Should Women Be Stopped from Crypto? Unpacking the Myths and Realities of Gender in Blockchain

Is in staat om een vrouw een halt toe te roepen crypto? 

This Dutch phrase asks whether it is possible—or even necessary—to stop a woman from engaging in crypto. The implication is jarring. 

Why should women be stopped from "playing crypto"? The question raises deeper concerns about gender bias, assumptions, and the reality of scams in a rapidly evolving and largely unregulated financial space.

While certain women have been involved in major crypto frauds—like the infamous Ruja Ignatova—equally numerous are the men who dominate scams, market manipulation, and cyber heists. 

In this article, we’ll explore women's role in crypto, debunk harmful stereotypes, and ask the right question: should anyone be stopped from crypto—or should the focus be on education, transparency, and regulation?

Can Women Invest in Crypto?

Absolutely. Women not only can invest in crypto, they should—just as anyone else has the right to participate in financial ecosystems. 

Despite the libertarian promises of blockchain technology, the gender gap in crypto is significant. Only 4% to 6% of participants in the space are women, compared to 30%–35% in traditional tech.

Yet, many women are breaking into the space as developers, investors, analysts, and founders. From Amber Baldet (former JPMorgan blockchain lead) to Meltem Demirors and Elizabeth Rossiello, women have made powerful contributions to crypto’s growth. 

But their stories are often sidelined by a male-dominant narrative that both overrepresents male success and exaggerates female failure.

Read Also: Should You Use Your Retirement Funds for Crypto?

Who is the Cryptoqueen?

Ruja Ignatova, a Bulgarian-German entrepreneur, earned the nickname “Cryptoqueen” after orchestrating one of the biggest crypto scams in history—OneCoin. 

Between 2014 and 2017, she marketed OneCoin as a revolutionary digital currency. In reality, it was a pyramid scheme that defrauded investors out of more than $4 billion globally.

Ignatova disappeared in 2017 and remains on the FBI’s Most Wanted list. Her story became a media sensation and a cautionary tale. 

However, what’s often overlooked is that she operated in a system full of male co-conspirators and backers who helped build and legitimize the fraud.

Ignatova’s gender should not overshadow the scale of the crime or suggest that women in crypto are inherently untrustworthy.

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Cases of Crypto Scams by Women

Besides Ruja Ignatova, a few other women have been involved in crypto crime, most notably Heather “Razzlekhan” Morgan. 

Alongside her husband Ilya Lichtenstein, Morgan was charged in 2022 for laundering $3.6 billion in stolen Bitcoin from the 2016 Bitfinex hack. The couple recently pleaded guilty and are cooperating with U.S. authorities.

In another case, six individuals—including one woman—were arrested in a €24 million Bitcoin theft scheme involving typosquatting across Europe. Yet again, these were not female-led frauds, but mixed-gender operations.

While the headlines focus on these women due to the novelty of female perpetrators in crypto crime, the overwhelming majority of scams are male-led.

Read Also: The Story of Xinkangjia DGCX's Big Scam Case: 13 Billion Yuan Lost

Should Women Be Stopped from Crypto?

So—should women be stopped from participating in crypto? No. The question itself reflects a flawed assumption: that women are more dangerous or irresponsible in this space. This is categorically false.

Crypto scammers are not defined by gender. They are opportunists exploiting technical loopholes, lax regulation, and inexperienced investors. Anyone—regardless of gender—can become either a victim or a perpetrator.

Instead of asking how to stop women from engaging in crypto, the real focus should be on:

• Increasing crypto literacy for all
   
• Promoting diversity in blockchain development
   
• Creating inclusive policies and protections
   
• Strengthening oversight and legal frameworks

Women’s involvement in crypto is not the problem. In fact, more diversity could help design systems that are safer, more transparent, and less prone to abuse.

Conclusion

Crypto is still maturing. And like any emerging industry, it reflects the inequalities and biases of the broader world. 

High-profile cases like Ruja Ignatova or Heather Morgan should not be weaponized against all women in crypto. Just as we don’t question men’s right to trade crypto despite scams like Sam Bankman-Fried’s FTX collapse, we shouldn’t place undue scrutiny on women.

Is in staat om een vrouw een halt toe te roepen crypto? The better question is: how can we ensure everyone—man or woman—is protected and empowered in this new digital economy?

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FAQ

Why are there so few women in crypto?

The crypto space has historically mirrored the tech industry’s gender imbalances. Many early crypto communities were male-dominated and unwelcoming to women. Lack of representation, combined with harassment and exclusion from funding, has created barriers to entry.

What was Ruja Ignatova’s scam?

Ruja Ignatova created OneCoin, falsely promoting it as a legitimate cryptocurrency. It was actually a multi-billion-dollar Ponzi scheme. She vanished in 2017 and remains wanted by the FBI.

Are women more likely to be crypto scammers?

No. Most crypto scams are conducted by men. However, the media often emphasizes cases involving women because they are less common, which can create a misleading narrative.

Can crypto help close the gender gap in finance?

Potentially, yes. Blockchain technology allows for borderless, anonymous participation. With the right policies and community efforts, crypto can offer financial freedom to underrepresented groups, including women.

What needs to change to make crypto safer?

Regulatory clarity, financial education, inclusive hiring, and active community moderation are key. Promoting diverse leadership in blockchain projects can also help build more trustworthy and balanced ecosystems.