Saudi Press

Saudi Arabia and the world
Friday, Apr 26, 2024

0:00
0:00

FBI adds missing Cryptoqueen to top ten most wanted

Ruja Ignatova, also known as the "missing Cryptoqueen", has been placed on the FBI's top 10 most wanted list.
The Bulgarian woman, believed to be in her 40s, is wanted for her alleged role in running a cryptocurrency scam known as OneCoin.

Federal investigators accuse the fugitive of using the scheme to defraud victims out of more than $4bn (£3.2bn).

She has been missing since 2017 when US officials signed an arrest warrant and investigators began closing in on her.

In 2014, OneCoin, a self-described cryptocurrency, began offering buyers commission if they sold the currency on to more people.

But FBI agents say OneCoin was worthless and was never safeguarded by the blockchain technology used by other cryptocurrencies.

According to allegations made by federal prosecutors, it was essentially a Ponzi scheme disguised as a cryptocurrency.

"She timed her scheme perfectly, capitalizing on the frenzied speculation of the early days of cryptocurrency," said Damian Williams, Manhattan's top federal prosecutor.

The FBI adds fugitives to its most wanted list when it believes the general public may be able to assist in tracking them down.

A bureau notice published on Thursday offered a $100,000 reward for any information leading to the arrest of Ms Ignatova, who was charged in 2019 with eight counts including wire fraud and securities fraud.

She is the only woman on the FBI's 10 most wanted list.

Jamie Bartlett, whose BBC podcast investigation brought global attention to Ms Ignatova's story and the financial impact OneCoin had on her alleged victims, said the FBI's announcement on Thursday increased the chances of her being caught.

"This is probably the biggest development in the case since Dr Ruja disappeared in October 2017," he said.

Bartlett, who has been investigating the case for years, said one of the reasons it had been so difficult to track down Ruja Ignatova is that she disappeared with at least $500m (£411m), helping her to hide from the law.

"We also believe she has high quality fake identity documents and has changed her appearance," he added, as well as raising the possibility that she may no longer even be alive.

Ms Ignatova was last seen boarding a flight from Bulgaria to Greece in 2017 and has been missing ever since.

OneCoin victim Jen McAdam told the BBC back in 2019 that she and her friends and family had thrown a quarter of a million euros away.

Ms McAdam said it all started from a friend's message about an unmissable investment opportunity. Sitting at her computer, the Glaswegian clicked on a link and joined a OneCoin webinar.

Over the next hour or so she listened carefully to people talking enthusiastically about this exciting new cryptocurrency - how it could transform her fortunes.

All of them were "very up-tempo, full of beans, full of passion", Ms McAdam said. "You are so lucky that you're seeing this webinar right now. You're in at such an early stage and it's just going to go like Bitcoin. It's going to go bigger."

Ms McAdam said it took her months to realise it was all a scam.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×