- The U.S. Department of Justice has begun a compensation process for victims of the $4 billion OneCoin Ponzi scheme.
- More than $40 million in forfeited assets from the scheme’s architects is available to eligible purchasers who recorded a net loss.
- Co-founder Karl Sebastian Greenwood was sentenced to 20 years, while Ruja Ignatova remains a fugitive on the FBI’s ‘Ten Most Wanted’ list.
The U.S. Department of Justice announced on Monday a compensation process for victims of the massive OneCoin cryptocurrency Ponzi scheme, using over $40 million in forfeited assets. This initiative aims to return funds to those who purchased OneCoin between 2014 and 2019 and suffered a net loss.
U.S. Attorney Jay Clayton stated the process was “an important step toward returning funds to those harmed.” However, the recovery sum represents only a fraction of the more than $4 billion stolen from millions of victims globally.
Launched in 2014, OneCoin briefly rose to become the second-largest cryptocurrency by market cap before collapsing. Consequently, authorities worldwide exposed it as a fraudulent operation where the coins had no real utility.
Karl Sebastian Greenwood, one co-founder, was sentenced to 20 years in prison in September 2023. Meanwhile, the other founder, Ruja Ignatova, disappeared in 2017 and is now among the FBI’s most wanted, with a $5 million reward for information.
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