The FBI has announced a $5 million reward in the search for Ruja Ignatova, dubbed the 'cryptoqueen', who is accused of defrauding investors of over $4 billion in what authorities describe as one of the largest fraud schemes ever. Ignatova vanished in 2017 and remains the subject of an extensive international manhunt.
The Bulgarian-born Ignatova, who has German citizenship, has been on the FBI's most-wanted list since 2022. The FBI, which has labeled OneCoin as "one of the biggest global fraud schemes in history," had initially offered a reward of $100,000 for information leading to her arrest. However, the agency has failed to get any information about the fugitive's whereabouts.
FBI Raises Reward for Cryptoqueen
The massive reward announced today was approved by the Secretary under the Department of State's Transnational Organized Crime Rewards Program following Bulgaria's announcement of plans to prosecute the Bulgarian-born entrepreneur in absentia.
The chief prosecutor also said on Tuesday that efforts would be made to confiscate assets allegedly obtained through illegal means.
The US Ambassador to Bulgaria Kenneth Merten, speaking at the news conference, announced a reward of up to $5 million for any details leading to Ignatova's capture, pledging help to Bulgarian authorities in their efforts to apprehend her.
"Ignatova is believed to travel with armed guards and/or associates. Ignatova may have had plastic surgery or otherwise altered her appearance," states her FBI wanted poster.
The 43-year-old is alleged to have scammed investors out of $4 billion through the sale of a fraudulent cryptocurrency named OneCoin, which was established in Sofia in 2014.
During its initial two years, authorities estimate that the cryptocurrency Ponzi scheme garnered over $4 billion from at least 3.5 million victims.
The FBI suspects that the entrepreneur might be using a German passport to travel to countries such as the UAE, Russia, Greece, and Eastern Europe in order to avoid arrest.
World's Most Wanted
Ignatova's whereabouts have remained unknown since October 25, 2017, after she flew from Sofia to Athens on a Ryanair flight, following charges in a New York court and issuance of a federal arrest warrant. Prosecutors revealed she fled after placing recording devices in her American boyfriend's apartment and discovering his cooperation with the FBI.
There have been rumors that she might have been killed under orders from the Bulgarian mafia's 'Godfather'.
Ignatova was added to the FBI's Ten Most Wanted Fugitives List in June 2022 for charges related to fraud and money laundering.
In the early days of OneCoin, early investors were attracted to Ignatova's image as a glamorous Oxford-educated professional who reportedly spent six years at McKinsey before entering the emerging field of cryptocurrency. She projected confidence, dressed impeccably, and assured her supporters that OneCoin was poised to revolutionize the financial landscape.
During this period, Ignatova remained in the public eye, showcasing her stylish attire and luxurious lifestyle.
As her popularity grew, she attended large-scale rallies where OneCoin supporters celebrated her as the driving force behind a global movement. OneCoin even had a song dedicated to 'Ruja's revolution', highlighting her prominent role.
OneCoin aimed to emulate the success of Bitcoin, offering investors the opportunity to purchase currency packages with real money and anticipate substantial returns.
However, detailed terms and conditions included provisions that were likely to discourage potential investors.
