Crypto
Explained: Who is ‘cryptoqueen’ Ruja Ignatova, now among FBI’s ten most wanted?
Dr Ruja Ignatova, the self-styled ‘cryptoqueen’, who allegedly led one of many world’s greatest cryptocurrency scams, is now on the Federal Bureau of Investigation’s 10 Most Needed Fugitives listing, the probe company introduced on Thursday (June 30).
Investigators have accused the 42-year-old girl, who was born in Bulgaria, of defrauding victims of greater than $4 billion (€3.83 billion) by means of the OneCoin cryptocurrency firm that she based in 2014
The FBI is providing a $100,000 reward for any data resulting in the arrest of Ignatova, who has been lacking since 2017, when US officers first issued a warrant for her arrest.
She is simply the eleventh girl to be included within the FBI’s Ten Most Needed Fugitive Record in its 72 yr historical past, as reported by Forbes.
‘Previous rip-off with a digital twist’
Earlier than main one of the crucial infamous cryptocurrency scams, Ruja Ignatova had an illustrious resume, with a legislation diploma from Oxford and a stint with McKinsey.
In 2014, she established OneCoin Ltd, and the ‘cryptoqueen’ started to market her forex as a “bitcoin killer.” In accordance with investigators, Ignatova made false representations to obtain big quantities of funds from traders, a lot of whom didn’t totally perceive the best way to spend money on cryptocurrency. The corporate operated around the globe, and had greater than 3 million traders from over 100 international locations. Data that had been obtained in the course of the investigation reveal that between the fourth quarter of 2014 and third quarter of 2016 alone, OneCoin generated a whopping €3.353 billion in gross sales income and earned “earnings” of €2.232 billion.
“She timed her scheme completely, capitalizing on the frenzied hypothesis of the early days of cryptocurrency,” mentioned Damian Williams, the highest federal prosecutor from Manhattan.
Ignatova promised traders large returns at minimal danger and, in line with prosecutors, supplied patrons a fee, in the event that they bought OneCoin to extra folks, in order to lure much more folks into shopping for her fraudulent forex.
IRS Particular Agent in Cost, John R. Tafur referred to as it “an previous rip-off with a digital twist” — which was made for the only objective of defrauding traders.
The “exit technique” for OneCoin was to “take the cash and run and blame another person,” Ignatova mentioned to her co-founder in an electronic mail unearthed in the course of the investigation.
Investigators allege that it was primarily a Ponzi scheme from the very begin, which was falsely portrayed as a cryptocurrency. Ponzi schemes are a type of fraud the place one occasion guarantees excessive returns on funding with little to no danger. Early traders are repaid by buying new ones. As soon as there will not be sufficient folks to safe new rounds of funding, the scheme collapses and traders lose their cash.
How the rip-off labored
The misrepresentations Ignatova and different OneCoin representatives are mentioned to have conned victims of the fraud by means of a sequence of false and deceptive statements.
They’d promised that OneCoin cryptocurrency was ‘mined’ by means of mining servers and its worth was based mostly on market provide and demand, with the worth supposedly rising from €0.50 to round €29.95 per coin, as of January 2019. In actuality, OneCoin was not mined in any respect, and its worth was fully decided internally by Ignatova and her co-conspirators.
OneCoin additionally claimed to have a blockchain (a digital ledger that identifies the forex and data its historic transactions) that’s utilized by different crypto currencies. Because it was not secured by any such expertise, the OneCoin tokens had been principally nugatory, as they may not be actively traded, couldn’t be used to purchase something and traders had no means of tracing their cash.
“OneCoin claimed to have a personal blockchain,” mentioned FBI Particular Agent Ronald Shimko in a press release reported by AFP.
“That is in distinction to different digital currencies, which have a decentralized and public blockchain. On this case, traders had been simply requested to belief OneCoin,” he mentioned.
Ignatov additionally repeatedly instructed OneCoin members that an “preliminary public providing” of the corporate would happen on varied dates between 2018 and 2019, to create pleasure and obtain much more funding from the victims. Nevertheless, the FBI stories that this providing was persistently postponed and it by no means befell.
The escape
The ‘cryptoqueen’ disappeared into skinny air in 2017, when investigating our bodies from internationally started to seek for her.
Ignatova had bugged her boyfriend’s house after rising suspicious of him. When she came upon that he was cooperating with an FBI probe into OneCoin, she instantly boarded a flight from Bulgaria to Greece and has not been seen since.
She speaks English, German and Bulgarian and is likely to be utilizing a pretend passport. She has brown eyes and darkish hair, nevertheless investigators declare that she might need modified her look, in line with the New York Put up.
Ignatova has since been charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit cash laundering, securities fraud and conspiracy to commit securities fraud, by the US authorities.
In accordance with The Washington Put up, the primary 4 counts every carry a sentence of as much as 20 years in jail, whereas the final is punishable by as much as 5 years in jail.
After 2017, her brother Konstantin Ignatov took over the corporate. Nevertheless, he was arrested in Los Angeles by the FBI in 2019 for wire fraud. After pleading responsible to a sequence of felonies, he entered right into a plea deal to cooperate with US authorities, in line with The Washington Put up.
