Co-founder of OneCoin Sentenced to 20 Years in Prison
Sebastian Greenwood, the co-founder of the multi-billion dollar cryptocurrency scheme OneCoin, has been sentenced to 20 years in prison. Greenwood was found guilty of conspiracy to commit wire fraud and securities fraud.
Alleged Murder of Ruja Ignatova
Ruja Ignatova, another co-founder of OneCoin, remains at large after being indicted on charges related to the scheme. There have been reports suggesting that Ignatova may have been killed by a drug lord in 2018. In January this year, a London penthouse believed to be owned by Ignatova was put up for sale for £11 million.
Money Spent on Personal Luxury Goods
The prosecutors claim that Greenwood personally made $300 million from the scheme, which he spent on luxury properties, travel, designer clothing, and other extravagant items. He has been ordered to forfeit this amount.
OneCoin’s Massive Fraud Scheme
According to Damian Williams, US Attorney for the Southern District of New York, Greenwood operated one of the largest fraud schemes in recorded history. OneCoin was promoted as a crypto-based pyramid scheme through a multi-level marketing (MLM) network.
The scheme managed to collect over $4 billion from more than 3.5 million victims worldwide between 2014 and 2016 alone. However, it was later revealed that OneCoins were worthless, leaving investors with nothing.
Hot Take: Justice Served for OneCoin Co-founder
The sentencing of Sebastian Greenwood brings some justice to the victims of the OneCoin fraud scheme. This case serves as a warning to anyone considering exploiting the cryptocurrency ecosystem through fraudulent activities. It is crucial for the financial sector to maintain integrity and protect investors from such scams.
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