Who Is Ruja Ignatova: Cryptoqueen Who Defrauded Investors Out Of $4B Now Has $5M Bounty On Her Head

One of the world's most wanted fugitives is not a terrorist or mass murderer, but rather a cryptocurrency founder, Ruja Ignatova, who now has a $5 million bounty on her head. Ignatova, a German citizen born in Bulgaria, is accused of masterminding one of the largest cryptocurrency scams in history, defrauding investors out of $4 billion (£3.3 billion) through a fictitious cryptocurrency called OneCoin in 2014.

The Disappearance of Dr Ruja Ignatova

Ruja Ignatova vanished without a trace in 2017 at the age of 43 and has been on the FBI's Most Wanted List since 2022. Initially, the FBI offered a $100,000 reward for information leading to her arrest, but this has since been increased to $5 million. According to her FBI Most Wanted poster, Ignatova may be travelling with armed guards or associates and might have changed her appearance through plastic surgery. The FBI suspects she could be using a German passport to travel to the United Arab Emirates, Russia, Greece, and Eastern Europe.

There are also theories suggesting that the Bulgarian mafia, believed to be behind the OneCoin scheme, may have silenced her. Ignatova's last confirmed sighting was on a Ryanair flight from Sofia to Athens on October 25, 2017. This disappearance followed her sudden departure from her American boyfriend's apartment after discovering his cooperation with the FBI. In 2018, documents found after the murder of a Bulgarian police officer suggested that Ignatova might have been killed on a private yacht belonging to a mafia boss, whom she had allegedly paid for protection. These documents, however, came from a heavily intoxicated source and claimed that her body was dismembered and disposed of in the Ionian Sea. Despite these claims, the FBI continues its search under the assumption that she is still alive.

OneCoin: A Multi-Million Dollar Scam

After being added to the FBI's Most Wanted List, it was reported that Ignatova absconded with a "tremendous amount of cash," enabling her to secure a significant network of accomplices. BBC journalist Jamie Bartlett, who highlighted Ignatova's story through his podcast "The Missing Cryptoqueen," believes the increased bounty is aimed at encouraging individuals who might still be protecting her to come forward. The FBI has shifted its focus to Ignatova's associates, hoping the substantial reward will incentivise them to cooperate. As Bartlett noted, a $100,000 reward might not tempt a low-level criminal or bodyguard, but $5 million could be a different story.

Although Ignatova remains at large, other perpetrators of the OneCoin scam have faced justice. OneCoin's co-founder, Karl Sebastian Greenwood, and its former head of legal and compliance, Irina Dilkinska, admitted guilt in December 2022 to federal charges of wire fraud and money laundering related to the scam. According to a 2022 report by Chainalysis, cryptocurrency-based crime reached an all-time high in 2021, while legitimate cryptocurrency transactions also surged to record levels. Criminals continue to find new ways to exploit the virtual world. In 2022, US officials announced they had recovered $3.6 billion worth of bitcoin stolen in a 2016 hack.

Broader Implications and Ongoing Search

The case of Ruja Ignatova and OneCoin underscores the vulnerabilities in the rapidly evolving cryptocurrency market. The significant increase in the bounty on Ignatova's head reflects the severity of the crime and the ongoing efforts to bring her to justice. The FBI's focus on her network of accomplices highlights the complexities involved in tracking down high-profile fugitives who can leverage extensive resources to evade capture.

As the search for Ignatova continues, the broader implications for the cryptocurrency industry remain significant. The OneCoin scam has prompted increased scrutiny and calls for better regulatory measures to prevent similar frauds in the future. While technological advancements in cryptocurrency offer numerous benefits, they also present challenges in terms of security and oversight, necessitating a balanced approach to innovation and regulation.