Guernsey authorities seized assets worth $11.4 million related to the OneCoin fraud case

According to Decrypt, the authorities of the British Crown dependency of Guernsey have approved the confiscation of $11.4 million (£9 million) in assets related to the OneCoin fraud case, based on their Proceeds of Crime Law, at the request of the German authorities in Bielefeld.

The funds are held in an account at RBS International Bank in Guernsey. The confiscated assets represent only about 0.2% of the total losses from OneCoin, reflecting the significant difficulty in fully recovering assets in cryptocurrency fraud cases.