A UK High Court has issued a global freeze order on assets linked to individuals accused in the $4 billion OneCoin fraud case, according to an Aug. 8 statement shared with CryptoSlate.
The order targets the assets of OneCoin founder Ruja Ignatova, known as “CryptoQueen,” and co-founder Sebastian Greenwood, who received a 20-year prison sentence 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. Additionally, two British citizens—Christopher Hamilton and Robert MacDonald — who allegedly helped launder funds from the scheme were also affected.
Furthermore, assets belonging to the businesses beneficially owned by Ignatova were also frozen.
Rhymal Persad, a partner at Mishcon de Reya — the law firm representing the OneCoin investors— stated that the ruling seeks to provide redress for investors who suffered losses from the fraudulent scheme. He added:
“The fraudulent OneCoin scheme greatly impacted the lives of its victims who ranged from sophisticated to lay investors, all of whom lost significant sums in what is believed to be one of the largest frauds ever perpetrated.”
OneCoin fraud
This development marks a significant moment in the nearly decade-long case that has drawn global attention.
Launched in late 2014, OneCoin presented itself to investors as a Bitcoin rival. In reality, it was a global multi-level marketing scheme with no real technology or value.
The scheme’s leader, Ruja Ignatova, vanished after flying to Athens in 2017 and was added to the US 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, reports claimed that Ignatova might have been killed in November 2018 by the Bulgarian mafia. Despite these claims, the FBI continues to offer a $5 million reward for information leading to her arrest.
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