FBI Offers $100k Reward For Information on Cryptoqueen

Photo: REX/Shutterstock [via The Guardian]

The Facts

  • The FBI has added Dr. Ruja Ignatova, also known as the "Cryptoqueen," to its Ten Most-Wanted Fugitive list - the 11th woman placed on it in its 72-year history - and is offering up to $100k for information that leads to her capture.

  • The 42-year-old German citizen is wanted for allegedly defrauding investors of more than $4B by selling a fake Bulgarian-based cryptocurrency called OneCoin.

The Spin

Narrative A

Adding Ignatova to the FBI's Ten Most-Wanted list sets a good precedent for those who intend on pursuing crypto scams, and brings hope that this defrauder will finally be caught. Her arrest and conviction would send a powerful warning and bring awareness to crypto Ponzi scams.

Narrative B

Scams aren't a recent or uncommon phenomenon and today's digital world allows scammers to reach millions with ease. With cryptocurrencies' popularity on the rise, they're on the leading edge of new cybercrime opportunities, which are particularly painful as retrieving any stolen funds is near impossible.

Narrative C

It's not just the odd crypto scam that's the problem; the entire world of decentralized finance is: there are no standards for risk management or capital reserves, no transparency requirements, investors often have no idea how their money is being handled, and deposits are not insured. Luckily, all Ponzi schemes topple eventually, and it looks like crypto is now capsizing by its own weight.

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