UK Court Freezes Assets of Missing 'Cryptoqueen' Ruja Ignatova

On August 7, the United Kingdom’s High Court of Justice issued a Worldwide Freezing Order against Ruja Ignatova, notoriously known as the “Cryptoqueen,” and several of her alleged accomplices involved in the OneCoin scheme. This order, which extends globally, targets the assets of Ignatova, OneCoin co-founder Sebastian Greenwood, Christopher Hamilton, Robert MacDonald, and four influencers who promoted OneCoin.

The court action was driven by more than 400 victims of the OneCoin collapse, who united to petition for the freezing of assets. The accused individuals are alleged to have laundered funds for OneCoin and used business entities to facilitate these illegal activities and acquire assets.

Ruja Ignatova is accused of orchestrating a massive $4 billion Ponzi scheme through OneCoin from its inception in 2014 until its collapse in 2017, after which she disappeared. Last seen in Athens, Greece, in 2017, Ignatova has been on the run since, leading the FBI to place her on their Ten Most Wanted list. In January 2024, the U.S. State Department announced a $5 million reward for information leading to her capture and conviction, but her whereabouts remain unknown despite numerous alleged sightings.

The fallout from the OneCoin scandal has seen significant legal actions against Ignatova's associates. In 2019, Konstantin Ignatov, Ruja's brother, admitted to charges of money laundering and fraud. Initially facing a potential 90-year sentence, he was released after three years and sentenced to time served due to his cooperation with U.S. investigators and his testimony against OneCoin's lawyer, Mark Scott. Scott was convicted in 2019 for bank fraud and money laundering, though he received a lighter sentence than the 17 years prosecutors had sought.

OneCoin co-founder Karl Greenwood was also convicted in 2023 and sentenced to 20 years in prison. Greenwood was mandated to forfeit $300 million in payments he had received from the fraudulent scheme.

Despite these convictions, the central figure, Ruja Ignatova, remains at large. The UK court's freezing order is part of ongoing efforts to bring justice to the victims and dismantle the financial network that supported the OneCoin fraud. The order aims to prevent Ignatova and her associates from accessing or dissipating their assets, ensuring that any recovered funds can be used to compensate the defrauded investors.

The OneCoin case stands as a stark reminder of the risks associated with cryptocurrency investments and the relentless pursuit of justice by international authorities against those who exploit financial systems for fraudulent gains.