Authorities in Guernsey have successfully secured a confiscation order amounting to $11.4 million (£9 million) linked to the massive global cryptocurrency pyramid scheme, OneCoin. The seizure marks a significant development in the ongoing international efforts to recover assets defrauded from millions of victims worldwide by the scheme’s founder, Ruja Ignatova, often dubbed the ‘Cryptoqueen’.
OneCoin, launched in 2014, was marketed as a revolutionary digital currency but was exposed as one of the largest Ponzi schemes in history, estimated to have defrauded investors of over $4 billion globally. Unlike legitimate cryptocurrencies, OneCoin lacked a verifiable blockchain and its value was centrally controlled and artificially inflated by the organization’s leaders.
The investigation leading to the seizure was conducted by the Guernsey Economic Crime Division (ECD) and involved intensive cooperation with international law enforcement agencies. The confiscated funds were identified as proceeds of the fraud and were held within financial institutions located in the Bailiwick of Guernsey.
Guernsey’s authorities utilized the island’s rigorous asset recovery legislation to obtain the forfeiture order, demonstrating the jurisdiction’s commitment to preventing its financial sector from being used to launder criminal proceeds. A spokesperson for the ECD emphasized that this action serves as a strong deterrent against financial crime.
While Ruja Ignatova remains at large and is currently featured on the FBI’s Ten Most Wanted Fugitives list after disappearing in 2017, the successful seizure significantly disrupts the financial infrastructure that supported her network. The funds are now subject to legal proceedings that will ultimately determine their dispersal, with a strong likelihood they will be returned to the victims of the catastrophic global scam.
Source: Guernsey Authorities Seize $11.4M Tied to ‘Cryptoqueen’ OneCoin Fraud
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