Ruja Ignatova, infamously known as the “Missing Cryptoqueen” and wanted by the FBI for masterminding the $4.5 billion OneCoin crypto fraud scheme, has now been subjected to a global asset freeze. This unprecedented legal action, initiated on behalf of defrauded investors, aims to prevent the movement or sale of her assets in a bid to secure compensation for those impacted by the massive scam, BBC reports.
The Vanished Crypto Queen
The Bulgarian national Ruja Ignatova, who disappeared without a trace after disembarking from a Ryanair flight in Athens in 2017, has remained elusive despite an international manhunt. Recent reports from the BBC suggest that her disappearance may be linked to the Bulgarian underworld, with connections to a suspected organized crime boss who may have played a role in her vanishing act.
The U.S. authorities continue to offer a $5 million reward for information leading to Ignatova’s arrest, underscoring the ongoing challenge of bringing her to justice.
Read the Ruja Ignatov reports here.
Konstantin Ignatov, the brother of Ruja Ignatova, played a significant role in the OneCoin fraud scheme. After Ruja’s disappearance in 2017, he assumed leadership of OneCoin. He was arrested in March 2019 at Los Angeles International Airport and subsequently pleaded guilty to charges including wire fraud and money laundering. As of March 5, 2024, Konstantin Ignatov has been released from prison after serving 34 months. This acknowledged his cooperation with prosecutors, including testifying against former lawyer Mark Scott, who was convicted of laundering $400 million from OneCoin. Ignatov was ordered to pay $118,000 in restitution and will remain under court supervision for two additional years following his release
Legal Action and the High Court Ruling
For the countless victims of the OneCoin fraud, efforts to reclaim their lost investments have largely been unsuccessful. The UK freezing order is part of a larger group action brought by more than 400 OneCoin investors. This legal effort is being led by Jennifer McAdam, a Scottish woman who, along with her family and friends, lost over £200,000 in the OneCoin scheme.
It is estimated that OneCoin investors have lost more than £100 million in the UK alone. The investors involved in the group claim are represented by the law firm Mishcon de Reya.
Expanding the Scope of the Freeze
The freezing order extends beyond Ignatova to include seven other individuals and four companies allegedly connected to the OneCoin operation. Among those targeted are:
- Sebastian Greenwood, OneCoin’s co-founder, is currently serving a 20-year prison sentence in the United States for his role in the fraud.
- British businessmen Christopher Hamilton and Robert MacDonald, also subject to the asset freeze, have faced accusations from U.S. authorities of laundering proceeds from OneCoin. However, efforts to extradite them to the U.S. for trial have thus far been unsuccessful.
- Prominent OneCoin promoters, including Kari Wahlroos, Muhammad Zafar, Moynul Islam, and Monirul Islam, are also under the freeze order. Although some promoters claim to have been victims of the collapse like other investors, they are alleged to have profited significantly by recruiting new investors into the scheme.
Additionally, the order targets two Guernsey-based companies that Ignatova reportedly used to purchase luxury properties, including a £13.5 million penthouse in Kensington and a £1.9 million apartment in the same building intended for her bodyguards.
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