Ruja Ignatova: The Infamous “Cryptoqueen”

Considered a criminal mastermind, Ruja Ignatova – also known as the “Cryptoqueen” – has managed to evade global authorities for six years. She stands accused of devising a $4 billion Ponzi scheme and has been on the run since her accomplice, Karl Greenwood, was sentenced to 20 years for his part in the notorious OneCoin scam.

About Ruja Ignatova

An image of exceptional intellect and education, Ruja Ignatova boasts a background riddled with prestigious accolades and experiences:

• A Bright Scholar: Ignatova is a graduate of Oxford University, where she proved her brilliance as a scholar. However, after being charged with a massive crypto fraud, she mysteriously disappeared in 2017.
• Last Known Whereabouts: She was last seen on a commercial flight from Sofia, Bulgaria, to Athens, Greece. As recognition of the severity of her presumed crimes, the FBI has included her on its Top Ten Most Wanted list since June of the previous year.
• Impressive Academic Achievements: The Cryptoqueen won a prestigious scholarship to Konstanz University and obtained a master’s degree from Oxford in comparative European Law.
• Prior Professional Experiences: Before her notorious turn towards the crypto world, Ignatova held esteemed roles with global consulting firm McKinsey and also ventured into investment banking.

Cryptoqueen Ruja Ignatova in FBI’s Ten Most Wanted. Source: FBI

The Inception of the OneCoin Scam

In 2014, Ignatova and her partner-in-crime, the Swedish national Karl Greenwood, created OneCoin. It is crucial to underline that OneCoin was heralded as an intentional scam from the beginning. The pair cleverly pitched this fraudulent cryptocurrency using a global multi-level marketing strategy, managing to draw around $4 billion from 3.5 million innocent victims.

The scam functioned through a luring process wherein Ignatova and Greenwood would offer members commissions for recruiting others to join their fray, thus effectively prolonging the scam’s life cycle. The court documents stated, “Greenwood lied to investors about the utility of the tokens included in trader packages, claiming that they could be used to secure positions in OneCoin’s ‘mining pools’… But there were no mining pools and no computers to mine OneCoin.”

Moreover, OneCoin bore no real value. Ignatova and Greenwood arbitrarily assigned its worth without regard for the authentic market dynamics of supply and demand. “OneCoin claimed to have a private ‘blockchain,’ or a digital ledger identifying OneCoins and recording historical transactions. But, in reality, OneCoin lacked a true blockchain — that is, a public and verifiable blockchain,” court documents revealed.

Karl Greenwood’s Unraveling

Greenwood, living lavishly on the spoils of the scam, had raked in more than $300 million as his share from the OneCoin pyramid scheme. The extent of his ostentatious lifestyle reached from opulent stays at upscale resorts to extravagant fashion indulgences and even funds for a Sunseeker luxury yacht. Justice finally caught up with him in Thailand in 2018, where he was arrested and subsequently extradited to the United States.

Upon his sentencing, Greenwood seemed to comprehend the enormity of his crimes. He had previously demeaned OneCoin investors as “idiots,” but during his trial, he expressed deep remorse for his actions. Greenwood shared, “The pain I caused others – the victims – I cannot take it back. I’m deeply sorry. I destroyed my life and caused irreparable harm to many others.”

Ruja Ignatova: Still At Large

The present location of Ruja Ignatova, the elusive Cryptoqueen, remains unknown. Her persona continues to intrigue authorities and the public alike. The FBI currently offers a generous $250,000 reward for information leading to her capture. Yet, rumors suggest Ignatova might have altered her appearance through plastic surgery or other means to dodge capture.

Guidance for Investors

This unfortunate episode serves as a warning for investors and regulators in the crypto industry. Not all that glitters is gold, and old scams may well reappear under new guises. Consequently, it is the responsibility of both individuals and institutions to be vigilant, exercising discerning judgment and skepticism when evaluating new investment opportunities.

Andersen, J. (2022). The Infamous Cryptoqueen. Crypto News24.