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I just found out that the U.S. Department of Justice is processing compensation for the victims of OneCoin, and honestly, I was surprised to see that there are more than $40 million available. I thought this case was already forgotten, but apparently it remains a serious issue.
For context, OneCoin was one of the biggest cryptocurrency scams I have ever seen. Created in Bulgaria in 2014 by Ruja Ignatova and Karl Sebastian Greenwood, they promoted it as the second most valuable cryptocurrency in the world. It sounds ridiculous now, but at the time, they convinced millions of people. The problem was that the token never had real value; it was pure smoke.
The crazy part is the scale of the damage: around 3.5 million victims lost more than $40 billion, some estimates go up to $190 billion. Greenwood was sentenced to 20 years in 2023, but Ignatova disappeared in 2017 and remains on the FBI’s top 10 most wanted list, with a $5 million reward for information about her.
Now, those who bought OneCoin between 2014 and 2019 and suffered net losses can apply for compensation. It’s not that they will recover everything lost, but at least it’s something. I wonder how many victims even know about this.