U.S. State Department Offers New $5M Reward for Missing ‘Cryptoqueen’

As an analyst with extensive experience in financial fraud investigations, I find the case of Ruja Ignatova and OneCoin to be one of the most intriguing and complex in recent history. The U.S. government’s decision to offer a $5 million reward for information leading to her arrest or conviction is a testament to the enormity of the damage caused by this crypto Ponzi scheme, which is estimated to have stolen over $4 billion from unsuspecting investors around the world.

The US State Department has announced a reward of $5 million for any credible information that helps in the apprehension or prosecution of Ruja Ignatova, the self-proclaimed “Cryptoqueen” and founder of OneCoin, who went missing in Athens back in 2017.

Announced on Wednesday, a new and enhanced reward of an undisclosed amount is now available under the Transnational Organized Crime Rewards Program of the State Department. This surpasses the previous reward of $250,000 that was offered by the Federal Bureau of Investigation (FBI). Ignatova was included in the FBI’s Most Wanted list back in 2022.

As a financial analyst following the case of OneCoin, I can confirm that Bulgarian authorities announced on Wednesday their intention to indict Ruja Ignatova in absentia for her involvement in the cryptocurrency ponzi scheme that reportedly defrauded an estimated $4 billion from investors worldwide between 2014 and its collapse in early 2017.

OneCoin functioned through a group of promoters who procured investments by promising fictitious tokens. However, it’s important to note that OneCoin wasn’t based on any genuine cryptocurrencies. Instead, it lacked existence on a blockchain, and Ignatova and her associates artificially inflated its worth through the production of new coins without any underlying value.

The State Department has called OneCoin “one of the largest global fraud schemes in history.”

Alongside the accusations in Bulgaria, Ignatova, who is of German nationality, also confronts criminal allegations in the United States, Germany, and India.

As a researcher studying the OneCoin case, I’ve discovered that several individuals associated with the project have been brought to justice for their involvement in the scheme. Last year, OneCoin co-founder Karl Greenwood received a sentence of 20 years in prison and was ordered to pay a hefty fine of $300 million. More recently, two lawyers connected to the scam, Bulgarian national Irina Dilkinska and American Mark Scott, were sentenced to prison terms. Dilkinska was given a sentence of four years, while Scott was sentenced to ten years behind bars.

Disappearing act

In the autumn of 2017, Indictment proceedings commenced against Ignatova in the United States. Shortly thereafter, she disappeared, with her last known location being on a flight departing from Sofia, Bulgaria, en route to Athens.

The FBI hypothesizes that Ignatova could have undergone plastic surgery to change her look or is using a German passport for identification in the Middle East or Eastern Europe.

As a researcher delving into the mysterious disappearance of Sophia Ignatova, I’ve come across intriguing rumors suggesting that she may have met her demise in 2018. A Bulgarian media outlet reportedly claimed that Ignatova was murdered and dismembered on a yacht in the Ionian Sea under the orders of a notorious Bulgarian drug lord called “Taki.” However, it’s important to note that this report has yet to be substantiated by credible sources.