Ruja Ignatova, a Bulgarian-German fraudster, gained notoriety for founding OneCoin, later exposed as one of history’s largest Ponzi schemes. Born on May 30, 1980, in Ruse, Bulgaria, she immigrated to Germany with her family at age ten. She earned a PhD in international law from the University of Konstanz and claimed to have worked at McKinsey before entering the world of financial crime.
In 2014, Ignatova launched OneCoin, presenting it as a strong competitor to Bitcoin. She attracted investors from over 100 countries, promising astronomical returns and falsely claiming the currency was backed by blockchain technology. The scheme amassed $4 billion from victims, with some estimates suggesting losses as high as £12.9 billion. Ignatova used provocative rhetoric, famously stating in 2016, “In two years, nobody will talk about Bitcoin.”
In October 2017, Ignatova vanished after a flight from Sofia to Athens, leaving behind a fraudulent company and a brother who later confessed to his crimes. Since then, the FBI added her to its Top 10 Most Wanted list in 2022, offering a $5 million reward for information leading to her capture. She is believed to use forged passports and may have undergone plastic surgery or been killed by the Bulgarian mafia. Europol also listed her as a wanted fugitive, though its reward of just £4,100 has been criticized as inadequate.
Finding her is challenging due to her powerful network, with suspicions that influential figures in Bulgaria leaked police investigations to her before her disappearance. The lack of physical evidence—her last confirmed sighting was at Athens airport—and no recent photos complicate matters. Her escape tactics suggest she may be hiding in countries like Russia or Greece, possibly with armed guards.
Despite the fraud’s exposure, OneCoin continues to be promoted in some African and Latin American countries, increasing the victim count. Ignatova’s story has inspired TV series and media investigations, such as the BBC’s podcast The Missing Crypto Queen.
Ruja Ignatova embodies transnational financial crime, blending academic intelligence with criminal audacity. While she remains an enigma, her case serves as a stark reminder of the risks of investing in unlicensed ventures.
