Ruja Ignatova, the founder of OneCoin, has been proclaimed sought throughout Europe.
Ruja Ignatova, the originator of the OneCoin cryptocurrency, has been added to Europol’s list of most sought offenders. This is the latest move in the European Union’s coordinated attempts to apprehend the “crypto queen,” who is responsible for a multibillion-dollar swindle. Ignatova vanished from sight in 2017 after flying from Sofia to Athens, where she was last seen with two Russian males. She launched OneCoin in 2014, stating it would be the token that will replace Bitcoin.
All of those claims, however, proved to be bogus because the currency never made it to the blockchain. Instead, she spent the money on herself, and OneCoin was shown to be a Ponzi scheme. According to prosecutors, the fraud worked as a multilevel market network that rewarded participants for recruiting others. There are no specific numbers for how much money was lost as a result of the plan, although some sources put the sum around €88 million, with some speculating it might be considerably more. The Federal Criminal Police Office (BKA), one of the agencies that have filed a search order for her arrest, has indicated that “the harm inflicted internationally is likely to amount to several billion US dollars.” According to filings in the Southern District of New York, the harm might exceed $4 billion.
Konstantin Ignatov, her brother, has been detained. After his sister went missing, Ignatov became the project’s public face. In 2019, he was arrested in Los Angeles on wire fraud and cryptocurrency scam allegations. However, after pleading guilty to the charges, he is now assisting the FBI in their efforts to apprehend his sister. According to Ignatov, the crypto queen has already extracted over €500 million from investor funds. The search warrant said that she may have changed her appearance due to the substantial Ruja financial resources in her hands.
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