Guernsey Seizes $11.4M from OneCoin Fraud as Cryptoqueen’s Empire Collapses

In a significant development, Guernsey has successfully retrieved over £8.5 million, roughly $11.4 million, related to the OneCoin fraud. This represents one of the most noteworthy financial recoveries linked to the case of Ruja Ignatova, famously known as the “Cryptoqueen,” who has been on the run for more than eight years.

Key Takeaways

Guernsey has seized $11.4 million linked to the OneCoin fraud, marking a significant recovery effort against Ruja Ignatova, the fugitive founder.
The Royal Court ruled in favor of a forfeiture order sought by German prosecutors, identifying funds controlled by Ignatova.
The seized money will primarily be directed towards recompensing victims and aiding law enforcement.
Ignatova, known as the Cryptoqueen, remains a fugitive, with her fate still shrouded in mystery despite several associates facing legal repercussions.

Guernsey Seizes $11.4M in OneCoin Fraud as Cryptoqueen’s Empire Crumbles

This ruling supports global efforts to dismantle the financial remains of OneCoin, despite its founder's continued absence.

According to a report by the Guernsey Press, the Royal Court of Guernsey has approved a forfeiture order from German prosecutors in Bielefeld. The court determined that £8.59 million (plus accrued interest) held under the name Aquitaine Group Limited in an account at RBS International in Guernsey was controlled by Ignatova and should therefore be seized. The confiscated funds will now enter the Seized Asset Fund of Guernsey, where they will mainly be used to compensate victims and support law enforcement efforts.

How OneCoin’s Fraudulent Operations Led to £8.8 Million in Seized Funds

In 2014, Ruja Ignatova, a Bulgarian-born German, launched OneCoin, promoting it as a revolutionary cryptocurrency aimed at challenging Bitcoin. However, investigations later revealed that OneCoin lacked an operational blockchain or mining processes; it functioned instead as a multi-level marketing scheme that paid returns primarily through new investors' deposits.

According to the FBI, investors around the globe suffered losses exceeding $4 billion, with some estimates suggesting that the total may be even higher.

The Royal Court has granted Ignatova 28 days to contest the confiscation application. However, since her disappearance in October 2017, shortly after a sealed federal arrest warrant was issued, she has not made any public appearances. Ignatova became the first woman to feature on the FBI’s Ten Most Wanted Fugitives list, with U.S. authorities offering a reward of up to $5 million for information leading to her capture.

In collaboration with Guernsey officials, German prosecutors are also trying to reclaim proceeds from the sale of two London properties formerly owned by Ignatova via Guernsey-registered companies. These included a penthouse and a smaller apartment that were restrained by the Royal Court in November 2021 and subsequently sold for over £11 million. After accounting for fees and taxes, approximately £8.8 million remains, forming the majority of the confiscated assets.

OneCoin's Associates Face Justice as Ignatova's Disappearance Continues

The latest developments fit into a long-term narrative of asset recovery and legal consequences following the downfall of OneCoin. Many associates of Ignatova have faced legal action; for example, co-founder Sebastian Greenwood received a 20-year prison sentence in 2023. Other high-ranking associates, including legal and financial facilitators, have also been incarcerated.

While Ignatova's allies face justice, the mystery surrounding her fate persists. Investigative journalism, including reports from the BBC in 2023 and 2024, has suggested her connections to Bulgarian organized crime, notably individuals like Hristoforos Nikos Amanatidis, known as “Taki,” who allegedly provided security during her escape.

There are rumors that Ignatova may have been murdered in 2018, perhaps aboard a yacht in the Ionian Sea, but law enforcement agencies have emphasized that no solid evidence has surfaced to confirm this. Consequently, international authorities continue to investigate her status as a fugitive who may still be alive.