There was a shocking scam in the cryptocurrency market. This self-proclaimed "Crypto Queen" Luya Ignatova used a fictitious "Vika Coin" to scam over 3.5 million investors and more than $4 billion across 175 countries worldwide. How crazy is this case? Keep reading to find out.

**How Simple the Core of the Scam Was**

Starting in 2014, she portrayed herself as a "financial elite with a PhD from Oxford," touring globally to promote Vika Coin as the "Bitcoin killer," claiming it would eventually dominate the global payment system. Sounds impressive, right? But the truth is: Vika Coin doesn't have a blockchain at all. The digital balances you see in your account are just lines of code manually entered by website staff.

It isn't listed on any legitimate exchange and instead relies on the oldest pyramid scheme tactics—selling investment packages to make money. The more people you recruit, the more rewards you get. This model spreads like a virus, especially among middle-aged and elderly groups who have only a superficial understanding of cryptocurrencies, making them the main victims.

**How Crazy Was It?**

She used victims' money to live a luxurious life that was utterly outrageous—mansions, yachts, grand parties, and even delivering persuasive speeches to tens of thousands at Wembley Stadium in London. In October 2017, just before the FBI was about to arrest her, she boarded a flight to Greece with billions of dollars and then completely vanished.

**The Most Bizarre Ending**

She became the only woman among the FBI's Top Ten Most Wanted, with a very high bounty. But to this day, no one knows where she is. Rumors say she might have had plastic surgery and hidden in Dubai or South Africa; others claim she was eliminated by the Bulgarian mafia on a yacht as early as 2018. Her life and death remain unknown.

This scam also hit home. In 2018, Chinese police cracked down on the Vika Coin pyramid scheme, involving up to 15 billion RMB, arresting over a hundred suspects.

**Final Warning**

Why do so many people fall for it? Simply put, they are blinded by the dream of getting rich quickly. But recognizing scams is actually very simple: if a coin can't be freely traded on legitimate exchanges and relies on recruiting others to make money, then it is 100% a scam. No exceptions.