UK High Court Issues a Worldwide Freezing Order Against ‘Cryptoqueen’ Ruja Ignatova
The FBI is still searching for “Cryptoqueen” Ruja Ignatova, while accomplices in the $4 billion OneCoin ponzi scheme have already received sentences.
- She married Björn Strehl, a German lawyer, with whom she had a daughter in 2016. German prosecutors have also charged Strehl with money laundering.
- Ignatova has a PhD in Private International Law from the University of Constance in Germany.
- The Worldwide Freezing Order resulted from 400 victims coming together to petition the court.
Ruja Ignatova, the “Cryptoqueen” behind the $4 billion OneCoin Ponzi scheme, faces up to 90 years in prison and is currently on the run. The UK High Court has issued a Worldwide Freezing Order on her assets, preventing the stolen funds from being used globally, according to the BBC.
Ignatova remains on the FBI’s Top 10 Most Wanted List, with a reward of up to $250,000 for information leading to her arrest. Additionally, the U.S. State Department has announced a $5 million reward for information that results in her capture.
Her partner, Karl Sebastian Greenwood, a dual UK and Swedish citizen, has already been sentenced to 20 years in prison.
Charges Against Ignatova and Greenwood
On February 6, 2018, an Indictment was issued to charge Ignatova with the following:
- Conspiracy to Commit Wire Fraud
- Wire Fraud
- Conspiracy to Commit Money Laundering
- Conspiracy to Commit Securities Fraud
- Securities Fraud
OneCoin co-founder Karl Greenwood earned 5% of monthly OneCoin sales, totaling over $200 million from Q4 2014 to Q4 2016, per the IRS. He has also been ordered to forfeit approximately $300 million.
Greenwood’s tracked expenses include $10,000 at a five-star resort in Brazil and $21,000 at a luxury villa in Koh Samui, Thailand, in December 2015. He also traveled to Barcelona in May 2016.
Greenwood owned a watch worth an estimated $2 million and paid over $600,000 as a downpayment on a Sunseeker yacht. He also purchased properties in Thailand, Spain, and Dubai. In July 2018, he was arrested in Koh Samui, Thailand, and extradited to the U.S.
How the OneCoin Ponzi Scheme Worked
The Ponzi scheme leveraged Bitcoin’s popularity to lure investors into OneCoin, which was ultimately deemed “worthless.” OneCoin’s creators arbitrarily set its value, rising from €0.50 to €29.95 by January 2019 without ever reflecting real market forces or decreasing in value.
Ignatova and associates also made false claims about the tokens’ utility, including securing non-existent “mining pools.” Greenwood even wrote to Ignatova about selling the “mining” concept to members, admitting they weren’t actually mining but merely deceiving them.
OneCoin falsely claimed to have a “private blockchain,” which did not exist. The order notes that over 3.5 million victims invested in OneCoin, losing more than $4 billion.
Last Known Whereabouts of the ‘Cryptoqueen’
The “Cryptoqueen” remains missing, with rumors suggesting she was killed in February 2023, and her alleged killer is in a Dutch prison. However, these claims are unconfirmed, and the FBI continues to search for Ignatova, according to their most recent press release.
The only evidence supporting this claim is photocopies resembling case documents from Bulgaria.
Her brother, Konstantin Ignatov, pleaded guilty to money laundering and fraud in 2019. Although he initially faced a 90-year sentence, he was released after three years due to his cooperation. He testified against OneCoin lawyer Mark Scott, who was convicted of bank fraud and money laundering and received a lighter sentence than the 17 years prosecutors initially sought.
Ignatova was last seen in Athens, Greece, in 2017 and has since managed to evade authorities.
