From crypto queen to global fugitive: Ruja Ignatova of OneCoin disappeared with billions, leaving a lingering mystery.
For eight years, the world has been captivated by the story of Ruja Ignatova, the so-called “Cryptoqueen,” who vanished with billions after advocating for OneCoin, a notorious Ponzi scheme that created a tangled legacy of deception, litigation, and an unresolved enigma.
Crypto.news spoke with those who have delved deeply into her story to gather insights about her potential whereabouts.
To provide some context: born in May 1980 in Bulgaria, Ruja Ignatova moved to Germany with her family at the tender age of ten, eventually settling in Schramberg, Baden-Württemberg. She excelled academically, achieving a doctorate in private international law from the University of Konstanz in 2005 and briefly teaching at the University of Oxford.
Prior to becoming infamous as the “Cryptoqueen,” Ignatova was a consultant for McKinsey & Company. However, her entrepreneurial path soon veered into dubious territory. In 2012, she and her father, Plamen Ignatov, were convicted of fraud in Germany concerning a company they purchased that later went bankrupt.
“The Next Bitcoin”
Many may not realize that OneCoin was not Ignatova’s first venture into cryptocurrency.
In 2013, she was involved in a multi-level marketing scheme known as BigCoin. Reports indicate that John Ng launched BigCoin from Hong Kong, promoting it with the standard MLM cryptocurrency slogan: “We’re going to be the next Bitcoin.”
At one point, Ruja Ignatova teamed up with Ronnie Skold, Sebastian Greenwood, Nigel Allen, and others. Ultimately, BigCoin collapsed, revealing itself to be just another Ponzi scheme without any blockchain backing. By 2014, Ignatova left BigCoin to co-found a new venture with Sebastian Greenwood—better known as OneCoin.
A Second Attempt
While Ruja Ignatova led OneCoin, Sebastian Greenwood was instrumental in its operations. Unlike her, Greenwood was captured in 2018 and sentenced to 20 years in prison.
The duo marketed OneCoin as a groundbreaking cryptocurrency poised to surpass Bitcoin. Through lavish events and persuasive marketing tactics, they drew in thousands—possibly millions—investing around $4 billion globally. However, similar to BigCoin, OneCoin also lacked any blockchain infrastructure, leading to its downfall three years after its launch.
On the Run?
As investigations ramped up, Ignatova vanished. In October 2017, she took a flight from Bulgaria to Greece and—disappeared without a trace. Over time, speculations about her fate have ranged from surgical changes to mafia hits. Some reports claimed she was killed on a yacht in the Ionian Sea by a figure associated with Bulgarian crime, with her remains allegedly mutilated and disposed of.
Whispers also suggest that Ignatova may be on the run, potentially hiding in locations such as South Africa, Dubai, or even Russia.
Johan von Mirbach, a German documentary filmmaker who directed the 2022 investigative documentary “The Cryptoqueen – The Great OneCoin Fraud,” is skeptical about the death theories surrounding Ignatova. In an interview with crypto.news, he expressed doubt regarding her demise, highlighting numerous “failed attempts to misguide investigators about her location.”
“I’ve spoken with security contacts from South Africa and Germany. Investigations are ongoing regarding her potential hideouts in South Africa. Yet, no one really knows where she is. She could be in South Africa, Dubai, or—as you mentioned—in Russia or elsewhere. I’m convinced she is still alive, given the plethora of misdirection surrounding her location.”
Johan von Mirbach
In June 2022, the FBI added Ignatova to its top ten most wanted fugitives, initially offering a $100,000 reward for information leading to her capture. By June 2024, that reward increased to $5 million. While Ignatova’s location remains uncertain, the legal actions against her continue to unfold.
A New Opportunity
For instance, in August 2024, London’s High Court imposed a global asset freeze in relation to Ignatova and her associates after reports emerged that OneCoin promoters had invested in luxury properties in the UAE, including a $2.7 million penthouse in Dubai.
By late 2024, investigators focused their efforts in Cape Town, South Africa, speculating that she could be living in an upscale neighborhood under an alias.
However, new reports from November 2024 indicated that Ignatova might actually be hiding in Russia. Journalist Yordan Tsalov, who specializes in Kremlin affairs and has collaborated with the investigative journalism organization Bellingcat, revealed that Ignatova has ties to individuals associated with the Russian government.
Tsalov noted that these connections were supported by Ignatova’s former security advisor, Frank Schneider, a former Swiss intelligence officer who had been hired by OneCoin and was later interviewed by Tsalov for a BBC series.
Commenting on the scale of the OneCoin scam, Mirbach characterizes the crypto sector as an “extraordinary space” not only for innovative enterprises but also for criminals eager to exploit unregulated markets for more significant profit than traditional frauds would permit.
“Criminals can amplify their schemes to unprecedented levels. The same conditions that benefit online businesses also facilitate online fraud. Mobsters will always delve into emerging, unregulated sectors to seek new opportunities.”
Johan von Mirbach
Currently, Mirbach mentions he is merely awaiting the arrival of the “first AI-driven fraud” to surface in this new environment.
