Ruja Ignatova strode onto the stage in a flowing burgundy ball robe adorned with black sparkles. Beams of sunshine flashed, fireballs erupted and Alicia Keys’ “Lady on Hearth” blared by the audio system.

“Appears to be like like a lady, however she’s a flame. So vibrant, she will burn your eyes – higher look the opposite approach,” the song crooned as a beaming Ignatova thanked the cheering crowd at London’s Wembley Area.

That was in June 2016, when cryptocurrency was an rising buzzword and buyers had been scrambling to money in. Ignatova referred to as herself the “Cryptoqueen” and touted her firm, OneCoin, as a profitable rival to Bitcoin within the rising cryptocurrency market.

“In two years, no one will talk about Bitcoin anymore,” she stated, as buyers applauded and whistled.

Sixteen months later, Ignatova boarded a airplane in Sofia, Bulgaria, and vanished. She hasn’t been seen since.

Authorities say OneCoin was a pyramid scheme that defrauded individuals out of greater than $4 billion as Ignatova satisfied buyers within the US and across the globe to throw fistfuls of money at her firm. Federal prosecutors describe OneCoin as one of many largest worldwide fraud schemes ever perpetrated.

Ruja Ignatova is one of the FBI's 10 most-wanted fugitives -- the only woman currently on that list.

She is now one of many FBI’s 10 most-wanted fugitives, alongside accused gang leaders and murderers, and is the one lady at present on that record. Of the 529 fugitives on the FBI’s record because it launched in 1950, she’s one in all simply 11 girls.

Ignatova and her companions “conned unsuspecting victims out of billions of {dollars}, claiming that OneCoin could be the ‘Bitcoin killer,’” US Legal professional Damian Williams, New York’s high prosecutor, stated in an announcement final month.

“In truth, OneCoins had been solely nugatory … (Their) lies had been designed with one objective, to get on a regular basis individuals everywhere in the world to half with their hard-earned cash.”

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Since Ignatova disappeared in October 2017, her face has been plastered on the FBI web site and throughout main information shops worldwide. She’s additionally some of the wished fugitives in Europe.

On the backside of her FBI wished poster is a word: “Ignatova is believed to journey with armed guards and/or associates. Ignatova might have had cosmetic surgery or in any other case altered her look.”

The FBI says it picks fugitives for the record based mostly on the size of their prison information and the way harmful they could be. It additionally favors fugitives who aren’t well-known to maximise the advantage of this system’s nationwide publicity.

The bureau declined to supply further particulars to CNN past court docket paperwork from the US Division of Justice, which didn’t record an legal professional for Ignatova. “This case is an ongoing investigation. We’re unable to remark past what has already been launched publicly,” stated Daniel Crifo, a spokesperson for the FBI workplace in New York.

However court docket paperwork element a mind-blowing narrative: how Ignatova and her OneCoin co-founder, Karl Sebastian Greenwood, had been allegedly conscious from the beginning that their formidable enterprise was a Ponzi scheme.

“The cryptocurrency OneCoin was established for the only real function of defrauding buyers,” IRS Particular Agent John R. Tafur stated in an announcement.

Ignatova called herself the

Whereas Greenwood and Ignatova had been engaged on the idea for OneCoin, they referred to it in emails as a “trashy coin,” federal officers stated in court docket paperwork. The paperwork present Greenwood described their buyers as “idiots” and “loopy” in an e-mail to Ignatova’s brother, Konstantin Ignatov, who additionally took half within the rip-off and assumed OneCoin management after his sister vanished, in line with prosecutors.

“It may not be (one thing) actually clear or that I usually work on and even could be happy with (besides with you in personal once we make the cash),” Ignatova wrote to Greenwood in 2014.

She additionally proposed an exit technique ought to the corporate fail, saying in a 2014 e-mail to Greenwood that they need to “take the cash and run and blame someone else for this.”

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Ruja Ignatova, 42, is a German citizen however was born in Bulgaria, the place her father was an engineer and her mom was a instructor.

In his ebook, “The Lacking Crypto Queen,” creator Jamie Bartlett detailed her rise from modest beginnings to entrepreneurial stardom.

When she was a lady, her household moved to Germany, the place Ignatova excelled as a scholar and spent her free time learning and taking part in chess, Bartlett wrote. Classmates described her as sensible, pushed and aloof.

Ignatova gained a scholarship to a college in Konstanz, Germany, the place she met and married a fellow regulation scholar. She maintained she didn’t need kids, Bartlett wrote, as a result of they’d get in the way in which of her buying wealth.

She additionally advised individuals she wished to be a millionaire by age 30.

“She desperately wished to be wealthy, even devouring books within the early hours about easy methods to become profitable,” Bartlett wrote.

After learning European regulation at Oxford College, Ignatova landed a job in Sofia as a marketing consultant for McKinsey & Firm, the worldwide administration consulting agency.

Purchasers trusted her and associated to her rise from humble beginnings and fierce need to be wealthy, Bartlett wrote. Her fluency in languages, together with Russian, German, English and Bulgarian, additionally helped.

Appearances mattered to Ignatova, who usually attended occasions in night robes and vibrant pink lipstick, with diamonds dangling from her ears.

“Every thing exhibited success and glamor,” Bartlett wrote. “She was obsessive about fashion and picture.”

Konstantin Ignatov pleaded guilty to fraud and related charges in connection to his sister's company. He's scheduled to be sentenced in February.

