The US Attorney from the Southern District of New York combined with the FBI and IRS have named Ruja Ignatova to the FBI Ten Most Wanted List. Dubbed the Cryptoqueen, Ignatova made the list for allegedly defrauding investors of over $4billion, since 2014, through her company, OneCoin Ltd.
“There’s a great deal of public pressure on the government of the United States over Bitcoin and cryptocurrencies right now. After Senators Lummis and Gillibrand released their proposed legislation for regulation, pundits were clear that it is unlikely that anything substantial would pass before the November elections due to extreme gridlock,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
According to the press release, “[a] federal grand jury indicted Ignatova, and the United States District Court, Southern District of New York, issued a warrant for her arrest in October 2017. In February 2018, a superseding indictment was issued charging Ignatova with one count each of Conspiracy to Commit Wire Fraud; Wire Fraud; Conspiracy to Commit Money Laundering; Conspiracy to Commit Securities Fraud; and Securities Fraud.”
“Now that the EU is forging ahead on a robust regulatory regime for crypto, the United States is under pressure to respond. That this news release is making the rounds at the same time that news outlets are heralding MiCA doesn’t seem to be a coincidence. Bureaucrats want to make sure that they’re seen as tough on market manipulation. Taking down the Cryptoqueen would be a good start,” offered Gardner.
“High profile arrests present a good image to the public, one that is proactive. And, they can deter crime, if the penalties are substantial. Unfortunately, if you think back to the BitMex founders, they were fined $10million. That’s little more than a slap on the risk. Now, they have another chance with Cryptoqueen,” Gardner noted.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multibillion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“Of course, as the saying goes, an ounce of prevention is worth a pound of cure. The best long-term solution is a well-thought out regulatory guidebook, which exchange operators and other industry players can utilise to make crypto safer. That’s what will make it harder for hackers and other fraudsters, like Ignatova, to create malfeasance in the future. It is time for government to come together with the industry, safeguard investors, and allow the digital assets space to truly thrive,” said Gardner.