The U.S. State Department on Wednesday announced a $5 million reward for information leading to the arrest or conviction of alleged cryptocurrency fraudster Ruja Ignatova. Photo by the FBI
June 26 (UPI) — The U.S. State Department is offering a $5 million reward for information that leads to the arrest or conviction of alleged cryptocurrency fraudster Ruja Ignatova.
The State Department announced the reward in an online news release and describes Ignatova, 42, as a participant in “one of the largest global fraud schemes in history.”
The so-called “cryptoqueen” is on the FBI’s Ten Most Wanted Fugitives list and is accused of participating in a global cryptocurrency fraud scheme.
Federal investigators say Ignatova co-founded OneCoinLtd. while living in Bulgaria in 2014.
Since then, Ignatova and her cohorts allegedly defrauded investors by making false statements about OneCoin’s value as a cryptocurrency.
Federal investigators say Ignatova and others defrauded investors of $4 billion by 2017.
The U.S. Court for the Southern District of New York on Oct. 12, 2017, indicted Ignatova and charged her with conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering.
Federal investigators says Ignatova left Sofia, Bulgaria, for Athens, Greece, to evade arrest two weeks after the federal indictment in New York.
She has been a fugitive since then.
The federal court in February 2018 issued a superseding indictment charging Ignatova with conspiracy to commit securities fraud and securities fraud, in addition to the other federal charges against her.
Prosecutors in Germany also have charged Ignatova with crimes related to the alleged fraud scheme.
The FBI added her to its most wanted list in 2022 and is offering a $100,000 reward for information leading to her arrest.
The SEC’s record-breaking enforcement year revealed unprecedented financial penalties and bold action against high-risk sectors, including crypto and private funds, marking a pivotal moment for market regulation. SEC Achieves Historic $8.2B in Remedies From 583 Enforcement Actions in 2024 The U.S. Securities and Exchange Commission (SEC) announced on Friday a record-breaking year for enforcement in […]
UBS Says Gold Is Better Hedge Than Bitcoin
UBS Global Wealth Management chief investment officer Themis Themistocleous discusses the bitcoin rally and what it could mean from a portfolio investment perspective. Bitcoin is “very volatile” and other hedges “like gold” could prove to be “much more effective” and have “lower volatility,” Themistocleous tells Bloomberg Television. “It’s not an asset that we can recommend to our private clients.”
Bloomberg
If it seems everyone is talking about bitcoin these days, you’re onto something.
The digital currency has been hitting record highs and neared $100,000 this past week, having doubled in value throughout 2024. Launched in 2009, bitcoin is the first cryptocurrency, meaning that it’s a digital currency and does not rely on banks to verify transactions.
Bitcoin’s surge – up about 130% this year – is one of the “Trump trades,” market moves that have kicked in since former President Donald Trump’s victory in the Nov. 5 election.
Trump has dabbled in cryptocurrency – releasing crypto-based digital trading cards – and Trump Media and Technology Group, which operates Truth Social, is reportedly close to acquiring crypto trading firm Bakkt. The Trump family launched its own crypto firm, World Liberty Financial, in September.
Investors have wagered Trump’s support for bitcoin and other digital assets will lead to fewer restrictions on the industry. During the presidential campaign, Trump said he would make America the “world capital for crypto and bitcoin.”
Trump has tapped Tesla CEO and SpaceX founder Elon Musk to co-lead, with Vivek Ramaswamy, the new Department of Government Efficiency, or D.O.G.E. It’s an acronym for cryptocurrency called Dogecoin, which Musk supported as it became a phenomenon in 2021.
Been hit with the bitcoin buzz, but don’t quite understand it? Here’s some bitcoin basics.
Bitcoin is a digital asset, launched in 2009 by a person or group known as Satoshi Nakamoto and designed to have a cap of 21 million bitcoin tokens. Bitcoin is created as crypto miners use their computing work to validate bitcoin transactions on its decentralized blockchain network, essentially a digital ledger meant to prevent fraud. As the crypto miners work, they earn bitcoin.
So far, about 19 million tokens have been released. In April, bitcoin underwent a “halving,” which kicks in about every four years to reduce the rate at which new bitcoins are created and released into circulation. As the bitcoin cap of 21 million tokens nears, demand likely increases, according to Investopedia.
Currently, a bitcoin is worth about $98,000. But the ownership of fractional shares of bitcoin is common, notes NerdWallet.
It’s Trump’s interest in bitcoin alone that’s led to bitcoin’s climb. Earlier this year, the U.S. Securities and Exchange Commission voted to allow the sale of bitcoin-based exchange-traded funds, or ETFs, to the public.
That action allowed more investors to get into bitcoin in a similar manner to how they invest in stocks, bypassing crypto exchanges.
