The founder of OneCoin, nicknamed the “Cryptoqueen,” is Ruja Ignatova, who is behind what The Times calls one of the largest fraudulent cryptocurrency scams ever, taking $4 billion from investors. With her PhD in law and experience consulting for McKinsey, Ignatova used her position to present OneCoin as the next big thing after Bitcoin—until she disappeared in 2017 when authorities were on her trail. Because of her being on the run and her assets frozen, it’s still unclear what Weil has really accumulated. Suzanne charted onto the FBI’s list of the Ten Most Wanted in 2022 and now stands to earn a $5 million reward thanks, in part, to the BBC podcast The Missing Cryptoqueen. This article studies her part in the OneCoin fraud, the money empire involved, why she disappeared, and the confusion about her whereabouts.
Investigators have linked the OneCoin scheme to a global fraud.
In 2014, Ignatova introduced OneCoin using OneCoin Ltd. in Bulgaria and OneLife Network Ltd. in Belize, which she established with Sebastian Greenwood. The company marketed OneCoin as a competing cryptocurrency and said that buying the educational packages, which ranged from €100 to €225,500, would give users returns and tokens mined for OneCoin. Because OneCoin had no blockchain, was run on a central server, and did not involve mining, it was considered a Ponzi and pyramid scheme. Thanks to Ignatova’s leadership and visits abroad, including the 2016 Wembley Arena event where she said OneCoin would replace Bitcoin, her organization attracted over 3 million investors in countries worldwide, producing €4.037 billion in income from 2014 to 2016.
Scammers chose to target both wealthy people and local villages in Uganda, where farmer Daniel had all his money stolen. By 2019, Ignatova had gone from setting the OneCoin price at €0.50 to €29.95, all on her own authority with no real reason behind it. An email among staff members revealed that Eury and Greenwood didn’t think much of investors, calling them “idiots” and describing the coin as “trashy.” In 2017, investigations carried out in Germany, India, and the U.S. made the fraud public. A Ryanair flight out of Sofia to Athens on October 25, 2017, carried Ignatova away after she found out about a U.S. warrant, leaving investors with worthless assets and huge losses of $4 billion.
Finding out a person’s net worth is important, although sometimes assets are hidden.
When OneCoin was most successful, Ignatova’s wealth was believed to be about $4 billion to $16 billion, with half a billion dollars in her Dubai accounts and a $50 million Bitcoin transaction that now amounts to $13 billion. She put a lot of her money into big property purchases such as a Dubai penthouse and properties in London held through businesses in Guernsey. Some of the money Sepp was given overseas was found to be linked to Criminal Amanatidis, who claims to have been her bodyguard. In response to the claim involving nearly 500 investors, UK courts recently froze all of Samhyrmst’s assets globally and those belonging to Greenwood, Kari Wahlroos, and Muhammad Zafar.
Because she is on the run and her assets are blocked, her wealth at present is unknown. But because Bitcoin can be traced, analysts say only a fraction of the total may be easily accessed by Mother Russia. Information shows that she laundered money through Dubai properties, and the Dubai Unlocked investigation of ICIJ revealed that millions of dollars in property transactions involved her and associates from OneCoin. Even if alive, she can still access some secret crypto and cash assets, though legal actions have likely lowered her wealth a lot.
One of the Theories: Disappearance and Murder
People around the world became interested when Ignatova vanished in 2017. Following her flight, she failed to show up at Athens Airport, and authorities believe Gilbert Armenta tipped her off. The FBI holds the view that she is living in Cape Town, South Africa, according to a 2024 documentary by German filmmaker Johan von Mirbach. According to Duncan Arthur, a person close to OneCoin, Ignatova continued to contact her brother Konstantin in 2017.
According to 2023 BIRD sources, Ignatova was murdered by Taki on a yacht in the Ionian Sea the same year, to cover up OneCoin’s links to Taki. At the time, the alleged hitman Hristo Hristov was in a Dutch jail, which called the story into question. According to BBC reports, Ignatova was mentioned with Taki, as he worked as her security officer and had connections with her property deals. Although there have been reports of murder, FBI Special Agent Paul Roberts said last year that no evidence points to her death, and people continue to see her on X, according to accounts from Twitter users such as @Crypto__Goku.
Changes to the Crypto Industry
Many people lost faith in cryptocurrencies after the OneCoin scandal showed how risky unregulated markets can be. Jen McAdam, who suffered a loss of €250,000, and some people in Uganda who lost their homes shared their experiences. Due to its large impact, countries around the world took actio,n and China made back $267.5 million and brought charges against 98 people. Greenwood was sentenced to 20 years in 2023, Armenta got five year,s and Konstantin Ignatov was released without charge in 2025 for cooperating. Now that Ignatova is not present, Mishcon de Reya, who represent the victims, hopes the 2024 asset freeze will begin the process of recovery.
The podcast and book revealed that brave leaders can use cryptocurrency hype to steal people’s money. Similar to BitConnect and other frauds, OneCoin does mysteriously well in many countries, mainly because Ignatova has kept a low profile for so long. Many people are intrigued and doubtful about cryptocurrencies, as is shown in posts from X. As a recent example, @cirque_games pointed out that OneCoin lacked a blockchain in 2025.
Problems and Disputes
Ignatova caused controversy by using her Oxford education to create complex financial scams that tricked millions. Many feared underworld threats because Tina’s ties to Taki meant spending €100,000 monthly for aid, and Bjorn Bjercke reported receiving threatening messages for his role. Charges that the system was set up as a “perfect scam” followed her manipulation of OneCoin’s prices and her use of stolen learning materials. The fact that her case remains open because her official fate has not been cleared and the unfounded speculation about her plastic surgery means X users like @WhaleFUD are not convinced that she can be caught.
Life After the Curve
There is still no known answer—Ignatova could be in Cape Town or dead—due to the $5 million reward from the FBI prompting searches all over the world. Even today, OneCoin continues to impact crypto rules, calling for greater openness and investor protection. Authorities take actions against her assets and people linked to Ignatova, highlighting the risks involved in markets not watched by officials, who have left her as a mastermind as well as a wanted woman.
FAQS
1. What happened in the OneCoin scam?
Ruja Ignatova founded OneCoin in 2014, selling it as a cryptocurrency with no blockchain. It was actually a Ponzi and pyramid scheme that made at least $4 billion.
2. How much does Ruja Ignatova have in 2025?
Her assets were frozen at $4B to $16B, but her status as a fugitive means her net worth is unknown, though she could own $13B in Bitcoin.
3. Is Ruja Ignatova still in her hiding place?
In 2017, she disappeared from view after flying to Athens. Critics believe she passed away in the Western Cape, yet others say she still lives in Cape Town.
4. For what reason is Ignatova considered one of the FBI’s Most Wanted?
Authorities are seeking her for wire fraud, money laundering and securities fraud connected to OneCoin and she could earn a $5 million reward if apprehended.
5. What does the story say about the top people involved in OneCoin?
Sebastian Greenwood was sentenced to 20 years, Gilbert Armenta received five years, Konstantin Ignatov was released in 2025 and Ignatova has yet to be caught.
