The U.S. Department of Justice has announced the launch of a compensation process for victims of the OneCoin cryptocurrency fraud scheme, with more than $40 million in recovered assets now available for distribution.
The scheme, operated between 2014 and 2019 by Ruja Ignatova and Karl Sebastian Greenwood, defrauded investors worldwide of over $4 billion.
Marketed as a legitimate cryptocurrency through a global multi level marketing network, OneCoin was later exposed as a fraudulent operation built on false claims and misrepresentations.
The Justice Department says victims who purchased OneCoin during that period may now be eligible to recover a portion of their losses through a remission process.
Claims must be submitted by June 30th through an official petition system managed by the department’s asset forfeiture program.
Authorities are highlighting the scale of the fraud, with one federal official noting that victims were misled by falsified statements and empty promises tied to an investment that never functioned as advertised.
The Justice Department is also cautioning victims to remain vigilant against secondary scams, stressing that no payment is required to participate in the official compensation process.
The case remains one of the largest cryptocurrency frauds on record, and efforts to identify and recover additional assets are ongoing.
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This post DOJ Moves To Compensate Victims of OneCoin’s $4,000,000,000 Global Crypto Fraud Scheme may be modified as updates unfold.
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