As we celebrate International Women’s Day, we are exploring the complex, ever-evolving roles that women play in the crypto space. From victims of sophisticated scams, to masterminds behind million-dollar hacks, and those who pioneer institutions at the forefront of the industry, women have made their mark in both empowering and cautionary ways.
Victims: Women Caught in the Crosshairs of Crypto Scams
Women have increasingly become targets of crypto-related scams, particularly through romance-based fraud and investment schemes. One of the most notorious examples of these types of schemes are ‘pig butchering scams’, where malicious actors will build emotional connections with victims over time, only to exploit them financially when victims are at their most vulnerable. Studies at the County of Santa Clara Privacy Office, found that women are more likely to be targeted through emotional manipulation, with scammers focusing on creating a sense of love and security. This would suggest they are more susceptible to pig-butchering scams, as the emotional focus plays a large role in these pig-butchering classification of scams.
Additionally, a Bank of America study found that just 48% of women feel confident about their financial management. A pig-butchering scam investigated by Nominis in February 2025 saw a victim gain the trust of a scammer, who claimed to be a ‘Binance data analyst’ and wished to share advice with the victim about crypto investments. Given the findings of the Bank of America study regarding a lack of confidence about financial matters among women, it is likely that the scammer in this case utilised this generalisation to gain her trust. Ultimately, the victim lost $900 dollars to the scammer, before she confronted him and he blocked her.
Interestingly, data from Barclays, a UK bank, provides a nuanced perspective: while men are more likely to fall victim to romance scams - accounting for nearly 59% of reported cases - women tend to lose significantly more money when they fall prey. On average, female victims lose 2% times as much as men in romance scams, such as pig-butchering, with an estimated loss of £8.9K lost yearly among women, in the UK, compared to £3.5k lost yearly among men. Furthermore, there was a 43% increase in romance scams reported by women in May-June 2024, compared to earlier months, suggesting a general increase in this type of scam.
These scams, whether endured by men or women, demonstrate the need for greater awareness and financial security education across all demographics to prevent losses and exploitation in the crypto space.
Villains: The Women Behind Some of the Largest Crypto Heists
While many women may fall prey to crypto crimes, others have orchestrated some of the most infamous crypto frauds and scams in history. One of the most notable names is Ruja Ignatova - the Bulgarian- German ‘CryptoQueen’ who is one of the FBI’s top ten most wanted fugitives. Ignatoiva was the founder of OneCoin, a Ponzi-scheme that is thought to have defrauded investors of over $4 billion, according to the FBI. OneCoin marketed itself as a new cryptocurrency with blockchain technology, whereas in reality there was no blockchain, and the coin had no real value or market liquidity. As a ponzi-scheme, they encouraged users to recruit more people to join and invest, with greater rewards for recruitment. As the scam grew, authorities began to investigate OneCoin; in 2017, Ignatova was issued an arrest warrant, and she subsequently disappeared without a trace. In 2019, her brother Konstatin Ignatov was arrested and charged, eventually pleading guilty to charges related to the scam.
Ignatov is certainly not the only woman to have orchestrated enormous fraud schemes, and is also not the only one to have disappeared without trace. Another woman, who committed a high-profile scam is Zhimin Qian, also known as Zhang. Zhang and criminal crypto gang defrauded nearly 130,000 investors in China between 2014 and 2017, using Bitcoin to steal approximately £5 billion. After arriving in the UK on a fake passport, she fled and her whereabouts is now unknown. Her associate Wen, although not involved in the original fraud case, was convicted of money laundering related to the case between 2017 and 2022. Nominis released further findings about her other Chinese criminal gangs in this article.
In another example investigated by Nominis, Ekaterina Zhdanova , a woman who headed a Moscow-based cryptocurrency network called Smart, was identified as a leading player in a massive money laundering operation. This network spanned 30 countries, and became notorious after UK gangs had difficulties in offloading cash after the pandemic. Zhdanova had previously been sanctioned by US authorities for assisting Russian elites with transactions.
A final example of women involved in crypto crime is the case of Alice Guo. Formerly a mayor in the Philippines - in fact, the first female leader of her province - she has been linked to the fraudulent activities of the collapsed Atom Asset Exchange. She is accused of laundering millions of dollars through crypto, and is being tied with human trafficking, illegal gambling operations and pig-butchering scams. While raiding an office compound not far from the mayor’s office, authorities found evidence of financial scams and human trafficking victims.
The compound also featured a panic room and underground tunnels to evade authorities. Guo’s business ties extend to individuals connected to large-scale money laundering, highlighting the sheer complexity of the scam she is running. She faces 87 counts of money laundering and complaints of operating an illegal gambling ring and human trafficking, but denies all charges. Disputes over falsifying her birth documents have also led to accusations that she is spying for the Chinese government.
