OneCoin, founded in 2014 by Bulgarian-German national Ruja Ignatova, was marketed as a revolutionary cryptocurrency intended to rival Bitcoin. In reality, prosecutors have alleged, OneCoin had no functioning blockchain — the "coins" were mined on a centralized server controlled by Ignatova and her associates, with prices set internally rather than by any market mechanism. The scheme was structured as a multi-level marketing operation, recruiting investors through affiliate networks across more than 175 countries.

Total investor losses are estimated to exceed $4 billion, making OneCoin one of the largest cryptocurrency-themed frauds in history. The DOJ's newly-launched restitution process represents the first organized effort to return any recovered funds to victims.

To file a claim, victims must submit documentation of their OneCoin purchase (transaction records, email confirmations, or affiliate-program correspondence) through the dedicated DOJ Victim Notification System. Initial claim submissions will be accepted through August 15, 2026. The DOJ has indicated that distributions will be pro-rata based on documented loss amounts.

Ignatova herself remains a fugitive. She was last publicly seen on October 25, 2017, when she boarded a Ryanair flight from Sofia to Athens, and was added to international Top Ten Most Wanted Fugitives lists in June 2022. The Bureau maintains an active archival profile on Ignatova as case #MBI-ARCHIVE-CRYPTO-QUEEN.

Investigative reporting has speculated on Ignatova's possible whereabouts ranging from a yacht in the Mediterranean to safe houses in Russia, Dubai, or South Africa. None have been confirmed. Her brother, Konstantin Ignatov, was arrested in Los Angeles in March 2019 and pleaded guilty to wire fraud and money laundering conspiracy charges, ultimately receiving a reduced sentence for cooperation.