence to the contrary.

Schütz (right) responded by emailing The Gerlach’s chief editor with threats against the family of the publication’s staff and family.

Well, you little son of a bitch. I have your address and also the addresses of all the other editors.

If I see an article, I will not visit them but their parents.

By the way, your wife and mother will be taken care of before your eyes. I know everything about you.

You can continue to spend good time with your family, as long as it is still unreported.

BaFin and the Gerlach Report have also investigated Ruja Ignatova, publicly credited as OneCoin’s Founder.

Other than a woman bearing the  physical likeness of Ignatova, neither were able to confirm any of the claims made about her.

When contacted, Interpol stated they’d

seen the woman before (but) we can not confirm her actual identity.

She is probably an art figure, an invention.

In light of the massive losses uncovered by BaFin’s investigation, the regulator is now pushing for the apprehension of those behind OneCoin. Be it Ruja Ignatova or the Bulgarian and Russian mafia members she’s allegedly working with.

At this time where OneCoin laundered the $421 million stolen from German investors is unclear. BaFin are quick to point out though that investigations into OneCoin’s inner workings are in the preliminary stage.

Update 28th April 2017 – On April 27th, BaFin issued a cease and desist banning OneCoin from operating or being promoted in Germany.