The U.S. State Department has announced a $5 million reward for information leading to the arrest or conviction of Ruja Ignatova, the founder of the OneCoin cryptocurrency scam. Ignatova, also known as the “Cryptoqueen,” has been missing since 2017, when she disappeared in Athens.
Background of the OneCoin Scheme
OneCoin, founded by Ignatova, operated as a Ponzi scheme from 2014 until its collapse in early 2017. The scheme defrauded investors of an estimated $4 billion by selling tokens that were purportedly valuable but did not exist on any blockchain. The OneCoin team manipulated its perceived value by automatically generating new coins, deceiving investors about their worth.
Increased Reward and Legal Actions
The new $5 million reward, announced on Wednesday, is part of the State Department’s Transnational Organized Crime Rewards Program, significantly increasing the previous $250,000 reward offered by the FBI. Ignatova was added to the FBI’s Most Wanted list in 2022.
Authorities in Bulgaria, Ignatova’s home country, announced that she would be indicted in absentia for her involvement in the OneCoin scam. Ignatova, a German national, also faces criminal charges in the U.S., Germany, and India.
Legal Repercussions for Associates
Several of Ignatova’s former associates have been sentenced for their roles in the scheme. In 2022, OneCoin co-founder Karl Greenwood received a 20-year prison sentence and was ordered to forfeit $300 million. Earlier this year, Bulgarian national Irina Dilkinska was sentenced to four years in prison, and American lawyer Mark Scott received a 10-year sentence.
The Disappearance of Ruja Ignatova
Ignatova vanished in late 2017, shortly after being indicted in the U.S. She was last seen on a flight from Sofia, Bulgaria, to Athens. The FBI has suggested that she might have altered her appearance with plastic surgery and could be traveling on a German passport in the Middle East or Eastern Europe.
Also Read: Dilkinska Receives 4-Year Sentence in $4 Billion OneCoin Scam
Unverified Reports and Speculations
There are also unverified reports suggesting that Ignatova may have been murdered. In 2023, a Bulgarian media outlet claimed that she was killed and dismembered on a yacht in the Ionian Sea in 2018, allegedly at the command of a Bulgarian drug lord known as “Taki.” However, this report has never been verified.
The State Department has labeled OneCoin as “one of the largest global fraud schemes in history.” With the new reward, authorities hope to finally bring Ruja Ignatova to justice and provide some closure to the countless victims of her fraudulent scheme.
