Guernsey Seizes $11.4M in Assets Linked to OneCoin Fraud

Guernsey authorities have seized $11.4 million (£9 million) in assets tied to the OneCoin cryptocurrency fraud, one of the largest crypto scams in history. The assets, held under the name Aquitaine Group Limited at RBS International in Guernsey, were frozen following a Royal Court decision upholding a forfeiture order from German prosecutors in Bielefeld. The seizure was made under updated 2024 proceeds of crime laws. The recovered funds represent approximately 0.2% of total estimated losses from the scheme, which collapsed in 2017 after Ruja Ignatova, known as the “Cryptoqueen,” vanished. Despite international efforts, including FBI and Europol listings, her whereabouts remain unknown. Experts note that modern on-chain detection tools could have flagged fraudulent activity earlier, but privacy-enhancing technologies now complicate recovery. Still, advancements in real-time monitoring offer hope for early intervention in future schemes.