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Cryptocurrency News Articles
Europol Offers $5,000 Bounty for OneCoin Fraud Kingpin Ruja Ignatova's Capture
May 10, 2024 at 06:06 am
Europol, European authorities, offers a €5,000 reward for information leading to the capture of Ruja Ignatova, the mastermind behind the OneCoin Ponzi scheme. Ignatova, who has been missing since 2017, is believed to have defrauded investors of over €5 billion.
Europol Offers €5,000 Reward for Capture of OneCoin Scammer Ruja Ignatova
In a significant development in the ongoing investigation into the OneCoin Ponzi scheme, the European Union's law enforcement agency, Europol, has announced a €5,000 reward for information leading to the capture of Ruja Ignatova, the alleged mastermind behind the multi-billion dollar fraud.
As the adoption of cryptocurrencies gains momentum globally, so too has the prevalence of cryptocurrency-related scams and Ponzi schemes. OneCoin stands as a glaring example of this growing threat, having defrauded investors worldwide.
On May 11th, Europol placed Ignatova, the founder of OneCoin, on its most wanted list, offering a substantial monetary incentive to individuals who provide crucial information about her whereabouts. Europol seeks her arrest for crimes related to fraud that have severely impacted the financial interests of citizens within the European Union.
According to Europol's intelligence, Ignatova exploited the allure of cryptocurrency to perpetrate a massive Ponzi scheme, amassing over €5 billion from unsuspecting investors in over 170 countries. Launched in mid-2014, the OneCoin project was marketed as a "Bitcoin killer," enticing investors with promises of substantial returns.
However, as with many Ponzi schemes like Arbistar and Bitconnect, Ignatova's fraudulent enterprise crumbled when she sensed impending legal peril. In 2017, she vanished, leaving behind a trail of shattered hopes and billions of dollars in losses.
In December 2016, the Italian Antitrust Authority initiated legal action against One Network Services Ltd (OneCoin), describing its operations as an "illegal pyramid sales system." By 2017, authorities worldwide had frozen company accounts associated with the OneCoin scheme.
Europol has confirmed that Ignatova's whereabouts have remained unknown since October 25, 2017, shortly after she became aware of an ongoing investigation by the United States government. She reportedly left her brother, Konstantin Ignatov, in charge of the project, who was subsequently arrested in 2019.
Europol emphasizes the potential danger posed by Ignatova and her associates, cautioning individuals against direct confrontation and urging them to collaborate with authorities instead.
"The fraud-related losses incurred thus far are in the upper double-digit million range," Europol stated, citing estimates from CryptoPotato. "On a global scale, the losses may amount to several billion USD."
Europol's decision to offer a reward underscores the gravity of the OneCoin fraud and the determination of law enforcement agencies to bring Ignatova to justice. Her capture would serve as a significant blow to cryptocurrency scams and provide a measure of solace to the victims who lost their hard-earned money.
As the search for Ignatova continues, authorities worldwide remain vigilant in their efforts to combat cryptocurrency-related fraud and protect investors from financial exploitation. The Europol reward serves as a stark reminder of the importance of due diligence and the consequences that await those who engage in illicit activities.
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