'Crypto Queen' Ruja Ignatova, OneCoin's $4 Billion Fraud Mastermind, Is Alive And In South Africa, German Police Suspects

The German State Criminal Police (LKA) has dismissed reports claiming OneCoin founder Ruja Ignatova was murdered, suggesting the notorious “Crypto Queen” – responsible for a $4 billion cryptocurrency fraud – may be alive and hiding in South Africa.

What Happened: Ignatova, who made the FBI’s Ten Most Wanted Fugitives List in 2022, has been on the run since October 2017 when she fled from Sofia to Athens following her U.S. indictment on charges of wire fraud, money laundering, and securities fraud.

The U.S. State Department maintains a $5 million reward for information leading to her arrest.

LKA Düsseldorf, leading the German investigation, has debunked documents suggesting Ignatova was murdered in 2018 and disposed of in the Ionian Sea.

“We assume or are working with the hypothesis that Ruja Ignatova is still alive,” stated LKA spokeswoman Sabine Dässel, as reported by Der Spiegel.

Also Read: Bitcoin ETFs Saw Record $1.38 Billion Inflows On Thursday

The Bulgarian-born German national allegedly orchestrated one of history’s largest fraud schemes through OneCoin Ltd., which she launched in 2014, marketing it as a “Bitcoin BTC/USD killer.”

By 2017, investors worldwide had lost over $4 billion through the fraudulent cryptocurrency investment scheme.

Investigators are now focusing on South Africa, particularly Cape Town’s wealthy districts, where security sources report possible sightings.

The area’s connection to OneCoin deepened after a 2023 incident involving the murder of a Bulgarian criminal who allegedly planned to testify to U.S. investigators.

While some assets have been recovered, including $10 million from London property sales, most investor funds remain unaccounted for.

What’s Next: The ongoing investigation into OneCoin’s collapse and its implications for cryptocurrency regulation will be a key topic at Benzinga’s Future of Digital Assets event on Nov. 19, where industry experts will discuss fraud prevention and investor protection in digital assets.

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