The US State Department has announced a $5 million (£3.9 million) reward for information leading to the arrest or conviction of Ruja Ignatova, the founder of OneCoin and self-proclaimed “Cryptoqueen”.
Ignatova disappeared in Athens in 2017 after allegedly orchestrating one of the largest Ponzi schemes in history, defrauding investors of approximately $4 billion (£3.1 billion).
Background of OneCoin scheme
OneCoin operated through a network of promoters who solicited investments in return for tokens purported to be cryptocurrencies. OneCoin was not based on any blockchain technology, and Ignatova and her associates manipulated its perceived value by automatically generating new coins.
The scheme, which began in 2014, collapsed in early 2017, leaving thousands of investors worldwide defrauded.
Ongoing legal actions and previous rewards
The new reward is part of the State Department’s Transnational Organized Crime Rewards Program and significantly increases the previous $250,000 (£195,000) reward offered by the FBI. Ignatova was added to the FBI’s Most Wanted list in 2022.
In her native Bulgaria, authorities announced that Ignatova would be indicted in absentia for her role in the fraudulent scheme.
Ignatova faces multiple criminal charges not only in Bulgaria but also in the United States, Germany, and India. Several of her former associates have already been sentenced to prison.
In 2022, OneCoin co-founder Karl Greenwood received a 20-year prison sentence and was ordered to forfeit $300 million (£234 million).
This year, Bulgarian national Irina Dilkinska was sentenced to four years in prison, and American lawyer Mark Scott received a 10-year sentence for their roles in the scheme.
Disappearance and current whereabouts
Ignatova vanished shortly after being indicted in the US in the autumn of 2017. She was last seen boarding a flight from Sofia, Bulgaria to Athens, Greece.
The FBI has suggested that she may have altered her appearance through plastic surgery or could be travelling on a German passport, possibly residing in the Middle East or Eastern Europe.
There are also unconfirmed reports about her potential death.
In 2023, a Bulgarian media outlet reported that Ignatova was allegedly murdered and dismembered on a yacht in the Ionian Sea in 2018 at the command of a Bulgarian drug lord known as “Taki”.
However, this claim has never been verified.
Global search efforts
The announcement of the increased reward aims to revitalise efforts to locate Ignatova. The State Department’s involvement underscores the severity and international scope of her alleged crimes.
With charges pending in multiple countries and significant financial penalties at stake, the search for Ignatova continues to be a high priority for international law enforcement agencies.
Ignatova’s case highlights the risks associated with cryptocurrency investments, particularly in unregulated markets. Investors are advised to conduct thorough due diligence and be wary of schemes that promise unrealistic returns.
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