OneCoin Co-Founder; In a significant development in the world of cryptocurrency, Karl Greenwood, the co-founder of the infamous OneCoin cryptocurrency, has been handed a 20-year prison sentence. This decision comes after Greenwood’s admission of guilt in December to charges of wire fraud and money laundering. (USnewsSphere.com)
OneCoin Co-Founder:
OneCoin, which originated in Bulgaria in 2014, is notorious for being one of the most extensive pyramid schemes in the crypto realm. The scheme managed to deceive millions of investors globally, accumulating over $4 billion in the process. The Department of Justice (DOJ) highlighted that between 2014 and 2016, at least 3.5 million people were lured into this fraudulent scheme.
The operation was primarily driven through a multi-level marketing structure. This structure incentivized OneCoin members with commissions for bringing in more people to invest in their crypto packages. Greenwood, being the top distributor, earned a staggering 5% of all OneCoin sales, which amounted to more than $300 million.
However, the spotlight remains on Greenwood’s partner, Ruja Ignatova, famously dubbed the “Cryptoqueen.” Ignatova is currently on the FBI’s Top 10 Most Wanted list and has successfully evaded authorities. The DOJ mentioned that after a federal warrant was issued for her arrest in October 2017, Ignatova was last seen flying from Bulgaria to Athens, Greece. Since then, her whereabouts remain a mystery.
The FBI has announced a reward of up to $250,000 for any information leading to Ignatova’s capture. It’s worth noting that Ignatova might have altered her appearance or undergone plastic surgery and is suspected to be traveling with armed personnel.
U.S. Attorney Damian Williams emphasized the gravity of Greenwood’s crimes, stating that he “operated one of the largest fraud schemes ever perpetrated.” He expressed hope that this verdict would serve as a deterrent to potential fraudsters in the financial sector. [cnn.com]
In a nutshell, while Greenwood faces the consequences of his actions, the hunt for the elusive “Cryptoqueen” continues. The OneCoin saga serves as a stark reminder of the potential pitfalls in the cryptocurrency world and the importance of investor vigilance.
