UK High Court freezes OneCoin assets in $4 billion fraud case

A British High Court has issued a global freezing order for assets linked to individuals accused in the $4 billion OneCoin fraud case, according to an August 8 statement shared with CryptoSlate.

The order targets the assets of OneCoin founder Ruja Ignatova, known as “CryptoQueen,” and co-founder Sebastian Greenwood, who was sentenced to 20 years in prison in the US last year.

The assets of four influencers — Karri Wahlroos, Dr. Muhammed Zafar, Moynul Islam and his brother Monirul Islam — who promoted the scheme have been frozen. Two British citizens — Christopher Hamilton and Robert MacDonald — who allegedly helped launder money from the scheme have also been affected.

In addition, the assets of the companies of which Ignatova was the economic owner were also frozen.

Rhymal Persad, a partner at Mishcon de Reya — the law firm representing OneCoin investors — said the ruling is aimed at providing redress to investors who suffered losses due to the fraudulent scheme. He added:

“The fraudulent OneCoin scheme had a major impact on the lives of its victims, who ranged from experienced to lay investors, all of whom lost significant amounts of money in what is considered one of the largest fraud cases ever.”

OneCoin fraud

The development marks a significant moment in the nearly decade-long legal case that has attracted worldwide attention.

OneCoin launched in late 2014, pitching itself to investors as a Bitcoin rival. In reality, it was a global multi-level marketing scheme with no real technology or value.

The organization’s leader, Ruja Ignatova, disappeared in 2017 after flying to Athens and was added to the U.S. Federal Bureau of Investigation’s (FBI) 10 Most Wanted list in 2022. The FBI suspects she may have undergone plastic surgery or otherwise altered her appearance.

However, there are reports that Ignatova may have been murdered by the Bulgarian mafia in November 2018. Despite these claims, the FBI continues to offer a $5 million reward for information leading to her capture.

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