Frank Schneider, the former Deputy Director of Luxembourg’s intelligence service, is wanted by the US for his role in a $4 billion cryptocurrency scam. Schneider, who was under house arrest in France, disappeared last month. He had previously worked for Luxembourg’s spy agency and later started his own security firm, Sandstone. His name was often mentioned in a spy scandal that led to the downfall of Luxembourg’s Prime Minister.
Schneider had been working for Dr. Ruja Ignatova, the alleged mastermind behind the OneCoin cryptocurrency scam. Ignatova, an Oxford-educated businesswoman, founded OneCoin in 2014, claiming it operated similarly to Bitcoin. However, it was later revealed that OneCoin was a fraudulent scheme with no actual cryptocurrency backing it. Ignatova was indicted on multiple charges but disappeared in 2017.
Ignatova remains at large and is considered responsible for one of the largest cryptocurrency frauds in history, defrauding investors of at least $4 billion. The FBI is offering a reward for information leading to her arrest. Schneider, who is accused of enabling Ignatova’s fraudulent schemes, was arrested in France in 2021 on an international warrant issued by New York authorities.+
Schneider was under house arrest in France, with his location monitored by an ankle device. He faces a maximum sentence of 40 years in the US for money laundering and fraud. His extradition to the US was approved by French authorities. However, Schneider managed to disable his ankle monitor and disappear. His disappearance was not publicly revealed until a month later.