Justice Department Opens Remission Process for OneCoin Victims

The US Department of Justice has initiated a remission process to help victims of OneCoin, one of the largest cryptocurrency scams in recent years. According to the announcement, individuals who purchased OneCoin tokens between 2014 and 2019 can submit a petition through an official website or request the form by contacting the appointed Remission Administrator.

The development marks a significant step towards returning funds to those harmed by the scam. The remission process is being managed by the Criminal Division's Money Laundering, Narcotics, and Forfeiture Section in collaboration with Kroll Settlement Administration LLC as the designated administrator.

OneCoin, co-founded by Ruja Ignatova and Karl Sebastian Greenwood, marketed and sold a fraudulent cryptocurrency through a global multi-level-marketing network. The scheme drained more than $4 billion from victims worldwide. Greenwood pleaded guilty and was sentenced to 20 years in prison with $300 million in restitution.