The U.S. Department has increased its bounty on OneCoin Scam mastermind Ruja Ignatova, who has been hiding for many years.
The search for Ruja Ignatova of OneCoin has recently taken on a new dimension, as a $5 million bounty is now looming over her head.
$4 billion was lost by investors From OneCoin scam
The Department of State has proclaimed a reward of $5 million for any individual who can disclose the location or any other information that could result in the arrest of German national Ruja Ignatova. She continues to be sought in the United States for her involvement in one of history’s most significant global fraud operations. The fraud, packaged through the OneCoin platform, resulted in the loss of over $4 billion in investors’ funds.
In 2014, Ignatova, the self-proclaimed “Cryptoqueen,” was a member of the team that established OneCoin. From that time until approximately 2017, they defrauded numerous investors of billions of dollars. In OneCoin, a group of promoters was tasked with soliciting investments from investors in exchange for alleged tokens. Nevertheless, the initiative did not involve any cryptocurrencies, nor did it exist on any blockchain. Instead, Ignatova and her team automated the creation of new coins to manipulate the perceived value of OneCoin.
Specifically, Ignatova promoted OneCoin as a digital currency investment, making deceptive statements and representations to entice unsuspecting investors. Investors suffered losses exceeding $4 billion by 2017 when the unlawful scheme was identified. Since then, the authorities have endeavored to prosecute her and her colleagues. Numerous individuals have been apprehended and convicted thus far.
Arrests Involved in OneCoin Scam
Karl Sebastian Greenwood, a co-founder of OneCoin, was sentenced to 20 years in prison last year for his involvement in the fraud.
Greenwood had allocated a substantial portion of his earnings to acquiring properties in Spain, Dubai, and Thailand before his detention. Mark Scott, a former lawyer involved in the $4 billion fraud, was sentenced to 10 years in prison at the beginning of the year. Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York rendered the verdict.
Scott played a critical role in the concealment of millions for OneCoin by establishing fictitious investment funds to facilitate the transfer of illicit proceeds. Scott received over $50 million for his service, which he subsequently spent on high-end real estate, luxury vehicles, and a yacht. In the same vein, Irina Dilkinska, the former chief of Legal and Compliance at OneCoin, received a four-year prison sentence.
The bounty on Ignatova has been substantially increased from the $250,000 that the Federal Bureau of Investigation (FBI) had previously offered. Authorities are unaware of Ignatova’s whereabouts, as she remains on the FBI’s Most Wanted list.