Brother of Cryptoqueen Released from Jail for OneCoin Scam
A U.S. court has ruled that Konstantin Ignatov, the brother of Cryptoqueen Ruja Ignatova, will not serve any additional time behind bars for his involvement in the $4 billion OneCoin cryptocurrency fraud. Ignatov was released from prison on March 5 after pleading guilty to assisting his sister in running the international crypto fraud scheme.
Ignatovโs Release and Sentencing
Following his guilty plea, Ignatov was sentenced by U.S. District Judge Edgardo Ramos to 34 months in prison, a term recommended by the prosecutors with whom he cooperated. However, since Ignatov had already spent that amount of time in jail before entering his plea, he was released.
Ignatova had hired her brother as her personal assistant during OneCoinโs peak period from Q4 2014 to Q3 2016. After her disappearance in 2017, Ignatov took over and became the de facto leader of the fraudulent scheme, according to prosecutors.
During the trial, Ignatov admitted to lying about disposing of his laptop in Las Vegas while testifying in an earlier proceeding. He also provided testimony against Mark Scott, a former OneCoin lawyer who was convicted of laundering $400 million from the scam and received a 10-year sentence in January.
In addition to his prison term, Ignatov was ordered by Judge Ramos to serve two years of supervised release and forfeit $118,000.
Status of Cryptoqueen
Ruja Ignatova, also known as the Cryptoqueen, has been on the run since 2017. While she is included on the Federal Bureau of Investigationโs Ten Most Wanted list, there are rumors circulating that she may have been killed by a local drug lord in 2018.
Other Executives Sentenced
Ignatov and Scott are not the only former executives of OneCoin facing legal consequences for their involvement in the fraudulent scheme. Karl Sebastian Greenwood, co-founder of OneCoin and Ignatovaโs partner, was sentenced to 20 years in prison in September for his role in the fraud. Greenwood profited $300 million from OneCoin and used the funds for extravagant trips, clothing, and properties.
Irina Dilkinska, OneCoinโs head of legal and compliance, pleaded guilty in November and could face a maximum of 10 years in prison for her part in the project.
Hot Take: OneCoin Scam Continues to Unfold
The release of Konstantin Ignatov brings another chapter to the ongoing saga of the OneCoin cryptocurrency fraud. While Ignatov will not serve any additional time behind bars, other key players involved in the scheme have faced significant consequences. The whereabouts of Cryptoqueen Ruja Ignatova remain unknown, leaving speculation about her fate. As investigations continue and more individuals are sentenced, the full extent of the OneCoin scam is gradually coming to light.
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