Karl Sebastian Greenwood, one of the co-founders of the OneCoin financial pyramid, pleaded guilty to charges brought against him by the US Department of Justice. According to the authorities, he committed bank fraud, deliberately misleading consumers and money laundering – for which he is facing a total of 60 years in prison. However, Ruja Ignatova, the originator of OneCoin, is still at large, suspected of extorting over 3.5 billion pounds, and is on the list of the most wanted people in Europe and the USA.
OneCoin is called one of the largest international pyramid schemes ever revealed
The OneCoin token was advertised as a “Bitcoin killer”, but from the beginning it was a project sewn with thick threads
The Greenwood trial proves that the authorities are looking at cryptocurrencies and intend to enforce the law regardless of national borders
The partner of the Comparic.pl portal is Saxo Bank, offering access to over 60,000 investment products
OneCoin deceived 3 million investors, now its creators will spend the rest of their lives in prison
The OneCoin global financial pyramid was established in 2014 and for years operated under the guise of a cryptocurrency project. After its collapse, the FBI found that its clients were presented with false business and technical reports, and the funds were raised solely from deposits of new users joining the Ponzi scheme. The creators of the project benefited from the naivety and the vision of passively earning their victims. The founders of OneCoin defrauded over 3 million investors from around the world for about $ 4 billion. The growing value of the pseudo-cryptocurrency belonging to the project, presented by them, was false from the beginning, and the mining process itself was only simulated. Last week, one of the co-founders of the project, Karl Sebastian Greenwood (in 2018 arrested in Thailand and deported to the United States) pleaded guilty to charges against him, including: participation in a criminal group, money laundering, or knowingly introducing clients in error. – As the founder and leader of OneCoin, Karl Sebastian Greenwood headed one of the largest international Ponzi schemes ever exposed. Greenwood and his associates, including the wanted Ruja Ignatova, extorted more than $4 billion from their victims, claiming that OneCoin would be a “Bitcoin killer”. In fact, OneCoins were completely worthless, US prosecutor Damian Williams told the media in an interview. According to prosecutors, the role played by the defendant in OneCoin earned him a monthly salary of $21.2 million. Members of this multi-level financial pyramid received commissions for the sale of so-called packages that allow for the alleged mining of pseudo-cryptocurrency.
It is worth noting that OneCoin could be exchanged for Fiat currency only on the private Xcoinx exchange belonging, as it turned out later, to the aforementioned pyramid. Karl Sebastian Greenwood is to stand trial in early April 2023, and the indictment shows that he faces up to 60 years in prison, which in the case of a 45-year-old will mean life imprisonment. The world media has been involved in the case for years, so the court can use the opportunity as a message to all those who are trying to use the cryptocurrency ecosystem for nefarious purposes.
Ruja Ignatova is still at large
The main originator of the project, Ruja Ignatova, has been wanted by the FBI for years, and Europol is offering a reward of $5,000. for information leading to her arrest. Cryptoqueen was last seen in 2017 on a flight from Bulgaria to Greece, but has since disappeared. Probably Ignatova is hiding somewhere in the Balkans. As she was responsible for running the OneCoin pyramid scheme, she may face a more severe sentence than Greenwood, and therefore her capture will mean life in a cell.
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