Justice Department Announces Compensation Process for OneCoin Fraud Victims With Funds Recovered Through Asset Forfeiture

Today, the Department of Justice announced the beginning of the remission compensation process to provide recovery for victims of the international investment scheme involving OneCoin Ltd.

Between 2014 and 2019, Ruja Ignatova and Karl Sebastian Greenwood, co-founders of OneCoin Ltd. (OneCoin), and others orchestrated a large, international cryptocurrency investment scheme defrauding investors from around the globe. OneCoin, which began operations in 2014 and was based in Sofia, Bulgaria, marketed and sold a fraudulent cryptocurrency by the same name through a global multi-level-marketing (MLM) network. As a result of misrepresentations made about OneCoin, victims invested over $4 billion worldwide in the fraudulent cryptocurrency. The Department of Justice filed a number of OneCoin-related prosecutions in the Southern District of New York. Several key figures involved in the scheme have been sentenced, and the Department pursued criminal forfeiture of property derived from the proceeds of the fraud scheme. More than $40 million in forfeited assets are currently available for victim compensation.

Through the remission process, victims who purchased the fraudulent OneCoin cryptocurrency between 2014 and 2019 may be eligible for compensation. Individuals who believe they may be victims may obtain a petition form online at https://www.onecoinremission.comLinks to other government and non-government sites will typically appear with the "external link" icon to indicate that you are leaving the Department of Justice website when you click the link.. Victims may also call, email, or write to the Remission Administrator to request that a Petition Form be sent to them. The deadline for filing a petition is June 30. The Criminal Division's Money Laundering, Narcotics and Forfeiture Section manages the remission compensation process.

"Victims are at the core of everything we do at the Department of Justice," said Assistant Attorney General A. Tysen Duva of the Justice Department's Criminal Division. "As we did in this complex investment fraud case, the Department pursues forfeiture to take the profit out of crime and then use that money to compensate victims wherever possible. I commend the efforts of our colleagues in the Southern District of New York, our law enforcement partners, and our Money Laundering, Narcotics and Forfeiture Section, which manages the Asset Forfeiture Program, for all of their work on behalf of the victims in this important case."

"Between 2014 and 2019, OneCoin's founders sold a lie disguised as cryptocurrency, costing victims more than $4 billion worldwide," said U.S. Attorney Jay Clayton for the Southern District of New York. "Today's announcement marks an important step toward returning funds to those harmed. While no recovery can fully undo the damage, our Office will continue working to seize criminal proceeds and prioritize getting money back into the hands of victims. If you believe you may be a victim of OneCoin, you may obtain a petition form online at www.onecoinremission.com."

"The victim losses accrued in this case are monumental," said Assistant Director in Charge James C. Barnacle Jr of the FBI New York Field Office. "Misled by falsified statements and empty promises, many unknowingly depleted their savings for a fraudulent investment scheme in an emerging financial ecosystem that would never pay out. With the unwavering support from the Department of Justice, the FBI maintains its commitment to returning these stolen funds to their rightful owners. Our office will continue its investigative pursuit of these criminal fraudsters - especially locating Ruja Ignatova, an FBI Top Ten Fugitive - alongside our partners at the Internal Revenue Service Criminal Investigation (IRS-CI) and the Southern District of New York. Any information concerning this fugitive can be submitted online at tips.fbi.gov or via our tipline at 1-800-CALL-FBI."

"The victims of the OneCoin scheme were misled and financially devastated by promises that were never real," said Special Agent in Charge Jenifer L. Piovesan of IRS-CI. "Alongside our law enforcement partners, we worked tirelessly to trace illicit funds and recover them for victims. This compensation process represents a critical step toward returning stolen assets to those who were deceived. IRS-CI remains steadfast in its mission to follow the money and dismantle complex financial fraud schemes like OneCoin."

More information regarding the remission process, including eligibility criteria, updates, and frequently asked questions are available at https://www.onecoinremission.comLinks to other government and non-government sites will typically appear with the "external link" icon to indicate that you are leaving the Department of Justice website when you click the link. or by calling 1-833-421-9748. Kroll Settlement Administration LLC is serving as the remission administrator in this matter.

The FBI and IRS-CI conducted the criminal fraud investigation. The Justice Department's Office of International Affairs (OIA) provided significant assistance.

The Department of Justice, through the Asset Forfeiture Program, works diligently to compensate victims of crime. Since 2000, the Criminal Division's Money Laundering, Narcotics and Forfeiture Section (MNF), which oversees the Asset Forfeiture Program's victim compensation program, has returned more than $12.5 billion in forfeited assets to victims of crime. MNF Attorney Advisor Drew Halter with the section's Program Management and Training Unit is leading the remission process.

Neither the Remission Administrator nor the Department of Justice will ask for any payment to participate in this remission process. Please be cautious of any individual or organization claiming to represent the Remission Administrator or the federal government in this matter. If you are a victim, any communications will come directly from the Remission Administrator or from government representatives with whom you have already had contact.

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