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‘Cryptoqueen’ associates face German court for role in $4 billion OneCoin scheme

Three associates of fugitive OneCoin founder Ruja Ignatova, colloquially known as “Crypto Queens,” faced a German court on charges of fraud, money laundering and banking crimes.

A Munich-based lawyer associated with Ignatova, who appeared in court on October 18, allegedly transferred $19.7 million through the Cayman Islands to buy two apartments in London on her behalf. Additionally, Bloomberg reports that her husband and wife have been charged with processing her $315.4 million worth of payments from OneCoin customers.

Ignatova launched OneCoin in 2014 under the guise of a cryptocurrency and trading project, which according to enforcement agencies such as the Federal Bureau of Investigation (FBI) is a pyramid scheme involving users with fictitious business and technical claims. One thing soon became clear. It was not true, such as non-existent token mining structures.

According to the FBI, the project defrauded more than three million investors out of about $4 billion, prosecutors said in a German court.

“In reality, the ever-increasing value was fake and the mining process was just simulated by software.”

Ignatova’s whereabouts have been unknown since 2017, with her last known location reportedly being in Athens, Greece.

In June, the FBI added her to its top 10 most wanted list and offered $100,000 for information leading to her arrest. Her company is not only wanted for over $4 billion in fraud, but has also been accused by economist and cryptocurrency advocate Angelina Lazar of bribing the presidents of Serbia and Bulgaria. increase.

The latest three OneCoin figures to face prosecutors come amid action taken against another alleged accomplice, Christopher Hamilton, who was accused of laundering $105 million through the scheme in 2014. It will be added.

In August 2021, a British judge approved the extradition process for Hamilton to face change in the United States, and he was reportedly extradited at the beginning of September.

Related: Cryptocurrency ATMs Growing in Popularity as a Payment Method for Cryptocurrency Scams — FBI

Cryptoqueen’s brother Konstantin Ignatov, who at one point took over the reins of OneCoin, pleaded guilty to multiple money laundering and fraud-related charges in 2019, but two of his associates were found guilty in March 2020. It was the subject of a class action lawsuit and went to court.

The case of the missing crypto queen remains of intense interest to this day, as journalist and author Jamie Bartlett hosts a popular podcast on the topic via the BBC, which has published 11 episodes to date. It is targeted.

Bartlett also published a book on the whole ordeal in June The Missing Crypto Queen: The Billion Dollar Crypto Scam And The Woman Who Got It By, offer Public discussion on books at the Red Line Festival in South Dublin on 16th October.