The U.S. Department of State has announced a reward of up to $5 million for information leading to the arrest and/or conviction of Ruja Ignatova, a German national wanted for her role in a massive cryptocurrency fraud scheme.
What Happened: The $5 million reward, authorized under the Transnational Organized Crime Rewards Program, aims to support global law enforcement efforts in disrupting transnational crime and bringing fugitives to justice.
Ignatova, co-founder of OneCoin Ltd, is accused of orchestrating one of the largest global fraud schemes in history.
Starting around 2014 in Bulgaria, she allegedly defrauded investors worldwide of billions of dollars by promoting OneCoin as a legitimate digital currency investment opportunity.
By 2017, it is believed that OneCoin’s fraudulent activities had cost victims more than $4 billion.
Ignatova was indicted in the U.S. District Court for the Southern District of New York on Oct. 12, 2017, on charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.
Two weeks after the indictment, Ignatova fled from Sofia, Bulgaria, to Athens, Greece, evading arrest.
She has been a fugitive since then.
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In February 2018, a superseding indictment added charges of conspiracy to commit securities fraud and securities fraud.
The FBI added Ignatova to its Ten Most Wanted Fugitives List in 2022, underscoring the severity of her alleged crimes.
German authorities have also filed criminal charges against her for her involvement in the transnational fraud scheme.
What’s Next: As the digital assets landscape evolves, the importance of robust regulatory frameworks and international cooperation becomes ever more critical.
This topic will be explored in depth at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders and experts will discuss the future of cryptocurrency regulation and enforcement.
Read Next: German Authorities Sell $15M More In Seized Bitcoin
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