OneCoin Co-Founder Sentenced to 20 Years in Prison for Massive Cryptocurrency Scam
A judge has handed down a 20-year prison sentence to Karl Sebastian Greenwood, a key co-founder of OneCoin, for orchestrating a cryptocurrency scam that defrauded investors out of over $4 billion. Greenwood marketed OneCoin as a legitimate alternative to Bitcoin, but it was actually a worthless project from the beginning. He used a pyramid scheme to deceive recruits with promises of wealth.
Greenwood’s Lavish Lifestyle at the Expense of Others
As the top distributor for OneCoin, Greenwood earned over $200 million in commissions within two years. However, he lived a life of luxury funded by his ill-gotten gains. He spent money on designer clothes, expensive watches, properties abroad, and even made a down payment on a luxury yacht. The scam also funded his first-class travel on a private OneCoin jet and stays at five-star resorts and rented beach villas.
Co-Founder Ruja Ignatova Still on the Run
Ruja Ignatova, Greenwood’s partner and co-founder of OneCoin, remains at large. She disappeared in 2017 after being indicted on fraud and money laundering charges. Ignatova acted as the public face of OneCoin, using flashy marketing events to promote the scam. Despite promising huge wealth to investors, she knew it was all a fraud. The FBI has listed her as one of their most wanted criminals with a $100,000 reward for information leading to her arrest.
Hot Take: Massive OneCoin Scam Ends in Prison Sentence
The sentencing of Karl Sebastian Greenwood for his role in the OneCoin cryptocurrency scam serves as a reminder of the risks associated with fraudulent schemes in the crypto industry. Investors should always exercise caution and conduct thorough research before investing in any project. The case also highlights the importance of regulatory oversight to protect investors from such scams. With co-founder Ruja Ignatova still at large, it is crucial for law enforcement agencies to continue their efforts in bringing her to justice and recovering funds for the victims.
By
By
By
By
By
By