Accomplice of 'Cryptoqueen' Ruja Ignatova faces extradition to US: Report

Published at: Aug. 31, 2022

Christopher Hamilton, a British national allegedly connected to ‘Cryptoqueen’ Ruja Ignatova’s cryptocurrency scheme OneCoin, reportedly faces extradition to the United States on charges related to a scam going back to 2014.

According to a Tuesday report from legal news outlet Law360, a judge in the United Kingdom will allow the process to move forward for Hamilton to be extradited to the U.S. on charges of wire fraud and money laundering. Hamilton was allegedly involved in laundering $105 million through the crypto Ponzi scheme OneCoin, which defrauded more than 3 million investors of more than $4 billion through the sale of packages starting in 2014.

A judge cleared the way Tuesday for a British man to be extradited to the U.S. to face money laundering and wire fraud charges stemming from the global OneCoin cryptocurrency scam. https://t.co/6nDFizeCt9

— Law360 (@Law360) August 30, 2022

Under a bilateral extradition agreement between the U.S. and United Kingdom signed in 2003, an executive authority of the U.K. government — in this case, likely Home Secretary Priti Patel — will decide whether to proceed with Hamilton’s transfer to U.S. custody. According to the U.S. Department of Justice, the extradition process “can take many months or even years to complete.” Hamilton will also likely be able to appeal the decision.

Related: Alexander Vinnik reportedly en route to the US after extradition

Ignatova received a place on the FBI's Ten Most Wanted list in June for her alleged involvement in the crypto Ponzi scheme. According to the FBI, the Cryptoqueen's last known location was in Athens in 2017. The bureau offered to pay up to $100,000 for information leading to her arrest. Europol is also offering a 5,000-euro reward for “crucial information" related to Ignatova's whereabouts.

“Ignatova allegedly made false statements and representations about OneCoin to draw people to invest in OneCoin packages,” said the FBI in June. “According to investigators, Ignatova and her partner also promoted OneCoin through a multi-level marketing strategy that urged OneCoin investors to sell additional packages to friends and family.”

Tags
Regulation
United States
Law
United Kingdom
Scams
Related Posts
Abramoff-linked crypto firm says SEC has no case against it
The NAC Foundation has accused the United States Securities and Exchange Commission of misconduct in an ongoing case. According to court documents Oct. 20, Rowland Marcus Andrade and his company NAC Foundation asked a San Francisco federal judge to dismiss the SEC’s June lawsuit alleging that he and his associate Jack Abramoff defrauded investors in a $5.6 million token offering. Andrade argued that the SEC “purposefully attempted to mislead the court” by accusing him of offering a technology that had never been developed. According to the defendant, the SEC was aware that he held patents for Anti-Money Laundering technology related …
Regulation / Oct. 21, 2020
US: New bill would legally recognize digital signatures on a blockchain
Rep. David Schweikert, a Republican congressperson from Arizona, has referred a new bill to the House Committee on Energy and Commerce that, if passed, would recognize digital signatures on the blockchain as enforceable by law. This is particularly important for the enforceability of smart contracts, which automate transactions or other contractual obligations according to binding, pre-specified rules. Smart-contract advocates have long used the adage "Code is law," and the new bill, if approved, could make this a statutory reality. According to public records, the bill was referred to the committee on Friday. A summary of the bill, H.R. 8524, outlines …
Blockchain / Oct. 5, 2020
A life after crime: What happens to crypto seized in criminal investigations?
Earlier this year, during the annual Queen’s Speech in the United Kingdom, Prince Charles informed the Parliament about two bills. One of them — the Economic Crime and Corporate Transparency Bill — would expand the government’s powers to seize and recover crypto assets. Meanwhile, the United States Internal Revenue Service (IRS) seized more than $3 billion worth of crypto in 2021. As digital currencies’ monetary stock grows and enforcers’ scrutiny over the maturing industry tightens, the amount of seized funds will inevitably increase. But where do these funds go, assuming they aren’t returned to the victims of scams and fraud? …
Adoption / June 5, 2022
The SEC is bullying Kim Kardashian, and it could chill the influencer economy
The Securities and Exchange Commission announced on Oct. 3 that Kim Kardashian settled an allegation that she promoted “a crypto asset security offered and sold by EthereumMax without disclosing the payment [of $250,000] she received for the promotion.” While she cooperated and closed the case with $1.26 million in penalties, the charge highlights the liability that “influencers” increasingly face as a result of an activist SEC that has failed to establish regulatory clarity. Pushing influencers to leave the United States Addressing the agency’s action against Kardashian, Jacob Robinson, a legal scholar and host of the Law and Code podcast, noted …
Regulation / Oct. 3, 2022
More laws are the solution for taking down crypto influencers
However, the crypto space is notoriously fickle, and the collapse of once-established companies such as Celsius and FTX are stark examples of how people can lose billions of dollars in crypto assets almost overnight. For this reason, celebrity influencers should be thoroughly educated on a crypto product before promoting it. With so much at stake, this is a point that shouldn’t be overlooked by anyone in the industry. Because of these huge risks, regulators are now asking questions regarding the ethics of celebrities using their considerable pull to draw people into crypto. And they’re not stopping at that; more jurisdictions …
Regulation / Nov. 27, 2022