The U.S. Department of Justice has announced the commencement of the compensation application process for victims of the OneCoin cryptocurrency scam. According to Foresight News, the department has initiated criminal forfeiture proceedings against the proceeds of the crime, with the net proceeds to be used for victim compensation. Victims who purchased OneCoin between 2014 and 2019 and suffered net losses can submit compensation applications via onecoinremission.com by June 30, 2026, without incurring any fees or needing legal representation.
OneCoin was co-founded in 2014 by Bulgarian Ruja Ignatova, known as the 'Crypto Queen,' and Karl Sebastian Greenwood. The scheme involved selling fraudulent cryptocurrency education packages, enticing global investors to purchase OneCoin tokens, which never operated on any blockchain. The estimated fraud amount ranges from $4 billion to $15 billion, making it one of the largest cryptocurrency scams in history. Ignatova mysteriously disappeared in 2017 and remains one of the FBI's most wanted fugitives. Greenwood was sentenced to 20 years in prison in 2023.