20 years in prison for founder OneCoin: 3.75 billion euros crypto fraud

More and more people involved in OneCoin, one of the largest crypto scams of all time launched in 2014, are ending up behind bars. One of the founders of the large-scale pyramid scheme has now been sentenced to a prison sentence of no less than 20 years. OneCoin was considered a serious competitor to Bitcoin (BTC) in 2016, but ultimately lost up to $4 billion.

Co-founder of the “Bitcoin Killer” under wraps

OneCoin was launched in late 2014 as an alternative to Bitcoin that was intended to transform the financial system. The company sold educational materials in so-called investment packages, and OneCoin investors received commissions for recruiting new investors.

The company was based in Bulgaria and was founded by Ruja Ignatova, better known as the “Crypto Queen,” and Karl Sebastian Greenwood. The latter was convicted in New York on Tuesday, September 11, according to Bloomberg.

Greenwood, a native of Sweden, was one of the main promoters and marketers of OneCoin and participated in attracting investors to the project. Prosecutors alleged he made $300 million in the classic Ponzi scam and used some of the money to buy luxury items such as designer clothes and a down payment on a Sunseeker yacht.

Late last year, Crypto Insiders reported that Greenwood had admitted to a slew of criminal charges, including Wire transfer frauda conspiracy to Wire transfer fraud and money laundering.

Greenwood was handcuffed in Thailand in 2018 and subsequently extradited to the United States.

Other OneCoin executives

Greenwood is not the first at the top of OneCoin to have to pay for the multi-billion dollar fraud. Earlier this year, it was revealed that co-founder Ignatova’s ex-lover, Gilbert Armenta, would spend five years in prison. He is alleged to have laundered $300 million in profits from the OneCoin operation

Next to it hangs Irina Dilkinska, former director of “Law and Compliance” With OneCoin you face a prison sentence of up to 40 years. According to American authorities, she laundered $400 million and also destroyed evidence.

However, the above-mentioned Ignatova has disappeared from the face of the earth since 2017 and was destroyed by the American authorities Federal Office of Investigation (FBI) on the “Top 10 Most Wanted” list, which simply means she is one of the most wanted criminals in the world.

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