“Sebastian Karl Greenwood jailed in $4 Billion Crypto Sacm, while the hunt for the missing co-conspirator remains the same”
- Karl Sebastian Greenwood, co-founder of the false cryptocurrency OneCoin, was sentenced to 20 years in jail in the United States.
- Over 3.5 million people worldwide were duped out of more than $4 billion by OneCoin.
- Greenwood pleaded guilty to counts of wire fraud and money laundering.
- Ruja Ignatova, also known as the ‘Cryptoqueen,’ remains on the FBI’s Most Wanted list.
- OneCoin was seen as a legitimate cryptocurrency, however, it lacked any real value.
- Greenwood’s sentence should act as a deterrent to Bitcoin fraud in the financial industry.
Unraveling the OneCoin Scandal: Co-Founder Sentenced, ‘Cryptoqueen’ Still at Large
Karl Sebastian Greenwood, co-founder of the infamous OneCoin pyramid scheme, has been sentenced to 20 years in a US prison for a momentous event in the world of cryptocurrencies. The case, which has received a worldwide spotlight, sheds light on one of the greatest cryptocurrency frauds in history, including more than $4 billion and over 3.5 million victims globally.
The OneCoin Swindle: A $4 Billion Scam
OneCoin, which was launched in Bulgaria in 2014, marketed itself as a reputable cryptocurrency with huge potential rewards. Investors were promised the chance to mine tokens and were attracted by the idea of a cryptocurrency identical to Bitcoin. In reality, OneCoin was a fraud with no true value on the blockchain. Moreover, this means to reward investors for bringing in new players.
Karl Greenwood’s Position: ‘Global Master Distributor
Karl Sebastian Greenwood, a dual citizen of the United Kingdom and Sweden, was a key contributor in the OneCoin operation. He was a “global master distributor” and oversaw the multilevel marketing network for marketing and selling the fake coin. Greenwood’s position enabled him to collect a sizable 5% of OneCoin’s monthly revenue from anywhere in the world, totaling more than $300 million.
Ruja Ignatova, the elusive ‘Cryptoqueen,’ is still at large.
While Greenwood was available in court, his co-conspirator and OneCoin’s face, Ruja Ignatova, also known as the ‘Cryptoqueen,’ is still on the run. Ignatova fled from the public eye in 2017, disappearing in Greece, and has not been seen since. She was accused of fraud and money laundering in 2017 and is now on the FBI’s Top Ten Most Wanted list.
Greenwood’s Sentence: A Warning to Future Con artists
Karl Sebastian Greenwood’s sentence of two decades in prison sends a strong message to anyone involved in Bitcoin fraud. The U.S. led this case. District Judge Edgardo Ramos, also ordered Greenwood to forfeit $300 million, the approximate amount he had collected from the fraudulent operation. This lengthy sentence has set an example to serve as a deterrent. Moreover, discourages others from exploiting the cryptocurrency ecosystem through fraud.
The Search for the ‘Cryptoqueen’ Continues
The mystery of Ruja Ignatova’s location continues to intrigue viewers. ‘The Missing Cryptoqueen,’ a BBC podcast, has been covering the search for Ignatova, probing her rise to notoriety as the public face of OneCoin and her subsequent disappearance. The FBI has offered a $250,000 reward for information leading to her capture, emphasizing the gravity of her alleged offenses.
The OneCoin story serves as an important lesson in the cryptocurrency industry, emphasizing the significance of conducting proper research and exercising skepticism when presented with investment offers that appear too good to be true. As the hunt for the ‘Cryptoqueen’ continues, the case against OneCoin’s co-conspirators emphasizes the importance of regulatory vigilance and investor education in the growing digital currency world.