“Cryptoqueens” Associates Face Charges in German Court

• Ruja Ignatova, who is notoriously known as the “Cryptoqueen,” has evaded capture for five years.
• Three people who are associated OneCoin founder have appeared in a German court facing charges.

Three associates of OneCoin founder Ruja Ignatova have appeared in a German court facing charges over their alleged roles in a multibillion-dollar fraud operation.

The defendants are a husband and wife, who are allegedly accused of handling €320 million ($314.72 million) worth of OneCoin customers’ money. A Munich-based lawyer who worked for Ignatova is also accused of transferring €20 million ($19.7 million) via the Cayman Islands on her behalf to buy two apartments in London.

OneCoin was a cryptocurrency and trading project launched by Ignatova in 2014. Prosecutors say it was a scam designed to make customers believe they were investing in a cryptocurrency whose value was determined by market mechanisms. In reality, the coin’s value was fake and the mining process was simulated by software.

The defendants in the German court are accused of money laundering, fraud, and banking crimes. They could face up to 10 years in prison if convicted.

The latest charges against OneCoin associates add to the action taken against another alleged accomplice, Christopher Hamilton. Hamilton is accused of laundering $105 million through the scheme in 2014. He was extradited to the United States in September 2021 to face charges.

The FBI has offered a reward of up to $100,000 for information leading to the arrest of Ruja Ignatova, who is still at large. She is the subject of an international manhunt and is considered one of the FBI’s most wanted fugitives.

The charges against the three OneCoin associates in Germany are a major step forward in the fight against cryptocurrency fraud. They send a message to scammers that they will be held accountable for their crimes.