- The United States Department of State has increased its bounty on OneCoin co-founder Ruja Ignatova who has been in hiding for several years.
- This new bounty highlights the ongoing efforts by authorities to apprehend the mastermind behind the $4 billion scam.
- Other individuals involved in the operation have received various prison sentences for their roles.
The U.S. Department of State has increased the bounty on OneCoin co-founder Ruja Ignatova to $5 million, signifying a renewed effort to apprehend the key figure behind the $4 billion cryptocurrency fraud.
The $5 Million Bounty: A Renewed Search for the Cryptoqueen
The U.S. Department of State has announced a substantial increase in the reward for information leading to the arrest of Ruja Ignatova, the co-founder of OneCoin. Known as the “Cryptoqueen,” Ignatova is wanted for orchestrating one of the most significant cryptocurrency frauds in history, which defrauded investors of over $4 billion through a Ponzi scheme disguised as a legitimate cryptocurrency project. The increase in the bounty to $5 million underscores the relentless efforts to bring her to justice.
The OneCoin Scam: A $4 Billion Deception
OneCoin, launched in 2014, was marketed as a revolutionary digital currency investment. However, it turned out to be a sophisticated scam. Ignatova, along with her team, enticed investors by making false representations about the project. Unlike legitimate cryptocurrencies that operate on blockchain technology, OneCoin had no real digital currency or blockchain. Instead, the value of OneCoin was artificially inflated by the automatic generation of new coins, deceiving investors into believing they were participating in a lucrative opportunity. By the time authorities uncovered the scam in 2017, over $4 billion had been lost.
Legal Actions and Arrests of OneCoin Associates
In recent years, several key figures associated with the OneCoin scam have faced legal consequences. For instance, Karl Sebastian Greenwood, a co-founder of OneCoin, was sentenced to 20 years in prison last year. Greenwood had profited significantly from the scam, using his ill-gotten gains to acquire properties in Spain, Dubai, and Thailand.
Additional Convictions in the OneCoin Case
Mark Scott, a former attorney involved in laundering the fraudulent funds, was sentenced to 10 years in prison. Scott facilitated the movement of millions of dollars through fabricated investment funds, personally benefiting by more than $50 million, which he spent on luxury vehicles, a yacht, and high-end real estate. Another notable conviction was that of Irina Dilkinska, OneCoin’s ex-head of Legal and Compliance, who received a four-year prison term.
Conclusion
The increased bounty on Ruja Ignatova, now standing at $5 million, emphasizes the ongoing commitment of U.S. authorities to capture all individuals involved in the OneCoin fraud. This development serves as a stern warning to those involved in financial crimes, underscoring the persistence of law enforcement agencies in bringing perpetrators to justice. The OneCoin saga continues to be a pivotal case in the fight against cryptocurrency fraud, reminding investors to exercise caution and perform due diligence.
