From crypto queen to global fugitive: Ruja Ignatova vanished with billions, leaving a lingering mystery.
For eight years, questions have loomed over the fate of Ruja Ignatova, known as the “Cryptoqueen,” who disappeared with billions after promoting OneCoin, a notorious Ponzi scheme, leaving behind a legacy of deception and unresolved issues.
Born in May 1980 in Bulgaria, Ignatova moved to Germany at the age of ten. She excelled academically and earned a doctorate in private international law from the University of Konstanz in 2005, even spending time at a prestigious university in the UK.
Her career began at a consulting firm, but her interests soon veered into dubious territory. In 2012, she and her father faced fraud charges in Germany related to a firm’s acquisition and bankruptcy.
“The next Bitcoin”
Many may not realize that OneCoin was not Ignatova’s first foray into the cryptocurrency space.
In 2013, she joined a multi-level marketing scheme known as BigCoin. Originally launched by John Ng and based in Hong Kong, BigCoin claimed it would rival Bitcoin. However, it turned out to be a standard Ponzi scheme without any blockchain backing. By 2014, Ignatova departed BigCoin to co-found OneCoin with Sebastian Greenwood.
Second attempt
Although Ignatova was the central figure behind OneCoin, Greenwood played a crucial operational role; he was arrested in 2018 and sentenced to 20 years in prison. Together, they marketed OneCoin as a revolutionary cryptocurrency meant to eclipse Bitcoin, attracting investments estimated at $4 billion globally. Much like BigCoin, OneCoin operated without a blockchain, leading to its downfall three years post-launch.
On the run?
As law enforcement intensified their investigations, Ignatova vanished. In October 2017, she boarded a flight from Bulgaria and disappeared without a trace. Since then, various theories about her fate have emerged, including speculation of her being murdered or living clandestinely in countries such as South Africa, Dubai, or Russia.
Documentary filmmaker Johan von Mirbach, known for an investigative documentary focused on Ignatova, remains skeptical about the theories surrounding her death. He believes she is still alive, and ongoing investigations are attempting to uncover her whereabouts.
“I have spoken with security contacts in South Africa and Germany. There are active investigations regarding her potential hiding spots, but her exact location remains unknown. I am convinced she is still alive, given the numerous false leads created about her.”
In June 2022, Ignatova was added to the FBI’s ten most wanted fugitives list, initially with a reward of $100,000 for information about her. By June 2024, this reward had skyrocketed to $5 million. Although her current whereabouts are uncertain, legal actions related to her name persist.
New opportunities
In August 2024, a High Court in London imposed a global freeze on assets associated with Ignatova and her affiliates, revealing that OneCoin promoters invested in high-end properties in the UAE, including a $2.7 million penthouse in Dubai.
By late 2024, investigators shifted their focus to Cape Town, South Africa, suspecting she may be residing under an alias in a luxurious enclave. However, recent reports indicated she might actually be in Russia, with connections to individuals linked to the Russian government.
Insights from former associates add fuel to speculation that Ignatova could be receiving protection from influential figures. The scale of the OneCoin fraud highlights the cryptocurrency sector as a fertile ground for both innovative businesses and criminal enterprises.
“The mechanisms that facilitate online business also enable online fraud. Criminals are continuously exploring unregulated markets for new opportunities.”
As Mirbach anticipates the emergence of new fraudulent schemes in the evolving landscape, the hunt for the elusive Cryptoqueen continues.
