The Power of Words: A Speech Act and Rhetorical Analysis of a Fraud Case

Abstract—This study investigates the persuasive communication strategies used by Dr. Ruja Ignatova in five selected speeches sourced from publicly available online media platforms promoting her cryptocurrency, OneCoin. The research adopts a qualitative approach and utilizes Searle’s speech act theory (1969) and Aristotle’s rhetorical appeal to identify how Dr. Ruja Ignatova’s language choices can shape audience behavior, perception, and response. The analysis reveals that the most dominant illocutionary act in her speech is assertive (65.8%), which allows her to make confident claims that constructed a trustworthy persona, followed by commissive (12.9%), expressive (12.3%), directive (8.3%), and declarative (0.8%). Perlocutionary effects were also examined through separate videos containing audience testimony and interviews regarding Dr. Ruja Ignatova’s speeches. The findings show that excitement is the most common perlocutionary effect (38.24%), followed by the desire to invest (32.35%), trust (14.71%), recruitment behavior (11.76%), and admiration (2.94%). The result suggests that her speech act successfully sparked emotional and behavioral responses from the audience. Dr. Ruja’s persuasiveness is amplified by her strategic use of rhetorical appeals with Ethos employed through references to her professional background and academic achievements. Pathos appeared in her appeals to the struggles and aspirations of ordinary people. At the same time, logos were evident in her comparisons to Bitcoin and the use of statistical data to frame OneCoin as a rational and promising investment. Keyword: speech act, illocutionary act, rhetorical appeals, cryptocurrency, persuasive communication.