Like the dollar, bitcoin can be used as currency, but it’s virtual and isn’t controlled by banks or governments. While an entire bitcoin is priced at nearly $100,000, you can own partial shares of each coin. The smallest share of each bitcoin is called a Satoshi – after the cryptocurrency’s creator – equal to a hundred millionth of one bitcoin, according to NerdWallet.
You can buy bitcoin on a crypto exchange such as Binance.US, online stockbrokers including Fidelity and E-Trade, and trading apps like Robinhood.
If you buy bitcoin on a crypto exchange, you will create a “crypto wallet” to hold your bitcoin. If you invest in those bitcoin ETFs the SEC approved earlier this year, online brokers will hold your bitcoin in your brokerage account as any other investment.
Pretty much anything. For instance, you can get a bitcoin debit card, which you load with a certain amount of your cryptocurrency holdings. That can be used as you would any debit card.
Beyond that, many companies now accept cryptocurrency for purchases including AT&T, Microsoft, Rolex, Time Inc., and Tesla, notes Investopedia.
You can buy “art,” too. That banana duct-taped to a wall, which sold last week for $6.2 million? The buyer paid in crypto.
Back in 2018, investment guru Warren Buffett predicted that cryptocurrencies such as bitcoin, will likely “come to a bad ending.” His stance hasn’t really changed, reported Nasdaq.com.
But many point to the surge in bitcoin’s valuation as a sign the cryptocurrency has arrived. Anthony Scaramucci, founder of Skybridge and a former White House director of communications, has said Bitcoin could exceed $170,000 by mid-2025, and Ark Invest CEO Cathie Wood has predicted Bitcoin will hit $1.48 million by 2030, Fortune reported.
However, crypto exchanges can fail. The 2022 bankruptcy of the FTX cryptocurrency exchange resulted in customers losing $8 billion; founder Sam Bankman-Fried was sentenced to 25 years in prison in March.
Bitcoin values dipped after that, but have since risen to new heights – because, supporters say, as more people invest in bitcoin and other cryptocurrencies, the currencies become more stable.
Volatility can be seen as an advantage for those in search of future earnings – or as a disadvantage for those seeking somewhat stable investments.
“Remember that bitcoin and crypto are highly volatile, and may be more susceptible to market manipulation than securities,” notes Fidelity Investments in a primer for investors. “Crypto holders do not benefit from the same regulatory protections applicable to registered securities, and the future regulatory environment for crypto is currently uncertain.”
Maybe think about investing in bitcoin as you would joining the wave of online bettors. “If you decide to buy Bitcoin, it’s a good rule of thumb to invest only what you can afford to lose,” writes NerdWallet’s Kevin Voigt, “and take measures to protect your assets.”
Contributing: Daniel de Visé, Jessica Guynn, Max Hauptman, Jonathan Limehouse and Bailey Schulz of USA TODAY, and Reuters.
Follow Mike Snider on X and Threads: @mikesnider & mikegsnider.
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Dogecoin DOGE/USD experienced a 5% surge following a tweet by Elon Musk on X. This has sparked fresh speculations about the imminent payments service on Musk’s social app.
What Happened: Musk’s Friday post, which featured a screenshot of podcaster Joe Rogan’s X profile, triggered the increase in Dogecoin’s price.
The post displayed a unique dollar icon, different from the app’s tipping service, leading to speculations that it could be related to the anticipated X Payments service.
Musk responded to the speculation with a simple “true”, further fueling the rumors. Dogecoin’s price has historically been influenced by payment-related news from any of Musk’s ventures, including X, formerly known as Twitter.
There are speculations that once the service is live, it might support transactions with digital assets like DOGE, given Musk’s known fondness for the token.
Musk’s electric car company, already accepts DOGE payments for certain merchandise purchases in its online store.
Also Read: Dogecoin’s Active Users On The Rise, Will This Impact DOGE Price?
Over the past 24 hours, DOGE has advanced 6.16% and at the time of writing it was trading at $0.4332, outperforming the stagnant Bitcoin BTC/USD prices. The token has risen 190% over the past month, trading at its highest level since May 2021.
Why It Matters: The surge in Dogecoin’s price following Musk’s tweet is significant as it highlights the influence Musk has over the cryptocurrency market.
His tweet sparked speculations about the forthcoming X Payments service, which could potentially support transactions with digital assets like DOGE.
This is particularly noteworthy given Musk’s known fondness for the token and the fact that his electric car company, Tesla Inc., already accepts DOGE payments for certain merchandise purchases.
The rise in DOGE’s price also outperformed the stagnant bitcoin prices, indicating a growing interest in alternative cryptocurrencies.
Read Next
Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And It’s Not Dogecoin Or Shiba Inu
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