One story from the crypto world that’s worth remembering is the Ruja Ignatova case. I know many have heard of OneCoin, but few fully understand the scale of this madness.

It all started in 2014 when Bulgarian-German woman Ruja Ignatova decided to create her own crypto project. On paper, it looked impressive — she held a doctorate in international law and supposedly worked at McKinsey. She was born in Ruse, Bulgaria, then moved to Germany as a child. It sounded like a successful career, but in reality, she chose a different path.

OneCoin was positioned as a serious competitor to Bitcoin. Ruja Ignatova promised investors astronomical profits, claiming the currency was secured by blockchain technology. But that was a complete lie. The scheme attracted people from over 100 countries and ultimately raised about $4 billion. Some experts estimate losses as high as £12.9 billion. The numbers are simply shocking.

In 2016, Ruja Ignatova made a bold statement: in two years, no one would be talking about Bitcoin. It was audacious, of course, but it showed how confident she was in her plan. However, everything changed in October 2017 — she disappeared. She was last seen at Athens Airport after a flight from Sofia. After that — no traces.

The FBI listed her among the top 10 most wanted in 2022, offering $5 million for information about her whereabouts. Europol is also searching, but their reward of £4,100 seems almost laughable by comparison. It’s believed she uses fake passports, possibly even underwent plastic surgery. There are versions that she’s hiding in Russia or Greece, and that she has influential connections in Bulgaria that helped her evade justice.

The most interesting part is that OneCoin didn’t disappear along with her. The project continues to operate in some African and Latin American countries, attracting new victims. Her brother later admitted to crimes and was convicted, but Ruja Ignatova herself remains a mystery.

This story became so well-known that it inspired the BBC to create a podcast called "The Missing Crypto Queen." Ruja Ignatova’s case is a vivid example of how academic intelligence can be combined with criminal audacity. For me, it’s a reminder of why we need to be cautious with unregistered financial projects, especially in the crypto space. The story highlights real risks.