Cryptocurrencies similar to bitcoin are digital property created and managed by a world, decentralized community of computer systems as an alternative of a financial institution or authorities. Bitcoin, for instance, is “mined,” or created, by skilled crypto miners utilizing armies of servers in knowledge facilities.

It’s a largely unregulated and extremely unstable trade, and knowledgeable opinions on the viability of crypto run the gamut. Advocates broadly envision a future during which economies run on digital currencies validated by the neighborhood of customers fairly by a central financial institution. Critics dismiss it as a Ponzi scheme or, at minimal, a extremely dangerous funding.

In 2014, Ignatova and Greenwood, her co-founder, began pitching OneCoin to buyers in Europe, New York and all over the world. They hosted on-line webinars and conferences the place they urged potential buyers to deposit funds in an account that will allow the acquisition of OneCoin packages, in line with a federal indictment.

OneCoin operated as a multilevel advertising and marketing community during which buyers acquired commissions for recruiting others to purchase cryptocurrency packages, federal prosecutors stated. The packages catered to varied earnings ranges, from “starter” to “tycoon dealer.”

Ignatova and her companions promised consumers a fivefold and even tenfold return on their funding, in line with court docket paperwork.

OneCoin co-founder Karl Sebastian Greenwood, seen in 2016. He later pleaded guilty to wire fraud, conspiracy to commit wire fraud and conspiracy to launder money.

A shopping for frenzy ensued. Between the fourth quarter of 2014 and the fourth quarter of 2016 alone, buyers gave OneCoin greater than $4 billion, federal prosecutors stated, citing information obtained in the midst of their investigation. Some $50 million got here from buyers within the US, in line with court docket paperwork.

“She timed her scheme completely, capitalizing on the frenzied hypothesis of the early days of cryptocurrency,” stated Williams, the highest federal prosecutor in Manhattan.

OneCoins weren’t mined like different cryptocurrencies, federal investigators stated. As an alternative of armies of highly effective servers, OneCoin was generated by a bit of software program, court docket paperwork stated.

Federal prosecutors stated that in an e-mail to Greenwood in August 2014, Ignatova wrote, “We’re not mining really however telling individuals sh*t.”

OneCoin’s worth was not based mostly on market provide and demand like different cryptocurrency, prosecutors stated, however merely manipulated privately by OneCoin itself.

This illustration photo shows a smart phone screen displaying the logo of FTX, the crypto exchange platform, with a screen showing the FTX website in the background in Arlington, Virginia on February 10, 2022. - Sam Bankman-Fried donned a suit and tie this week, abandoning his preferred hoodie and dark T-shirt for a hearing before US Senators.  The lawmakers had summoned the 29-year-old multi-billionaire on Wednesday to discuss the regulation of digital assets in his capacity as co-founder and CEO of the cryptocurrency exchange platform FTX (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)

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The facade began cracking in 2016 when buyers had a tough time promoting their OneCoins to recoup their authentic investments, court docket paperwork say.

Phrase started to unfold on-line that the enterprise was a rip-off. Media shops began asking questions. Worldwide and US federal investigators acquired concerned.

It’s not clear what occurred to Ignatova’s marriage. However the FBI stated she realized OneCoin was being investigated after she bugged an house belonging to her American boyfriend and came upon he was cooperating with a federal probe into her firm’s practices.

In October 2017, the US Division of Justice charged Ignatova with one rely every of wire fraud, conspiracy to commit wire fraud, securities fraud, and conspiracy to commit cash laundering, every of which carries a most sentence of 20 years in jail. She additionally was charged with one rely of conspiracy to commit securities fraud, which carries a most five-year sentence. A federal choose in New York issued a warrant for her arrest.

Lower than two weeks later, on October 25, 2017, she boarded a business flight from Sofia, Bulgaria, to Athens, Greece, court docket paperwork stated.

Then she disappeared, leaving her enterprise companions to take the autumn for the failing firm.

The FBI stated it believes she might have traveled on a German passport from Athens, probably to the United Arab Emirates, Germany, Russia, Jap Europe and even again to Bulgaria. It’s providing a $100,000 reward for data resulting in her arrest.

“She left with an amazing amount of money,” Michael Driscoll, the FBI’s assistant director-in-charge in New York, advised reporters. “Cash should purchase quite a lot of mates, and I’d think about she’s benefiting from that.”

Her companions weren’t so fortunate. Greenwood was arrested in July 2018 at his residence in Koh Samui, Thailand, and extradited to the US. He pleaded responsible in December to wire fraud, conspiracy to commit wire fraud and conspiracy to launder cash. He’s in jail and faces 20 years in jail for every of the three counts when he’s sentenced in April.

Ignatova’s brother, Konstantin Ignatov, was arrested in March 2019 at Los Angeles Worldwide Airport. He’d traveled to the US on enterprise and was making ready to board his return flight to Bulgaria when 5 massive males in fits handcuffed him and took him to an interrogation room, the place they peppered him with questions on his lacking sister, Bartlett wrote.

Ignatov pleaded responsible to wire fraud conspiracy, cash laundering and fraud costs, and is scheduled to be sentenced in February.

OneCoin has shut down and its web site is now not energetic.

However its founder, the lady within the lengthy robes and flashy jewellery, has eluded authorities. Greater than 5 years after the Cryptoqueen acquired off a airplane in Greece, her whereabouts stay a thriller.

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