The Intriguing Tale of Cryptoqueen
The enigmatic figure of Ruja Ignatova, known as Cryptoqueen, met a grim end in late 2018, as disclosed by a BBC investigation citing a leaked police document. The revelations suggest her brutal demise orchestrated by a Bulgarian drug overlord, allegedly culminating in her dismemberment and disposal in the Ionian Sea, pending official verification.
Hailing from Bulgaria, Ignatova played a pivotal role in the notorious OneCoin scam, deceiving a multitude globally of an estimated $4.5 billion. Born into a Gypsy family in 1980, she later migrated to Germany, acquiring citizenship and portraying herself as a luminary in finance and law, embellishing her resume with claims of education from Oxford, a doctorate in private international law from the University of Konstanz, and a professional stint at McKinsey.
The Checkered Past of Cryptoqueen
Ignatova's tryst with criminality traces back to 2012 when she faced fraud allegations, resulting in a 14-month suspended sentence linked to her father's involvement in a defunct business under shady circumstances.
The subsequent year witnessed the budding Cryptoqueen venturing into the realm of multi-level marketing (MLM) with the ill-fated BigCoin scam spearheaded by John Ng from Hong Kong. Despite the debacle, this venture laid the groundwork for a grander scheme.
The subsequent undertaking, OneCoin, saw Ignatova assuming leadership. Founded in 2014, OneCoin Ltd., a Bulgarian entity, positioned its product as a rival to Bitcoin or, more provocatively, a "Bitcoin killer."
OneCoin: Unveiling the Vast Ponzi Scheme
OneCoin's operations revolved around peddling educational resources (courses on cryptocurrencies, trading, and investment) while incentivizing recruits through a multi-level marketing structure. The internal exchange, xcoinx, facilitated members in converting OneCoins into various currencies. However, the exchange's abrupt closure in January 2017 thwarted most withdrawal requests, triggering investigations globally, with some branding it as a pyramid scheme.
The project was riddled with suspicion from its inception, operated on an inadequate SQL server unsuitable for legitimate cryptocurrency operations, resembling a rudimentary spreadsheet and marketed through a makeshift website showcasing evidently fabricated transactions. Despite this, the scheme ensnared numerous enthusiasts, amassing over $4 billion and ranking among history's most significant Ponzi schemes.
By 2017, German and US authorities were closing in on Ignatova. Preferring to evade consequences, Cryptoqueen fled Sofia, Bulgaria, for Athens in October 2017, evading capture. Facing fraud charges in the US and added to the FBI's 10 Most Wanted Fugitives list, she was believed to be at large, but recent disclosures cast doubts on her whereabouts.
The Intriguing Connection: Cryptoqueen and the Drug Kingpin
In September 2019, BBC delved into the mysterious narrative of Ruja Ignatova through podcasts and related publications. Recent revelations by BBC Eye Investigations and Panorama shed light on Ignatova's close association with Hristoforos Nikos Amanatidis, known as Taki – a notorious drug kingpin and mafia figure compared to El Chapo and Pablo Escobar within the Bulgarian underworld.
BBC engaged Richard Reinhardt, a retired IRS investigator, who disclosed in his 2023 interview Ignatova's ties to Taki, highlighting the drug lord's recurrent mention in the investigation.
In 2019, US government lawyers revealed Ignatova's links to a prominent criminal figure who provided her with security services. Allegedly, he orchestrated her disappearance in 2017, with reports asserting generous payments from Ignatova for protection.
The Alleged Demise of Cryptoqueen
Recent developments hint at a darker turn in Ignatova's tale, suggesting a longstanding rupture in the arrangement. Revelations from investigative journalist Dimitar Stoyanov, stumbled upon in 2022 at a slain officer's residence, recount an informant overhearing Taki's brother confessing during an intoxicated conversation that Taki's associates murdered Cryptoqueen in late 2018, dismembering and disposing of her remains at sea.
Stoyanov cautiously acknowledged the plausibility of this account, attributing the motive behind the murder to neutralize Ignatova's threat and sever any ties to the OneCoin scandal.
Supporting the theory of Ignatova's demise at the hands of Taki's associates are property records and eyewitness testimonies suggesting collusion between individuals linked to the drug lord and several of Ignatova's properties.
Richard Reinhardt leans towards Ignatova's demise, with the absence of her remains shielding the Bulgarian kingpin from any implications surrounding her disappearance, rumored to be residing in Dubai.
