Another Cryptocurrency Crook Ruja Ignatova Fleeces Suckers in $4 Billion Ponzi Scheme

You may have heard of OneCoin in the past.

Or maybe the name Ruja Ignatova rings a bell.  

Ignatova ran a $4 billion cryptocurrency Ponzi scheme which defrauded more than three million suckers out of their "investment."   

After more than five years, Ignatova remains a fugitive.  

The following information on Ignatova was taken from the FBI's website.

REWARD: The FBI is offering a reward of up to $250,000 for information leading to the arrest of Ruja Ignatova.

REMARKS: Ignatova is believed to travel with armed guards and/or associates. Ignatova may have had plastic surgery or otherwise altered her appearance.

CAUTION: Ruja Ignatova is wanted for her alleged participation in a large-scale fraud scheme. Beginning in approximately 2014, Ignatova and others are alleged to have defrauded billions of dollars from investors all over the world.

Ignatova was the founder of OneCoin Ltd., a Bulgaria-based company that marketed a purported cryptocurrency. In order to execute the scheme, Ignatova allegedly made false statements and representations to individuals in order to solicit investments in OneCoin.

She allegedly instructed victims to transmit investment funds to OneCoin accounts in order to purchase OneCoin packages, causing victims to send wire transfers representing these investments. Throughout the scheme, OneCoin is believed to have defrauded victims out of more than $4 billion.

Ignatova served as OneCoin's top leader through October 2017. On October 25, 2017, Ignatova traveled from Sofia, Bulgaria, to Athens, Greece, and may have traveled elsewhere after that. She may travel on a German passport to the United Arab Emirates, Bulgaria, Germany, Russia, Greece and/or Eastern Europe.

On October 12, 2017, Ignatova was charged in the United States District Court, Southern District of New York and a federal warrant was issued for her arrest.

On February 6, 2018, a superseding indictment was issued charging Ignatova with one count each of Conspiracy to Commit Wire Fraud; Wire Fraud; Conspiracy to Commit Money Laundering; Conspiracy to Commit Securities Fraud; and Securities Fraud.

The FBI dossier on Ignatova mysteriously fails to mention that she is a Bulgarian-Jew.

That means that she can hide out in Israel without much worry of being extradited to face justice. 

It's fair to assume that if Ruja isn't in Monaco, Russia, or countries in Latin America that provide (unofficial) safe haven to international criminals, she's probably hiding out in Israel. See here.  

Why are millions of people being defrauded by the criminal cryptocurrency industry?

First, it's because of greed.

Let's not forget that it's difficult to be conned if you aren't greedy. 

The second factor that comes into play is ignorance.

Why would anyone trust some stranger with their money as opposed to their nation's banking system?  

Perhaps the most significant contributor to the wave of cryptocurrency fraud comes from governments that have not yet declared all cryptocurrencies illegal, despite the fact that cryptocurrencies are involved in human sex trafficking, drug trafficking, human body parts trade, terrorism, money laundering, and other illicit activities.     

The solution is as clear as it is simple. Governments around the world should completely and immediately shut down all cryptocurrencies.  This is unlikely to happen because too many of their friends and business associates are making too much money from the mainstream suckers who are looking to become wealthy without working. 

See Also:

The Real Story Behind SEC's Lawsuit Against Binance, Coinbase, and other Cryptocurrencies

Sleazy VC and Crypto Financier Marc Andreessen and His AI Con Job.