Briton faces extradition to the United States in OneCoin case

The UK court rejected Christopher Hamilton’s bid to block his extradition to the United States in the OneCoin cryptocurrency pyramid scheme, according to Law360.

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U.S. authorities charged him with money laundering and fraud involving electronic means. He had asked the court to keep the proceedings within the jurisdiction of the country of which he is a citizen, arguing the offence occurred outside the United States.

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“Wherever the victims are located, it is in their interests that those responsible be brought to account. This factor weighs in favour of extradition.”

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This is not a final ruling and may be subject to appeal.

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The other named defendant, Robert McDonald, avoided extradition. According to the verdict, he is the guardian of his \”very ill\” wife and expressed \”clear and sincere suicidal intentions\” in the event of transfer to the United States. The court also noted a lack of clear evidence of financial gain by McDonald.

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The case against the Britons concerns laundering of $105 million tied to the OneCoin pyramid. Prosecutors say the funds were routed to accounts controlled by Hamilton in the name of Viola Asset Management. At that time McDonald worked for a regulatory-compliance firm.

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In 2014, Ruja Ignatova together with Sebastian Greenwood founded OneCoin, a Ponzi scheme.

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The project was marketed as a high-yield cryptocurrency, with investors earning profits not only from asset growth but also from recruiting new participants.

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Earlier, a judge in the Southern District of New York found OneCoin lawyer Mark Scott guilty of laundering nearly $400 million. Ignatova has been charged in the United States in absentia. Her whereabouts have been unknown since 2017.

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In March 2020, at Los Angeles International Airport, Konstantin Ignatov, brother of OneCoin’s founder, was arrested. He subsequently pleaded guilty on several counts.

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The U.S. government secured a delay in Ignatov’s sentencing, saying that cooperation with him was not yet complete.

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In August 2021, Italian authorities charged 14 people linked to OneCoin with fraud under aggravated circumstances. Prosecutors said that through local banks, transactions totaling around €11 million flowed to the pyramid.

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In May 2022 Europol added Ruja Ignatova to the list of most-wanted criminals and offered a reward of up to €5,000 for information about her.

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In July, the founder of OneCoin appeared on a similar list by FBI.

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