The United States Department of State has dramatically increased the reward for information leading to the arrest and conviction of Ruja Ignatova, the elusive founder of the notorious cryptocurrency scheme, OneCoin. This action underscores the ongoing efforts by U.S. authorities to apprehend Ignatova, who has been dubbed the ‘Cryptoqueen’ due to her central role in one of the most infamous frauds in the cryptocurrency industry.
The Reward Increase
Initially featured on the Federal Bureau of Investigation’s (FBI) “ten most wanted fugitives” list in June 2022 with a $100,000 reward, the bounty for Ignatova’s capture has seen substantial increments. In 2023, this amount was raised to $250,000. As of the latest update from the State Department’s Transnational Organized Crime Rewards Program, the reward has escalated to a staggering $5 million for information that directly leads to Ignatova’s arrest and conviction. Her last known location was in Athens in October 2017.
Ignatova, who holds a German passport, has been charged by U.S. authorities with fraud and money laundering since 2017. There is speculation that she may have altered her appearance through plastic surgery to evade capture. As the situation intensifies, the FBI continues to track down leads that could potentially lead to her whereabouts.
OneCoin’s Impact and Legal Repercussions
Launched in 2014, OneCoin was soon exposed as a fraudulent operation by 2015, having deceived investors out of approximately $4 billion. The scam has led to multiple criminal prosecutions in the U.S., involving close associates of Ignatova:
- Gilbert Armenta: Ignatova’s boyfriend and one of the early promoters.
- Mark Scott: Lawyer who allegedly helped launder proceeds.
- Irina Dilkinska: Former head of legal and compliance.
- Karl Sebastian Greenwood: Co-founder of OneCoin.
- William Morro: Involved in the operational aspects.
In addition to these prosecutions, Ignatova’s brother, Konstantin Ignatov, also heavily involved in the scheme, pleaded guilty to charges of fraud and money laundering in 2019. He served 34 months in prison before his release in March 2024.
In a recent development, U.S. Ambassador to Bulgaria, Kenneth Merten, alongside Bulgaria’s Acting Prosecutor General Borislav Sarafov, announced that Ignatova would also be charged in absentia in Bulgaria. This adds an international dimension to the legal pursuit, highlighting the widespread impact of the OneCoin fraud across multiple jurisdictions.
| Event | Date | Description |
|---|---|---|
| OneCoin Founded | 2014 | Launch of the cryptocurrency scheme. |
| Exposure as a Fraud | 2015 | OneCoin is revealed to be a fraudulent operation. |
| Initial FBI Reward | June 2022 | $100,000 reward announced for information on Ignatova. |
| Reward Increased | 2023 | Reward raised to $250,000. |
| Latest Reward Update | June 2024 | Reward increased to $5 million by the US State Department. |
The ongoing pursuit of Ruja Ignatova reflects a serious commitment by U.S. and international authorities to address and rectify the significant financial and social damage inflicted by the OneCoin scam. The substantial increase in the reward for her capture indicates the high priority given to this case, emphasizing the importance of bringing Ignatova to justice and providing closure to the victims of one of the largest frauds in the history of cryptocurrency.
Featured image credit: Ken Lund via Flickr