For eight years, the world has speculated about the fate of Ruja Ignatova, the so-called “Cryptoqueen” who vanished with billions after pitching OneCoin, a classic Ponzi scheme. Her disappearance left behind a trail of deception, lawsuits, and unanswered questions, fueling countless theories about her whereabouts.
“The Next Bitcoin”
OneCoin was not Ignatova’s first foray into cryptocurrency. In 2013, she was involved in BigCoin, a multi-level marketing scam that promised to be the next big thing in digital currency. BigCoin, launched in Hong Kong by John Ng, was marketed using the same grand promises as many other MLM crypto projects.
Reports indicate that Ignatova joined BigCoin alongside figures like Ronnie Skold, Sebastian Greenwood, and Nigel Allen. However, BigCoin ultimately collapsed, revealing itself as a typical Ponzi scheme that operated without a blockchain. By 2014, Ignatova had left BigCoin to co-found OneCoin with Sebastian Greenwood, a move that would soon turn her into one of the most infamous figures in crypto history.
Second Attempt: The Rise and Fall of OneCoin
With Sebastian Greenwood handling operations, Ruja Ignatova positioned herself as the visionary leader behind OneCoin, branding it as a revolutionary cryptocurrency that would surpass Bitcoin. Through elaborate marketing campaigns and high-profile events, the duo convinced millions to invest, raising an estimated $4 billion worldwide.
However, just like BigCoin, OneCoin operated without a blockchain, making it an outright scam. By 2017, as regulatory scrutiny intensified, OneCoin collapsed. Greenwood was arrested in 2018 and later sentenced to 20 years in prison, but Ignatova had already disappeared.
On the Run?
In October 2017, Ruja Ignatova boarded a flight from Bulgaria to Greece and vanished without a trace. Over the years, theories about her fate have ranged from surgical alterations to mafia assassinations. Some reports claim she was murdered on a yacht in the Ionian Sea, while others suggest she is hiding in South Africa, Dubai, or even Russia.
German documentary filmmaker Johan von Mirbach, who directed The Cryptoqueen – The Great OneCoin Fraud, dismisses the theories about her death. He believes Ignatova is alive, pointing to numerous failed attempts to mislead investigators about her location.
“I have talked to security sources from South Africa and Germany. There are investigations going on about where she could hide in South Africa. But nobody can tell where she really is. She could be in South Africa, in Dubai, or—as you claim—in Russia or elsewhere. I’m convinced though that she is still alive as there are so many failed efforts to lay false tracks about her whereabouts.” — Johan von Mirbach
In June 2022, the FBI added Ignatova to its ten most wanted fugitives list, initially offering a $100,000 reward for information leading to her arrest. By June 2024, that bounty had increased to $5 million, yet her whereabouts remain unknown.
New Leads and Legal Battles
While Ignatova herself remains missing, legal proceedings linked to her empire continue. In August 2024, London’s High Court issued a worldwide asset freeze on properties and investments tied to Ignatova and her associates. This came after revelations that OneCoin promoters had funneled illicit funds into luxury properties in the UAE, including a $2.7 million penthouse in Dubai.
By late 2024, investigators turned their focus to Cape Town, South Africa, suspecting that Ignatova might be living under a false identity in an elite enclave. However, new reports in November 2024 suggested a different story—she could be in Russia.
Journalist Yordan Tsalov, an expert in Kremlin affairs, claims that Ignatova has links to individuals within the Russian government. According to Tsalov, these connections were confirmed by Frank Schneider, a former Swiss intelligence officer who once worked as Ignatova’s security adviser.
The Bigger Picture
The scale of the OneCoin fraud highlights the vulnerabilities of the cryptocurrency industry. Johan von Mirbach warns that crypto’s potential for innovation is also its biggest weakness, making it a lucrative space for criminals.
“They can just scale their scam to another level. The same mechanism that promotes and boosts online/digital business boosts online fraud. Mobsters will also always go into new, unexplored, and unregulated markets.” — Johan von Mirbach
With rapid advancements in AI, Mirbach believes the next major fraud scheme could be AI-driven, allowing scammers to reach an even larger scale than before.
The Search Continues
Despite international efforts, Ruja Ignatova remains one of the world’s most elusive fugitives. With rumors of her hiding in multiple countries and her financial network still under investigation, the mystery of the “Cryptoqueen” is far from over. Whether she resurfaces or remains in the shadows, her story serves as a cautionary tale about the dark side of the digital finance revolution.
