Crypto Queen Adviser, Under House Arrest, Goes Missing Before Facing US Justice

Frank Schneider, former “crisis manager” and security advisor for OneCoin’s mastermind Ruja Ignatova, has vanished ahead of facing legal charges in the United States, mirroring his ex-boss’s behavior. Schneider is on the run from French authorities while facing extradition to the US after being placed under house arrest. 

The Crypto Queen Accomplice Evades Justice, Questions Fair Trial

Accused of participating in a massive cryptocurrency scam worth $4 billion, Schneider could end up with a maximum of 40 years in prison on charges of fraud and money laundering. Schneider was granted house arrest after a seven-month incarceration by French authorities who captured him in April 2021 while crossing the Luxembourg border. Astonishingly, he managed to evade electronic surveillance, despite wearing an ankle tag, according to French officials who confirmed the development to the BBC. 

Schneider has resided in a French village during this period and given interviews while lobbying with his legal team to fight extradition. During an interview conducted in August 2022, Schneider expressed doubts about receiving a fair trial in the US and conveyed his concerns to the BBC, saying that he “fears that he has not got access to a legal system in which he can defend himself properly” and that “the system is very much based on so-called plea bargaining.” 

Crypto Queen Adviser, Under House Arrest, Goes Missing Before Facing Us Justice

Crypto Queen: OneCoin Scam Unraveled

The OneCoin cryptocurrency scam, founded in 2014 by Bulgarian national Ruja Ignatova (known as the Crypto Queen), promised investors unique returns on investments in the cryptocurrency. Ignatova fastidiously marketed the company, attracting investors from all walks of life. However, in 2017, investigations by authorities around the world started to expose the fraudulent nature of OneCoin. As pressure mounted, Ignatova disappeared from the public eye in late 2017, leaving behind a trail of disgruntled investors seeking answers. 

Schneider’s arrest raised expectations among the victims of the OneCoin scam, who believed it would lead to the recovery of their investments. However, his subsequent release under house arrest and evasion of electronic monitoring are a setback for justice seekers.

Featured image from Slate/Getty Images Plus

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