
Quoted from Al-Bayan by the author
Wael Zakir
Sunday, 24/8/2025 5:34 PM
The digital economy
Queen of digital currency.. how she deceived the world and seized 5 billion dollars before disappearing?
In the world of cryptocurrencies filled with promises and risks, Ruja Ignatova, a German of Bulgarian origin, emerged as the queen of digital currency, the woman who captivated the world with her vision for "OneCoin." Amid promises of immense wealth and fantastical returns, she seized billions of dollars before mysteriously disappearing, leaving behind a series of victims and unanswered questions.
In June 2016, Dr. Ruja Ignatova, then 36 years old, appeared on the Wembley Arena stage in London, before thousands of attendees to present her vision for "OneCoin." Dressed in a luxurious gown, with long diamond earrings and shiny red lipstick, she announced that "OneCoin" would surpass Bitcoin to become the world's number one cryptocurrency, enabling "everyone to pay anywhere."
Her allure and self-confidence ignited the audience's enthusiasm, who applauded and celebrated her statements about "OneCoin," which she described as the "Bitcoin killer." She stated, "In two years, no one will talk about Bitcoin." At that time, Bitcoin was experiencing massive leaps in value, from just a few cents to hundreds of dollars by mid-2016.
Amid the global fever for cryptocurrencies, "OneCoin" emerged as a promising opportunity, with people from Pakistan and Brazil to Hong Kong and Norway investing over 4 billion euros between August 2014 and March 2017.
According to leaked documents obtained by the BBC, Britain alone poured 30 million euros during the first half of 2016, including 2 million euros in just one week.
The illusion of the digital revolution
The allure of "OneCoin" came from the promise of financial liberation, through a decentralized currency free from banks and governments. Ruja, who was claimed to be an Oxford graduate with a PhD and had worked with McKinsey, sold a dream image. She bolstered her credibility by appearing at prominent conferences like one organized by "The Economist." Investors like Jane McAdam, the Scot who attended a digital seminar for "OneCoin," fell for the hype. After believing Ruja's promises and the possibility of quick profits, she invested 1,000 euros and then another 5,000 in the "Billionaire" package, convincing her relatives and friends to pump 250,000 euros.
But the fatal flaw was the absence of blockchain. Unlike Bitcoin, which is based on a secure decentralized ledger, "OneCoin" had no blockchain, according to the BBC.
In October 2016, tech expert Bjorn Piertke, who was offered the position of technical director, was shocked to discover the complete absence of blockchain. He declined the offer and revealed the truth to investors like McAdam: "OneCoin" was just a regular SQL database that could be manipulated, making its value illusory.
Global pyramid scheme
The success of "OneCoin" was not based on innovation but on pyramid marketing. Ruja employed skilled marketers like Dutchman Igor Alberts, who amassed a fortune of 100 million euros.
Albert was impressed by Ruja's vision, directing his network to support "OneCoin," earning 90,000 euros in just one month. Later, he and his wife Andrea Chimbala made over 2 million euros monthly, 60% of it in cash and the rest in "OneCoin" tokens.
This strategy, described by the FBI as "Wall Street's marriage to pyramid marketing," was in reality a pyramid scheme. Investors bought packages ranging from 140 to 118,000 euros in exchange for worthless tokens, while returns only came from recruiting new members, the clearest hallmark of pyramid schemes.
The disappearance of Dr. Ruja
As her wealth inflated, Ruja spent on luxury properties in Sofia and Sozopol, hosting parties on her yacht "Davina," where Bebe Rexha performed in 2017. But doubts began to grow as the promised exchange to convert tokens into real money was delayed.
And in October 2017, she was supposed to attend a massive investors' conference in Lisbon, but she never showed up. She did not respond to calls or messages, and her office in Sofia confirmed its ignorance of her whereabouts. According to FBI documents, she boarded a flight from Sofia to Athens on October 25, then vanished.
The fallout from the scandal
"OneCoin" continued its operations even after Ruja's disappearance, with her brother Konstantin taking over before being arrested at Los Angeles airport in 2019 on fraud charges. Ruja has been charged in absentia by the United States with financial fraud and money laundering.
Despite this, many investors clung to the hope of "OneCoin," driven by the fear of missing out and the feeling of belonging.
Tracking the money
Leaked documents indicate investments amounting to 5 billion dollars, but estimates could reach 15 billion. Tracking the money is difficult due to the use of shell companies and complex structures. Expert Oliver Bullough explains that criminals rely on jurisdictions like the UK to hide funds, making them nearly impossible to trace.
Regulatory loopholes
Authorities responded slowly. The UK's Financial Conduct Authority issued a warning in September 2016 but quickly withdrew it, allowing promoters to claim that the investment was legitimate. The London police closed a two-year investigation in August 2025 on the grounds that the officials were beyond its jurisdiction.
Victims and the search for justice
Jane McAdam, who lost her savings and her relatives' money, carries a sense of guilt and manages support groups for victims. In contrast, Albert and his wife live a lavish life, claiming that they also lost millions in "OneCoin."
As of August 2025, the "OneCoin" office in Sofia remained active, with promoters attracting new investors. Meanwhile, Dr. Ruja is still missing, the lost billions hang in the balance, and victims are awaiting justice.
