PressAdda
Ruja Ignatova, the so-called “Cryptoqueen” behind the massive OneCoin cryptocurrency pyramid scheme, is still on the run after defrauding investors of more than $4 billion.
The FBI has recently heightened its efforts, offering a reward of up to $5 million for information leading to her capture. Ignatova, a Bulgarian-born German national, vanished in 2017 after a U.S. federal warrant was issued for her arrest. This updated article explores the latest developments in the case and offers insights into why Nepal, among other countries, is a high-risk area for such scams.
The OneCoin Scheme and Ignatova’s Disappearance
Ignatova and her partner launched OneCoin in 2014, aggressively marketing it as a new virtual currency through a multi-level marketing structure. Investors were enticed with promises of high returns for recruiting new members. However, OneCoin was a sham, lacking a genuine blockchain and having a value determined internally by the company. After a warrant was issued, Ignatova flew from Sofia, Bulgaria, to Athens, Greece, in October 2017 and has not been seen publicly since. The FBI suspects she may have undergone plastic surgery to alter her appearance.
Investigation and Connections to Organized Crime
In June 2024, a BBC investigation uncovered Ignatova’s potential links to the Bulgarian underworld and a suspected organized crime boss. The investigation alleged that a major drug trafficker was in charge of her security and may have been involved in her disappearance, with some speculating that he had her killed. However, the FBI has not officially confirmed these reports, and Ignatova remains on their “Ten Most Wanted Fugitives” list. Authorities believe she may be using a fraudulent passport and could have connections in countries like Greece, Russia, and the United Arab Emirates.
The Global Threat of Crypto Scams and Relevance to Nepal
Ignatova’s case serves as a stark reminder of the dangers of unregulated cryptocurrency schemes. While her scheme was operational, it attracted investors from around the world. In Nepal, the threat of such online financial fraud is particularly relevant. The Nepal Rastra Bank has explicitly banned all virtual currencies, including cryptocurrency, network marketing, and HyperFund, due to the high risk of fraud and the illegal outflow of domestic capital. Despite this, Nepalis have reportedly lost significant amounts to online scams.
- High-Risk Environment: The global nature of crypto scams, often facilitated by online platforms, makes them a borderless threat. Developing countries like Nepal can be particularly vulnerable due to a combination of limited financial literacy and the allure of get-rich-quick schemes.
- Legal Action in Nepal: In August 2025, authorities in Kathmandu arrested an individual for illegal cryptocurrency trading, highlighting ongoing law enforcement efforts to curb such activities. This shows that while scams persist, legal consequences are being enforced.
- Investor Protection: The European Union’s Markets in Crypto-Assets Regulation (MiCA) came into effect in 2023 to protect consumers and ensure market integrity. This offers a glimpse into how regulatory frameworks can help protect investors, a measure that could benefit countries like Nepal in the future.
७० करोडको इनाम : ‘क्रिप्टोक्वीन’ रुजा कहाँ हराइन् ? करोडौँ ठगेकी महिला अझै फरार
Stay Vigilant Against Financial Fraud
The disappearance of the “Cryptoqueen” is a cautionary tale for anyone interested in high-risk investments. The promise of extravagant returns with minimal risk is a classic hallmark of a pyramid or Ponzi scheme. As the FBI’s $5 million reward demonstrates, authorities are determined to bring perpetrators like Ignatova to justice. In regions like Nepal, where such activities are illegal, it is crucial for individuals to be aware of the risks and avoid illegal crypto schemes.
