#OnChainInsigth Ruja Ignatova – The “Cryptoqueen” and OneCoin Scam

Ruja Ignatova, known as the "Cryptoqueen," is the founder of OneCoin, a cryptocurrency scam that promised massive returns but turned out to be one of the largest frauds in the cryptocurrency world.

The Rise of OneCoin

In 2014, Ignatova launched OneCoin, promoting it as a digital currency to rival Bitcoin. She convinced investors to buy educational packages, which promised high returns by mining OneCoin. However, OneCoin had no real blockchain, and its value was artificially inflated in a pyramid scheme.

The Scam Unravels

As suspicion grew, it became clear that OneCoin was a Ponzi scheme. Investors realized they couldn’t exchange their OneCoins for other currencies, and the company faced legal investigations. By 2017, Ignatova disappeared after boarding a flight from Bulgaria to Greece and was never seen again.

Ignatova’s Disappearance

After her disappearance in 2017, Ignatova was placed on the FBI’s most-wanted list. She is suspected to have altered her appearance and is believed to be hiding in a country with weak extradition laws. Despite her disappearance, OneCoin continued for a time, and Ignatova’s brother, Konstantin Ignatov, was arrested in 2019 for his role in the scam.

The Aftermath

OneCoin raised an estimated $4.4 billion, becoming one of the largest financial frauds in history. The scam highlighted the dangers of unregulated cryptocurrency investments and led to increased calls for regulation within the industry.

The Legacy of OneCoin

OneCoin’s collapse became a cautionary tale about cryptocurrency fraud. The case has prompted greater scrutiny of crypto projects and underscored the need for regulation in the digital currency space. Ignatova remains at large, and authorities continue to search for her to bring justice.