Common features among the scams run by these three female masterminds have included the utility of a ‘Ponzi scheme’ methodology, and employing fake investment platforms. These consistently promised high returns in order to attract unsuspecting victims. The scams also used privacy coins, shell companies and mixing services in order to perform money laundering with the crypto gathered. The women were part of, or held solid connections with, elites in their social networks, which allowed them to go under the radar of law enforcement. Finally, they all consistently vanished before getting caught, though remain wanted under investigation.
Visionaries : Women pushing the DeFi and Web3 spaces forward
Women are proudly making strides in the DeFi and Web3 spaces, driving innovation and shaping the future of Decentralized finance and blockchain technology. From founders to developers, investors and thought leaders, women are pioneering new ideas, launching groundbreaking projects and advocating for inclusivity in the industry. Their contributions are crucial in expanding access, improving security and fostering a community-driven ecosystem in the rapidly evolving digital economy.
Katie Moussoris
Moussoris is an American computer security researcher, entrepreneur and pioneer in vulnerability disclosure and bug bounty programmes. The CEO and founder of Luta Security, her company specialises in creating and managing sustainable vulnerability disclosure and bug bounty programs for both companies and governments.
At Microsoft, she launched the Microsoft Vulnerability Research Program (MSVR) setting a precedent for other organizations. She also played a key role in the development of the US Dept of Defence’s first bug bounty program, Hack the Pentagon. She co-authored and co-edited ISO 29147 (vulnerability disclosure) and ISO 30111 (vulnerability handling processes) both of which provide guildleines to organisations on how to manage and disclose security vulnerabilities responsibly. Much of her work provides a basis for many of the compliance frameworks that we at Nominis encourage our clients to utilise. She has also advised governments and organisations on cybersecurity strategies, emphasizing particularly the collaboration between hackers and institutions, to enhance security measures.
Beyond her professional endeavors she also established the Anuncia Doncia Songsong Manglona Lab for Gender and Economic Equity, at Penn State Law. The initiative aimed to address workplace financial discrimination and promote economic equity under the law. She continues to be a leading advocate for both responsibility security research and for the role of women in the computer security space.
Parisa Tabriz
Tabriz is an American Computer Security expert and executive at Google - where she is VP and General Manager of Google Chrome.
In 2007, Tabriz joined Google’s security team, and became critical in enhancing the security of Google Chrome, leading initiatives to promite the adoption of the HTTPS protocol, which majorly increased secure web traffic across all platforms.
Tabriz is a strong advocate for diversity in the tech industry, having launched the Our Security Advocates (OURSA) conference, recognising the lack of female representation in major security conferences. These efforts have earned her positions in Forbes ‘ Top 30 People Under 30 to Watch in the Technology Industry’ and other notable lists.
Tabriz continues to be a leading figure in cybersecurity, driving initiatives that prioritise user safety and promote inclusivity in the tech community - recognising the value of all voices in the efforts to drive innovation forward.
Sherri Davidoff
Sherri Davidoff is a renowned cybersecurity expert, author and CEO of LMG Security and BrightWise Inc. Her books, including ‘Ransomware and Cyber Extortion’ and ‘Data Breaches: Crisis and Opportunity’ are highly regarded in the cybersecurity world. She is a GIAC-certified forensic examiner and Penetration Tester, and teaches courses on data breaches and cybersecurity at Black Hat. She has taken leadership roles in conducting cybersecurity training for organizations such as Department of Defence, the American Bar Association, and the Federal Deposit Insurance Corporation.
Her work on cyber extortion provides leading guidance on the response strategies and preventative measures that can be used to combat these growing threats.
Through her leadership, publications and work in education, Davidoff continues to be a leading voice in the cybersecurity community, advocating for robust security practices and resilience against cyber threats.
Women in crypto occupy a diverse spectrum of roles - villains, victims and visionaries, each shaping the industry’s landscape in distinct ways. While some have fallen pray to sophisticated scams, others have orchestrated billion dollar frauds, proving that the crypto world is a space for both opportunity, but also exploitation.
The most inspiring stories come from the women pioneering change in DeFi, Web3 and cybersecurity, driving innovation and advocating for inclusivity. Their contributions continue to push the industry forward, ensuring a more secure and equitable digital future for everyone.
Q: What is a Ponzi Scheme?
A Ponzi scheme is a fraudulent investment scheme that makes returns based on capital that comes from new investors, rather than legitimate, longstanding investment profits.
Q: What are Mixing Companies?
Q: What are Privacy Coins?