From the cipher queen to the global fugitive: Onecoin's Ruja Ignatova disappeared with billions, and the mystery has yet to be solved.
For eight years, the world has been speculating about the fate of Ruja Ignatova. It is the so-called “Cryptoqueen” that has disappeared in billions after pitching the classic Ponzi scheme, Onecoin, leaving behind a mysterious path to refuse to die.
Crypto.News spoke with people who delved deep into her story and understood where she was now.
Born in Bulgaria in May 1980, Ruja Ignatova, born in Bulgaria, moved to Germany at the age of 10 with her family and settled in Schlanberg, Baden-Württemberg. She pursued higher education in 2005 with a doctorate in private international law from the University of Constance.
Before he rose to his infamy as “Cryptoqueen,” Ignatova worked as a consultant at McKinsey & Company. However, her business venture soon went into question. In 2012 she and her father, Pramen Ignatov, were convicted of German fraud in connection with the company's acquisition and subsequent bankruptcy.
“Next Bitcoin”
It may not be widely known, but Onecoin was not Ignatova's first venture into the crypto.
In 2013, she was involved in a multi-level marketing scam called BigCoin. According to reports, Big Coin was launched by John NG and is based in Hong Kong, with the project being sold using the regular MLM cryptocurrency pitch. “I'm going to be the next Bitcoin.”
It's not clear one day, but at one point the project was joined by Ronnie Scold, Sebastian Greenwood, Nigel Allen and Ruja Ignatova himself. To put it simply, Bigcoin didn't do that. That's because it turns out to be a normal Ponzi scheme that runs without a blockchain. By 2014, Ignatova had left Big Coin and co-founded a new venture with Sebastian Greenwood.
Second attempt
Ruja Ignatova was the mastermind behind the project, while Sebastian Greenwood was a key figure in the management of Onecoin. However, unlike Ignatova, Greenwood was arrested in 2018 and sentenced to 20 years in prison.
Two branded branded as innovative cryptocurrencies that attempt to kill Bitcoin. Through famous events and persuasive marketing, they have invested in thousands, if not millions, to raise an estimated $4 billion worldwide. Still, like Bigcoin, Onecoin also didn't work on the blockchain, which caused the project to crash three years after its release.
Running?
When authorities doubled the investigation, Ignatova disappeared. In October 2017, she boarded a flight from Bulgaria, Greece, and… disappeared. No traces. Over the years, her theory of destiny ranged from surgical changes to assassination of the mafia. Some reports even suggested that she was murdered on a yacht in the Ionian Sea on the orders of a Bulgarian criminal, and her body was allegedly dismembered and abandoned.
There are also rumours that Ignatova could actually be running, hiding in South Africa, Dubai, or even Russia.
Johann von Milbach, the German documentary director who directed the 2022 research documentary, “The Cryptoqueen – The Great Onecoin Scam,” does not buy theories about Ignatoba's death. In an interview with Crypto.News, Mirbach said she doesn't believe in the theory of her death because there are too many “failed efforts to build a false track about her whereabouts.”
“We spoke with security sources in South Africa and Germany. There is an investigation into where she can hide in South Africa. But no one can know where she is. She could be in South Africa, Dubai, or, as you argue, in Russia or elsewhere. But I'm sure she's still alive because there are so many failed efforts to build a false track about her whereabouts.”
Johann von Millbach
In June 2022, the FBI placed Ignatova on the list of the 10 most wanted fugitives, initially offering a $100,000 reward for information leading to arrest. By June 2024, its prize money had grown to $5 million. Ignatova's whereabouts are not clear, but the legal process surrounding her name continues until recently.
New opportunities
For example, in August 2024, the London High Court issued a global freeze order on assets related to Ignatova and her associates, following the revelation that Onecoin promoter had invested in a gorgeous UAE property, including a $2.7 million penthouse in Dubai.
By late 2024, investigators had focused on the search in Cape Town, South Africa, and had speculated that she lived in an exclusive enclave under a false identity.
However, a new report from November 2024 suggests that Ignatova could be hiding in Russia instead. According to journalist Yodan Tsarov, in collaboration with Bellingcat, a Dutch-based investigative journalism group specializing in the Kremlin issue and is based in the Netherlands, Ignatova has been linked to individuals associated with the Russian government.
Tsalov said these links were confirmed by Frank Schneider, former security advisor to Ignatova.
Commenting on the scale of Onecoin Scam, Mirbach says the crypto industry is not only a new business, but also an “incredible space” for criminals who can win far more than simple analog scams.
“They can scale fraud to another level. The same mechanism that promotes and boosts online fraud for online/digital business boots. Mobuters are always constantly entering untapped and unregulated markets and following upcoming markets.”
Johann von Millbach
Now, Milbach says he's just waiting for “the first AI-driven scam that brings this new opportunity.”
