OneCoin Scam Opens Path For Compensation
The OneCoin scam has taken a significant turn as the US Justice Department (DOJ) has announced a compensation process for victims, with over $40 million in forfeited assets available for victim compensation.
Background of the OneCoin Scam
The OneCoin scam was an international cryptocurrency investment scheme that operated from 2014 to 2019, relying on deception to draw in investors worldwide. The scheme was orchestrated by co-founders Ruja Ignatova and Karl Sebastian Greenwood, with prosecutors stating that it resulted in losses totaling over $4 billion worldwide.
Compensation Process for Victims
The DOJ has stated that the compensation process will rely on a petition submission, with eligible victims able to seek compensation through this process. The agency has clarified that submissions must be mailed, emailed, or submitted online along with supporting documentation by the deadline of Tuesday, June 30, 2026. Assistant Attorney General A. Tysen Duva said that victims are central to the department's work, and that the DOJ pursues forfeiture to "take the profit out of crime" and then use that money to compensate victims where possible.
Eligibility Criteria
- Victims who purchased OneCoin cryptocurrency between 2014 and 2019 are eligible to seek compensation.
- Submissions must be accompanied by supporting documentation.
- The deadline for submissions is Tuesday, June 30, 2026.
Key Takeaways
- The OneCoin scam has resulted in over $4 billion in losses worldwide.
- The DOJ has announced a compensation process for victims, with over $40 million in forfeited assets available.
- Eligible victims can seek compensation through a petition submission process.
- The deadline for submissions is Tuesday, June 30, 2026.
Frequently Asked Questions
What is the OneCoin scam?
The OneCoin scam was an international cryptocurrency investment scheme that operated from 2014 to 2019, relying on deception to draw in investors worldwide.
How can victims seek compensation?
Victims can seek compensation through a petition submission process, with submissions requiring supporting documentation and meeting the deadline of Tuesday, June 30, 2026.
