The United States has announced a reward of up to $5 million for information leading to the arrest of Ruja Ignatova, also known as the "CryptoQueen." 

This announcement was made on Wednesday by the US ambassador to Bulgaria, Kenneth Merten. Ignatova is wanted for her involvement in one of the largest global fraud schemes in history, which defrauded victims of more than $4 billion.

The new $5 million reward is a significant increase from the $250,000 previously offered by the FBI in 2022. The US government hopes this substantial reward will incentivize people to come forward with credible information about Ignatova's whereabouts. In 2022, Ignatova was also placed on the FBI’s 10 most wanted list.

The US State Department described Ignatova’s operation as one of the largest global fraud schemes in history. The scale and audacity of the OneCoin scheme have left a lasting impact on investors and the broader financial community.

The Rise and Fall of OneCoin

Ruja Ignatova, a Bulgarian-born fugitive, was the mastermind behind OneCoin, a cryptocurrency scheme that promised massive returns to investors. 

Between 2014 and 2017, Ignatova and her accomplices collected an estimated $4 billion from investors worldwide. However, OneCoin did not operate on any blockchain or decentralized network, making it a fraudulent project from the start.

Shortly after the US government disclosed her indictment in 2018, Ignatova boarded a flight to Athens and vanished. Despite extensive efforts by authorities, her whereabouts remain unknown. 

Speculations include that she might have undergone plastic surgery to change her appearance. Some reports even suggest she was killed by a local crime lord, but these remain unverified.

Legal Pursuits and Convictions

Ignatova faces multiple charges, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering and securities fraud. She has been charged in Bulgaria, Germany, India, and the US. In her absence, Bulgarian authorities convicted her for her role in the multi-billion dollar Ponzi scheme.

While Ignatova remains at large, other key figures in OneCoin have faced justice. Co-founder Karl Greenwood received a 20-year prison sentence for fraud. Additionally, two lawyers associated with OneCoin were sentenced to at least four years in prison.

Ambassador Merten emphasized the importance of public assistance in this ongoing investigation. He stated that the US would issue a statement later on how people can anonymously provide tips to aid in the search for Ignatova.