Konstantin Ignatov, a central figure in the OneCoin cryptocurrency scheme, was denied pre-trial release on June 29, 2019, following a motion filed in federal court. His request for release from custody had been discussed during a preliminary hearing held on June 6, with the formal motion letter submitted on June 18. Ignatov, a Bulgarian citizen holding a German passport, argued he posed no flight risk to the United States.
His defense maintained that Ignatov voluntarily traveled to the country, fully aware of an ongoing investigation into OneCoin. This willingness to enter U.S. jurisdiction, his legal team stated, demonstrated his intent to cooperate rather than evade justice. The court's primary concern revolved around ensuring Ignatov would not flee if released.
To address these concerns, Ignatov proposed a stringent set of conditions for his release. He offered to secure a $20 million personal recognizance bond with $10 million in cash and properties. He also agreed to reside in a leased apartment within the judicial district, shared with his pregnant girlfriend, Kristina, who is an attorney.
The proposed security measures were extensive. Ignatov offered to pay for 24-hour armed security guards at the apartment, chosen in agreement with the government. These guards would be authorized to use force if he attempted to leave without permission. Only preauthorized individuals would be allowed inside the residence.
Further conditions included GPS location monitoring and the surrender of his German passport. Ignatov agreed to no internet usage and no cell phone use, limiting computer access solely to review discovery materials and take notes. He also consented to government surveillance of his home phone and random searches of his residence to ensure compliance with all release terms.
More than 20 letters from friends and family members supported Ignatov's motion for release. These individuals expressed disbelief at the criminal charges against him. Some of these supporters were identified as insiders within the OneCoin organization.
Ignatov and his sister, Ruja Ignatova, are accused of orchestrating the multi-billion dollar OneCoin pyramid scheme. The scheme operated for several years, attracting investors globally with promises of high returns from a supposedly innovative cryptocurrency. The Department of Justice ultimately denied Ignatov's request for pre-trial release.