Ruja Ignatova: Missing Bulgarian 'Crypto Queen' added to most-wanted list by FBI

The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme.

After she disappeared in October 2017, the FBI put up a $100,000 reward for the42-year-old, who is also a German citizen.

US authorities filed a sealed indictment and warrant for her arrest as she was behind one of the most notorious scams in the frequently treacherous world of cryptocurrencies.

Aiming to replace Bitcoin as the world's leading virtual money, Ignatova launched OneCoin in 2014. According to the FBI, she and her co-conspirators pulled in at least $3.4 billion by tapping a global network to market the coin to friends and family in exchange for their own payouts.

While other cryptocurrencies have independent and secured blockchain-type technology, OneCoin did not have these as it was a classic Ponzi scheme.

Ignatova encouraged early investors to find others and then paid out by receipts from later investors.

FBI Special Agent Ronald Shimko said in a statement "OneCoin claimed to have a private blockchain."

"This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin," he said.

As international investigators began to close in on her group, Ignatova disappeared in 2017.

"Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities," the FBI said.

"She traveled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since."

Offering a 5,000 euro ($5,200) reward for information on her whereabouts, Europol announced it had added Ignatova to its most-wanted list in May this year.

(With inputs from agencies)

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