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Scamming billions, then disappearing: The case of the "CryptoQueen" | DW Documentary

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"CryptoQueen" is a true-crime story about greed and fraud. It centers on OneCoin -- a cryptocurrency invented by Ruja Ignatova. Instead of making investors filthy rich, Ignatova stole billions, then suddenly disappeared without a trace.

With her pseudo-cryptocurrency OneCoin, Ruja Ignatova defrauded over three million investors worldwide to the tune of several billion euros. The documentary explores her fraud scheme, while analyzing her success story: how did the charismatic German-Bulgarian fool so many? The film is a unique financial thriller from the era of the digital economy, in which Bulgarian mafiosi, Arab sheiks, ex-spies and dubious bankers all played a role.

The scam worked like a gigantic Ponzi scheme - fueled by a charismatic German-Bulgarian woman from the Black Forest. Ruja Ignatova cut an impressive figure: at large events, she always appeared in glittering dresses and red lipstick. As her followers cheered, she promised to fight the power of the banks, with the help of her cryptocurrency, OneCoin. Soon, she promised, OneCoin would be exchanged at very high rates. But that day never came.

With her worldwide network, the scam grew, undetected, for three years. Her fans’ belief in OneCoin was cultish. Some still believe, to this day. In fact, OneCoin still exists, in certain corners of the Internet. To this day, people who want to invest their money can - and lose.

The documentary reveals the mechanisms of the gigantic scam. It tells the story of Ruja Ignatova's brilliant rise -- and her fall. On October 25, 2017, she disappeared without a trace. The German authorities are looking for her, as is the FBI and Interpol. But so far, no one has found her. Or her money.

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