Key facts
- Ruja Ignatova, founder of the OneCoin cryptocurrency scheme, is a fugitive wanted by the FBI.
- Ignatova has been charged with wire fraud, securities fraud, and money laundering.
- Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, was convicted of fraud.
- Bankman-Fried was sentenced to 25 years in prison.
- Both cases underscore ongoing issues of crime and fraud in the cryptocurrency industry.
The cryptocurrency industry continues to grapple with its reputation for attracting criminal activity, as highlighted by two prominent cases: the disappearance of OneCoin founder Ruja Ignatova and the conviction of FTX CEO Sam Bankman-Fried.
Ruja Ignatova, known as the 'Cryptoqueen,' founded the OneCoin scheme, which has been described as one of the biggest scams in history. She disappeared on October 25, 2017, and is now among the FBI's Ten Most Wanted Fugitives, with a $5 million reward offered for information leading to her arrest. She faces charges of wire fraud, securities fraud, and money laundering. Reports suggest she may have been murdered in 2018.
Sam Bankman-Fried, the former CEO of the now-defunct FTX cryptocurrency exchange, was convicted of fraud, conspiracy, and money laundering. He was sentenced to 25 years in prison and ordered to forfeit $11 billion. Bankman-Fried was once considered a "poster boy" for crypto, but his downfall has been likened to that of Bernie Madoff.