• Christopher Hamilton is accused of working with Onecoin Ponzi scheme leaders who made away with billions of dollars stolen from unsuspecting investors.
• The alleged money launderer lost his bid to avoid extradition to the U.S following an appeal to be prosecuted in the U.K.

A U.K court has denied Christopher Hamilton, one of the accused persons in the OneCoin cryptocurrency Ponzi scheme, prayers to have an extradition request against him by the US set aside.

According to a report by LAW360, the alleged money launderer lost his bid to avoid extradition on Tuesday, despite attempts to convince the court that since most of the fraud was committed outside the U.S. he should be prosecuted in the U.K.

However, according to the presiding judge, the City of London Police had shelved their investigation on the matter in 2019,  further signaling that the UK was not interested in prosecuting those behind the OneCoin scheme.

“There appears to be no indication, still less certainty, of a prosecution here in the U.K.,” said Judge Rimmer.

Wherever victims are based, it is in their interests for perpetrators involved to be prosecuted rather than not to be. This factor weighs in favour of extradition.

Hamilton is being sought after by the U.S. for helping launder $105 million connected to the OneCoin Ponzi scheme through shell companies. Previously, the same court granted Robert McDonald, Hamilton’s co-accused a request not to be extradited on humanitarian grounds.

At the time, McDonald had sought the court to consider his chronically ailing wife’s situation noting that he was the primary caregiver and that extraditing him would unfairly infringe on his right to respect for private and family life. In granting the request, judge Rimmer also noted that there had been ”no apparent evidence of monetary gain by Robert MacDonald (or indications e.eg of a lavish lifestyle)” signaling that charges against him could potentially be dropped.

That said, Hamilton still has some room to appeal the decision after which it will be approved by the Secretary of State.

The OneCoin Ponzi scheme

The OneCoin saga is by far considered one of the worst scandals in the history of cryptocurrencies. Led by the now international fugitive Ruga Ignatova aka “Cryptoqueen” OneCoin dates back as early as 2014 when it started as a shady multi-level marketing company before diving into the crypto world. At the height of its collapse, the company claimed to have over 3 million people investing in its “One Coin” cryptocurrency and its suite of other products.

In June, the FBI added Ruga Ignatova to its most wanted fugitive list alleging that she defrauded investors more than $4 billion through OneCoin. Last month, Europol also added her noting that as the driving force and intellectual inventor of the alleged cryptocurrency “OneCoin” she had “induced investors all over the world to invest in a worthless currency.”