🧢One Way or Another I'm Gonna Lose Ya... Give You the Slip🥿
Ruja Ignatova, the founder of OneCoin, has been given until December 16, 2025, to object to a forfeiture order being brought at Guernsey's Royal Court. The 45-year-old, who has been missing for eight years, is at the center of what authorities describe as one of the largest financial frauds in history.
What Was OneCoin?
OneCoin launched in 2014 as what was marketed as a revolutionary cryptocurrency that would rival Bitcoin. Ignatova, with her impressive credentials—a PhD in private international law and experience at McKinsey & Company—presented herself as a visionary entrepreneur. She spoke at lavish events to thousands of investors, promising exceptional returns.
The problem? OneCoin never had a functioning blockchain, the foundational technology that makes cryptocurrencies work. Unlike legitimate digital currencies where transactions are verified on a public ledger, OneCoin operated more like a classic pyramid scheme: new investor money paid returns to earlier participants, while the coin's value was essentially fabricated. According to the FBI, investors lost more than $4 billion.
Why Is This Legally Complicated?
The OneCoin scheme operated across dozens of countries, making prosecution complex. Different jurisdictions have varying laws about securities fraud, money laundering, and digital asset regulation. Ignatova holds Bulgarian-German citizenship and allegedly used shell companies in places like Guernsey and Dubai to move and hide funds.
The current court action involves German prosecutors in Bielefeld seeking to recover money from two London properties Ignatova owned through Guernsey companies. A penthouse in Kensington sold for £10 million, with approximately £8.8 million remaining after costs and fees. Under German law, these funds are intended to compensate victims.
Where Is She Now?
Ignatova boarded a flight from Sofia to Athens on October 25, 2017, days after a US arrest warrant was issued—and hasn't been publicly seen since. Theories about her whereabouts range from Russia to South Africa. The FBI has increased the reward for information leading to her arrest to $5 million.
Some reports suggest she may have been killed, with alleged ties to Bulgarian organized crime figures who handled her security. Others believe she remains alive, pointing to recent legal actions contesting asset freezes that would require her authorization.
The Fallout
Several of Ignatova's associates have faced justice. Her brother Konstantin pleaded guilty to fraud and money laundering in 2019 and was released in 2022 after cooperating with authorities. OneCoin co-founder Karl Greenwood received a 20-year sentence in 2023.
The Cryptoqueen case serves as a stark reminder about any investments: always verify that a project has genuine, verifiable technology before investing, and be skeptical of guaranteed returns.
