The US Department of Justice has launched a compensation process for victims of the $4 billion OneCoin crypto fraud, using seized assets to return funds.
More than $40 million in forfeited assets is available to individuals who bought OneCoin between 2014 and 2019 and suffered net losses.
The scheme, founded by Ruja Ignatova and Karl Sebastian Greenwood, misled millions of investors by marketing a cryptocurrency that ultimately had no real utility.
“Between 2014 and 2019, OneCoin’s founders sold a lie disguised as cryptocurrency, costing victims more than $4 billion worldwide,”
Said Jay Clayton.
Greenwood was sentenced to 20 years in prison in 2023, while Ignatova remains missing since 2017 and is listed on the FBI’s most wanted fugitives list.
The fraud is estimated to have impacted around 3.5 million victims globally, with some estimates placing total losses as high as $19 billion.
The compensation initiative marks a step toward restitution, though authorities acknowledge recovered funds represent only a fraction of total losses.