The notorious 'Cryptoqueen' fugitive, accused of orchestrating a multi-billion pound cryptocurrency scam, could still be alive according to a leading German police investigator. Ruja Ignatova, the charismatic co-founder of the OneCoin Ponzi scheme, disappeared in 2017 after cheating millions of investors out of an estimated £3.6 billion.
Conflicting Theories on Ignatova's Fate
While Bulgarian investigative reports in 2023 suggested Ignatova had been murdered in 2018, with her body allegedly dismembered and dumped in the Ionian Sea, German authorities now question this narrative. An anonymous officer leading the investigation told the BBC's The Missing Cryptoqueen podcast that police are operating under the assumption she remains alive.
'Neither Bulgarian police nor any other police force has been able to provide any evidence to prove this without doubt,' the German investigator stated. 'So far, these are assumptions from my point of view... There's no certain proof that she is alive, but there's also no certain proof that she's dead.'
Global Sightings and Elusive Pursuit
Ignatova was last seen boarding a flight from Sofia to Athens in October 2017 and hasn't been publicly spotted since. However, numerous alleged sightings have been reported worldwide, including in London, the Virgin Islands, Thailand, Athens, Dubai, and various Mediterranean locations.
The German investigator acknowledged the fugitive's significant advantages, noting: 'Given her unlimited money, she can easily disappear and jump from location to location.' Despite this, the officer expressed confidence: 'We'll get her, I'm convinced that we will find her. The question is always when.'
Murder Allegations and Criminal Connections
Leaked police documents previously implicated Bulgarian drug kingpin Hristoforos Amanatidis, known as 'Taki', in organising Ignatova's alleged murder to conceal his involvement with OneCoin. Amanatidis has never been arrested for these allegations.
Adding to the mystery, Krasmir 'Kuro' Kamenov, the Bulgarian man with mafia ties who leaked the police documents suggesting Ignatova's murder, was himself killed in Cape Town in 2023. No arrests have been made in connection with his murder, which occurred not far from where Ignatova was reportedly spotted.
Recent Developments and South Africa Connection
German public broadcaster ARD reported in 2024 that Ignatova had been spotted 'alive' in Cape Town, a location known as a hideout for criminals on the run. When questioned about this South African sighting, the German investigator described it as a 'good tip' but cautioned that 'no essential facts have been added that would reveal the exact whereabouts of Dr Ruja Ignatova.'
The investigator elaborated: 'There are indications that there were contacts with South Africa in the past, but where she might be is something else again.'
The OneCoin Ponzi Scheme Explained
OneCoin, based in Bulgaria, operated as a classic Ponzi scheme disguised as a cryptocurrency opportunity. Unlike legitimate cryptocurrencies like Bitcoin that use decentralised blockchain technology, OneCoin reportedly used a central database with false claims about increasing value.
'Crypto Ponzi schemes rely on hype,' explained Adam Smith, a consultant at The Crypto Advisor. 'In the case of OneCoin, it was sold as a better, safer alternative to Bitcoin, but it was not a real cryptocurrency.'
Devastating Impact on Victims
Smith emphasised the profound consequences for victims, noting that such scams 'devastate' people financially and psychologically. He shared a particularly distressing case: 'We recently had a case where an older gentleman in his 70s had lost more than £250,000 to a crypto scam, which amounted to his entire pension savings.'
The FBI continues to seek Ignatova for multiple charges including conspiracy to commit wire fraud, money laundering, and securities fraud. The agency states she 'allegedly instructed victims to transmit investment funds to OneCoin accounts in order to purchase OneCoin packages, causing victims to send wire transfers representing these investments.'
With a $5 million reward offered by the FBI for information leading to her capture, and her placement on their Ten Most Wanted Fugitives list, the international manhunt for the Cryptoqueen continues amid conflicting theories about whether she remains at large or met a violent end.
