The US Department of Justice announced the launch of a compensation plan for victims of the OneCoin cryptocurrency scam, with more than $40 million in assets recovered now available for distribution.
The scheme, which was run between 2014 and 2019 by Ruja Ignatova and Karl Sebastian Greenwood, defrauded investors around the world of more than 4 billion dollars.
Marketed as a legitimate cryptocurrency through the global Internet of many auctions, OneCoin was later exposed as a fraudulent operation built on false and misleading claims.
Department of Justice he says victims who bought OneCoin at that time may now be eligible to recover part of their losses through the amnesty process.
Complaints must be submitted by June 30th through the complaint system managed by the department’s forfeiture program.
Officials are highlighting the scale of the scam, with one official saying that victims were misled by false statements and false promises about money that never worked as advertised.
The Department of Justice is also warning victims to be wary of second-hand scams, emphasizing that no payment is required to participate in the compensation process.
The case remains one of the largest cryptocurrency scams on record, and efforts to identify and recover other assets are ongoing.
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