The hunt for one of the world’s most elusive criminals, Ruja Ignatova, better known as the “Crypto Queen,” has intensified. A global fugitive wanted for her role in a multi-billion-dollar cryptocurrency scam, Ignatova is believed to be hiding in Cape Town, South Africa, after reportedly undergoing plastic surgery to alter her appearance.
Ignatova’s journey from a promising law graduate to one of the most notorious criminals in the world began in 2013. The Bulgarian-born former businesswoman co-founded OneCoin, a digital currency she promised would outshine Bitcoin. What began as an enticing offer to investors quickly unraveled into one of the most significant Ponzi schemes in history.
Despite initial warnings from authorities, investors poured billions of dollars into OneCoin, which the FBI later revealed was little more than a pyramid scheme. By 2017, over $4 billion had been invested, and Ignatova was facing criminal charges in multiple countries. However, she disappeared after stepping down as CEO, leaving behind a trail of devastated investors.
The mystery surrounding Ignatova deepened when rumors of her death in a yacht incident off the coast of Greece circulated in 2018. German authorities, however, have dismissed these claims and believe Ignatova is alive, living in Cape Town. Local police are investigating her possible connection to the 2023 murders of Bulgarian nationals Krasimir Kamenov and his wife Gergana, believed to have been involved in the OneCoin scandal.
Reports suggest Ignatova, who had a history of working with prominent figures in the financial world, may have sought refuge in the luxury suburb of Constantia. Her brother, Konstantin Ignatov, who was arrested in 2019 in connection with the fraud, was reportedly living in South Africa at the time, further fueling speculation about her whereabouts.
A major breakthrough in the case came from Duncan Arthur, a former compliance officer at Standard Bank, who has provided authorities with key information about his involvement with the Ignatov family. According to Arthur, Konstantin frequently communicated with Ruja, even as late as 2019, well after the alleged murder plot.
Ignatova’s story is a tale of ambition and manipulation. As a young girl, she was already known for her brilliance, earning top marks in school and later studying law at Oxford University. Her career took a significant turn when she shifted her focus to cryptocurrency, eventually launching OneCoin with her then-boyfriend Sebastian Greenwood.
Despite her criminal activities, Ignatova’s influence on the global stage is undeniable. She managed to convince 3.5 million investors worldwide to place their trust—and their money—in OneCoin, leaving many still reeling from their financial losses. British investor Jennifer McAdam, who lost £9,000 of her own money and convinced family members to invest more than £200,000, has shared the emotional toll this scam has taken.
“I’ve seen firsthand the toll this fraud has taken on so many lives,” McAdam said. “The stories are utterly heartbreaking and the financial ruin they’ve been left in is unbearable.”
With a $5 million reward offered for information leading to her capture, the search for Ignatova continues. However, as her past ties to global financial institutions and organized crime suggest, bringing her to justice may prove more complicated than anyone could have anticipated.
As the net tightens around the Crypto Queen, authorities remain determined to uncover the truth behind the OneCoin scandal and bring Ignatova to face the consequences of her actions.