Together with him, US company lawyer Mark Scott was additionally convicted in 2019 for laundering $400 million for OneCoin.
A total of $2.2bn (£1.76bn) in cryptocurrencies has been stolen this year, with North Korean hackers accounting for more than half that figure, according to a new study.
Research firm Chainalysis says hackers affiliated with the reclusive state stole $1.3bn of digital currencies – more than double last year’s haul.
Some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology firms, the report says.
It comes as the price of bitcoin has more than doubled this year as incoming US president Donald Trump is expected to be more crypto-friendly than his predecessor, Joe Biden.
Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21% from last year but it was still below the levels recorded in 2021 and 2022, the report said.
“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape.”
It said the majority of crypto stolen this year was due to compromised private keys – which are used to control access to users’ assets on crypto platforms.
“Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating”, the study added.
Some of the most significant incidents this year included the theft of the equivalent of $300m in bitcoin from Japanese cryptocurrency exchange, DMM Bitcoin, and the loss of nearly $235m from WazirX, an India-based crypto exchange.
The US government has said the North Korean regime resorts to cryptocurrency theft and other forms of cybercrime to circumvent international sanctions and raise money.
Last week, a federal court in St Louis indicted 14 North Koreans for allegedly being part of a long-running conspiracy aimed at extorting funds from US companies and funnelling money to Pyongyang’s weapons programmes.
The US State Department also announced that it would offer a reward of up to $5m for anyone who could provide more information about the alleged scheme.
Cryptocurrency wallets are no longer a niche tool for tech enthusiasts, they’re quickly becoming a must-have for businesses looking to adapt and grow.
These digital wallets allow companies to store, manage, and accept cryptocurrencies securely, offering a host of advantages for businesses worldwide.
With the rise of blockchain technology, tools like a crypto wallet for your business are helping organizations unlock new opportunities for speed, security, and global expansion.
In this article, we’ll break down how cryptocurrency wallets can transform businesses, highlighting their features, benefits, and real-world applications.
Key Features of Cryptocurrency Wallets for Businesses
Security:
Cryptocurrency wallets use advanced blockchain technology to protect against fraud, hacking, and data breaches.
Each transaction is recorded on an immutable ledger, ensuring transparency and minimizing the risk of manipulation.
For businesses, this translates to a higher level of trust and reduced exposure to fraud.
Efficiency:
Speed is everything in today’s business world.
With crypto wallets, transactions are processed much faster compared to traditional banking methods.
No waiting days for wire transfers, payments are completed in minutes, whether it’s across town or across the globe.
Global Access:
Unlike traditional payment methods, cryptocurrency wallets aren’t restricted by borders or currency conversions.
Businesses can seamlessly operate in international markets, offering customers an easy and affordable way to pay without dealing with exchange rates or high transaction fees.
Opportunities Provided by Crypto Wallets
The growing popularity of cryptocurrency isn’t just hype, it’s backed by numbers.
As of 2024, approximately 562 million people own some type of cryptocurrency, which represents about 6.8% of the global population, according to a recent survey by Triple A.
For businesses, these millions of crypto wallets unlock a wide range of opportunities:
Expanding Customer Base: Tech-savvy customers and international audiences are increasingly turning to cryptocurrencies for their purchases.
Businesses that accept crypto payments can attract a wider audience, including customers in regions with limited access to traditional banking systems.
Cost Savings: Traditional payment processors and credit card networks come with hefty transaction fees.
Cryptocurrency payments, on the other hand, have significantly lower fees, especially for international transactions.
Over time, these savings can make a real impact on a company’s bottom line.
Revenue Growth: By accepting cryptocurrencies, businesses can tap into a growing market segment and create new revenue streams.
Whether it’s Bitcoin, Ethereum, or stablecoins, crypto acceptance positions businesses as forward-thinking and innovative.
Financial Independence: Crypto wallets allow businesses to operate independently of banks and intermediaries.
Companies gain full control over their finances and can send or receive payments anytime, anywhere, without relying on third-party approval.
Use Cases for Businesses
Cryptocurrency wallets are already transforming industries, helping businesses reduce costs, improve efficiency, and attract new customers.
Here are a few specific examples:
- E-commerce and Online Services: Online retailers are increasingly adopting crypto wallets to reach global customers and reduce transaction fees. By accepting cryptocurrencies, e-commerce platforms eliminate middlemen and offer faster, cheaper payments.
- Gaming and Entertainment: The gaming industry has embraced cryptocurrency as a payment method for in-game purchases, subscriptions, and digital goods. Crypto wallets offer gamers a seamless way to pay while enabling businesses to attract a tech-savvy audience.
- Forex and Trading Platforms: Crypto wallets are a natural fit for forex and trading businesses, allowing them to accept and process digital assets quickly and securely. This improves liquidity and gives traders more flexibility with their investments.
