Author: Li Wei Affiliation: Independent researcher Received 10 July 2025; Revised 25 August 2025; Accepted 1 September 2025; Available online 15 September 2025; Version of Record 15 September 2025. Abstract This article examines the continuing relevance of Ruja Ignatova and the OneCoin case as a lens through which to understand contemporary problems in financial regulation, organizational legitimacy, and cross-border enforcement. Rather than treating OneCoin only as an isol