Cryptocurrency Rip-off: Advised by US, Ex-Luxembourg Spy

The Nancy State Legal professional’s Workplace has issued an arrest warrant for Frank Schneider, a former Luxembourg intelligence officer who was to be extradited to america in reference to a cryptocurrency fraud investigation.

After spending eight years in Luxembourg intelligence, Franck Schneider moved to financial intelligence in 2008, creating Sandstone, an organization that labored on cryptocurrency agency OneCoin, Luxembourg media outlet Virgule reported.

Residing in Lorraine for the reason that identical yr, he was the topic of an extradition request by a US choose despatched to French authorities on February 4, 2021. He was arrested in France on April 29, 2021. In January 2022, an appeals courtroom dominated in opposition to Nancy to extradite to america, which was upheld by the courtroom.

Pending this extradition, he was positioned below home arrest below an digital bracelet. An arrest warrant has been issued in opposition to him, Nancy’s public prosecutor’s workplace advised AFP, confirming data from Luxembourg Radio 100.7.

When requested, his lawyer Emmanuel Marcigny declined to remark. The US Division of Justice is searching for the previous quantity three of the Luxembourg intelligence companies in an investigation into the fraudulent cryptocurrency “OneCoin” that defrauded its customers of billions of {dollars} between 2014 and 2019.

Thought-about “one of many largest frauds in historical past” by the British newspaper The Occasions in December 2019, the Madoff system concerned paying traders with funds introduced in by new traders. A citizen of the Grand Duchy is being prosecuted in america for conspiracy to commit wire fraud and cash laundering below the phrases of the Court docket of Cassation ruling.