The FBI is urging people who lost money in the international OneCoin cryptocurrency fraud to file for compensation through a Justice Department program before the fast-approaching deadline
If you or someone you know lost money in the OneCoin cryptocurrency scheme, the clock is ticking on a chance to get some of it back. According to the FBI, the agency is urging victims who suffered a net loss to apply for compensation through a Justice Department program before the June 30 deadline.
The FBI said the Justice Department launched the remissions process, along with an official website, onecoinremission.com, on April 13. According to the agency, people who bought OneCoin between 2014 and 2019 and lost money as a direct result of the scheme can file petitions to seek compensation. The FBI said petitions can be filed by mail, email, or an online form — though it noted that filing does not guarantee payment.
“Misled by falsified statements and empty promises, many unknowingly depleted their savings for a fraudulent investment scheme,” said FBI New York Assistant Director in Charge James C. Barnacle Jr. in a Justice Department release, adding that the FBI is committed to returning stolen funds to their rightful owners.
How the Scheme Worked
According to the FBI, OneCoin was co-founded around 2014 by Ruja Ignatova and Karl Sebastian Greenwood, and marketed as a new virtual currency billed as a “Bitcoin killer.” The agency said the pitch played on the fear of having missed out on Bitcoin, promising investors a chance to get in early on what was sold as the next big cryptocurrency.
The FBI said the operators used a multi-level marketing structure: investors bought OneCoin “packages,” then earned commissions by selling more packages to friends and family, who were encouraged to do the same. The agency said that strategy drove rapid growth — but the investments were ultimately worthless, and investors collectively lost the equivalent of more than $4 billion.
Where the Case Stands
According to the FBI, co-founder Greenwood was arrested in Thailand in 2018, extradited to the U.S., and sentenced in September 2023 to 20 years in prison. Ignatova, however, remains a fugitive. The agency said the U.S. State Department is offering a reward of up to $5 million for information leading to her arrest or conviction, describing her as well-funded and well-connected with overseas actors. Anyone with information on her whereabouts can call 1-800-CALL-FBI or submit a tip at tips.fbi.gov.
Protecting Yourself From Crypto Scams
The FBI said anyone who believes they’re a victim of cryptocurrency investment fraud should file a report at the agency’s Internet Crime Complaint Center at ic3.gov. The agency’s advice if you suspect a scam: stop sending money to the suspected criminals immediately, and don’t tip them off that the FBI may be involved, since that can compromise an investigation.
