Report: Co-Founder of Notorious Ponzi Scheme OneCoin Sentenced to 20 Years in Prison

Report: Co-Founder of Notorious Ponzi Scheme OneCoin Sentenced to 20 Years in Prison

Co-founder of OneCoin Sentenced to 20 Years in Prison

Karl Sebastian Greenwood, who was involved in the infamous OneCoin scam and worked closely with Ruja Ignatova, also known as “Cryptoqueen,” has been sentenced to 20 years in prison. Ignatova, who was on the FBI’s Ten Most Wanted Fugitives list, is rumored to have been murdered in 2018.

Main Promoter of OneCoin Project Sentenced

Karl Sebastian Greenwood, a Swedish citizen, was sentenced on September 11 in New York for his role as the main promoter of the OneCoin project. Prosecutors claim that Greenwood made $300 million from the Ponzi scheme and used the money to fund a lavish lifestyle, including luxury items and properties in various countries. He was arrested in Thailand in 2018 and extradited to the United States.

Admission of Guilt and Leniency Plea

Greenwood admitted to knowingly promoting OneCoin and defrauding investors. He pleaded guilty to his crimes in December 2022 and begged for leniency from the court. Greenwood claimed that he suffered harsh conditions while being detained in Thailand and the US.

The OneCoin Scam

The Bulgaria-based OneCoin project, founded by Ruja Ignatova, stole over $4 billion from investors worldwide. Ignatova and her team marketed OneCoin as a rival to Bitcoin, successfully convincing people to invest in their cryptocurrency.

Other Executives Facing Charges

In addition to Greenwood, Irina Dilkinska, the former head of legal and compliance for OneCoin, is facing charges in the US. She could receive a maximum sentence of 40 years for wire fraud and alleged money laundering violations. Ignatova’s ex-boyfriend, Gilbert Armenta, was sentenced to five years in prison for promoting OneCoin and laundering money from the scam.

The Mystery of Cryptoqueen’s Whereabouts

While OneCoin executives are serving their prison sentences, Ruja Ignatova remains at large. There have been reports that she was last seen in Athens, Greece in 2017 and speculation that she is hiding on a yacht in the Mediterranean Sea. Bulgarian sources suggest that Ignatova may have been murdered in 2018 on the orders of a local drug lord. The FBI has included her on their “Ten Most Wanted Fugitives” list with a $100,000 reward for information leading to her arrest.

Hot Take: The Fall of OneCoin and the Elusive Cryptoqueen

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The sentencing of Karl Sebastian Greenwood marks another significant development in the downfall of the OneCoin scam. While some key figures involved in the project are facing justice, including Greenwood himself, the mastermind behind it all, Ruja Ignatova, remains on the run. The mystery surrounding Ignatova’s whereabouts and fate adds intrigue to this high-profile case. As authorities continue their efforts to locate and bring her to justice, it serves as a stark reminder of the need for vigilance and caution when investing in cryptocurrencies. The OneCoin saga serves as a cautionary tale for those who may be tempted by promises of quick riches and highlights the importance of thorough research and due diligence before getting involved in any crypto project.

Report: Co-Founder of Notorious Ponzi Scheme OneCoin Sentenced to 20 Years in Prison
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