Real-World Case Study:
In 2014, large ecommerce retail Overstock.com started accepting crypto payments and they then reported that 5.6% of all their sales for the following year were attributed to crypto.
By removing transaction barriers and offering a flexible payment option, they successfully expanded their global reach and boosted sales.
Conclusion
Cryptocurrency wallets are opening up new opportunities for businesses to grow, adapt, and thrive in a digital-first world.
From enhanced security and cost savings to faster transactions and global accessibility, the benefits are hard to ignore.
By adopting a reliable crypto wallet for your business, you’re not just staying ahead of the curve, you’re setting your company up for long-term success.
With crypto adoption on the rise, there’s never been a better time to explore the future of payments.
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DUBLIN, Ohio, Dec. 19, 2024 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha” or the “Company”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announced that its board of directors has approved an investment policy for the purchase of cryptocurrencies and to adopt Bitcoin, Ethereum and Solana (collectively, the “cryptocurrencies”) as reAlpha’s primary treasury reserve assets. The Company plans to allocate up to 25% of its cash in excess of its estimated 6-month period operating expenses, if any, towards cryptocurrency purchases, subject to market conditions and actual operating needs of the Company, reflecting the Company’s commitment to innovative capital management and diversification strategies.
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Cryptocurrencies are recognized as a decentralized store of value, and the decision to adopt cryptocurrencies as reAlpha’s primary treasury reserve assets is part of its strategy to diversify its treasury holdings, which is currently only comprised of cash.
“This board-approved initiative demonstrates our forward-looking approach to capital management,” said Giri Devanur, Chief Executive Officer of reAlpha. “By adopting this new investment policy and allocating a portion of our excess cash to cryptocurrencies after accounting for our operating needs and acquisition opportunities, we aim to diversify our treasury holdings and position reAlpha to adapt to changing market conditions and growing global acceptance of cryptocurrencies, while retaining the flexibility to execute our growth initiatives.”
The cryptocurrencies are expected to serve as reAlpha’s primary treasury reserve assets on an ongoing basis, subject to market conditions and the anticipated cash needs of reAlpha. reAlpha will monitor its future cryptocurrencies holdings closely to adjust its allocation strategy in response to market conditions or evolving regulatory frameworks, if needed.
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For more details regarding reAlpha’s cryptocurrency treasury strategy and investment policy, please refer to the Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission (the “SEC”) and supplemental disclosures included therein.
About reAlpha Tech Corp.
reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit www.reAlpha.com.
About the reAlpha Platform
reAlpha (previously called “Claire”), announced on April 24, 2024, is reAlpha’s generative AI-powered, commission-free, homebuying platform. The tagline: No fees. Just keys.™ – reflects reAlpha’s dedication to eliminating traditional barriers and making homebuying more accessible and transparent.
reAlpha’s introduction aligns with major shifts in the real estate sector after the National Association of Realtors agreed to settle certain lawsuits upon being found to have violated antitrust laws, resulting in inflated fees paid to buy-side agents. This development is expected to result in the end of the standard six percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. The reAlpha platform offers a cost-free alternative for homebuyers by utilizing an AI-driven workflow that assists them through the homebuying process.
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Homebuyers using the reAlpha platform’s conversational interface will be able to interact with Claire, reAlpha’s AI buyer’s agent, to guide them through every step of their homebuying journey, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable, and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations.
Currently, the reAlpha platform is under limited availability for homebuyers located in 20 counties in Florida, but reAlpha is actively seeking new MLS and brokerage licenses that will enable expansion into more U.S. states.
For more information, please visit www.reAlpha.com.
Forward-Looking Statements
The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about reAlpha’s adoption of its cryptocurrency treasury strategy and investment policy; the anticipated benefits of the cryptocurrency treasury strategy and investment policy; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks inherent with investing in cryptocurrencies, including related price volatility, cybersecurity threats, potential loss of investment, regulatory oversight and others; reAlpha’s ability to timely respond to any changes in its operating needs, market conditions or regulatory framework related to digital assets, including cryptocurrencies; risks relating to implementing a new treasury strategy and investment policy; reAlpha’s limited cash position and ability to have excess cash in order to advance its cryptocurrency treasury strategy and investment policy; reAlpha’s ability to accurately estimate its operating expenses for any subsequent 6-month period in order to advance its cryptocurrency treasury strategy and investment policy; reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for its acquired companies’ products and services; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to obtain the necessary regulatory and legal approvals to expand into additional U.S. states and maintain, or obtain, brokerage licenses in such states; reAlpha’s ability to generate additional sales or revenue from having access to, or obtaining, additional U.S. states brokerage licenses; the inability to maintain and strengthen reAlpha’s brand and reputation; reAlpha’s ability to expand its operations nationwide by the end of 2025; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets; the potential loss of key employees of its acquired companies, including, but not limited to, the broker providing services on behalf of US Realty, one of reAlpha’s subsidiaries; reAlpha’s inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Company Contact
Investor Relations
investorrelations@realpha.com
Media Contact
Alliance Advisors IR on behalf of reAlpha
fbhabrawala@allianceadvisors.com
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