Damian Williams, the United States Attorney for the Southern District of New York today ruled that KARL SEBASTIAN GREENWOOD, who founded OneCoin along with RUJA IGNATOVA, popularly called “the Cryptoqueen,” is to spend 20 years behind bar for his involvement in the collosal OneCoin scam ring.
(US) – Sebastian Karl Greenwood, a co-founder of the fraudulent cryptocurrency OneCoin, has been sentenced to 20 years in a US prison.
Greenwood, a citizen of the UK and Sweden, was arrested in Thailand in July 2018 and pleaded guilty to wire fraud and money laundering in December.
He was accused of colluding with others, including Ruja Ignatova, known as the “Cryptoqueen,” who is currently on the FBI’s top 10 Most Wanted list. Together, they scammed more than $4 billion from investors.
OneCoin Deception: Pyramid scheme exposed
OneCoin, founded in Bulgaria in 2014, operated as a global pyramid scheme, leveraging the success of Bitcoin to deceive investors.
However, prosecutors revealed that OneCoin had no actual value and was conceived as a fraud from its inception.
The sentence was handed down by a federal judge in Manhattan, and many OneCoin victims were from the New York region.
Ruja Ignatova, who vanished in Greece in 2017, remains at large, with the FBI offering a reward of up to $250,000 for information leading to her arrest.