Karl Sebastian Greenwood, one of many co-founders behind the infamous crypto scheme OneCoin, has been sentenced to twenty years in jail, in response to the U.S. Lawyer’s Workplace for the Southern District of New York on Sept. 12.
Authorities stated Greenwood labored with the infamous fugitive Ruja Ignatova, also called “Cryptoqeen,” on OneCoin, which introduced in additional than $4 billion of investments beginning in 2014.
They added that Greenwood was chargeable for conceptualizing OneCoin’s multi-level advertising and marketing (MLM) construction, noting that he acted as a “international grasp distributor” and chief for the scheme. By way of commissions, Greenwood personally earned 5% of month-to-month OneCoin gross sales and finally gained $300 million from the scheme. He later spent thousands and thousands of {dollars} on private gadgets, luxurious resorts, and journey.
Authorities emphasised that Greenwood and Ignatova usually in contrast OneCoin to Bitcoin regardless of the fraudulent nature of their very own providing. Greenwood and others falsely claimed that OneCoin’s worth was primarily based on provide and demand when, actually, its supposed worth was truly set arbitrarily by the OneCoin workforce.
The workplace additionally stated that Greenwood lied about features of OneCoin, together with non-existent mining swimming pools and blockchains. Greenwood and Ignatova explicitly allotted “pretend cash” to buyers of their personal messages, in response to authorities.
Greenwood was arrested in Thailand in July 2018 and was extradited to the U.S. in October 2018. He was convicted on varied expenses in December 2022. Along with serving his 20-year jail sentence, he pays $300 million in forfeiture.
Different OneCoin associates at giant, on trial
The U.S. Lawyer’s Workplace famous that Ignatova, the central determine behind OneCoin, confronted expenses in 2017 however stays at giant and is now on the FBI’s High Ten Most Wished Record. She can be on an identical European needed record. Enforcement companies haven’t verified latest reviews suggesting that Igantova was murdered in 2018.
One other OneCoin member, Frank Schneider, was set to endure trial in December 2022. Nonetheless, latest reviews recommend that he disappeared previous to extradition to the U.S.
Different individuals within the scheme are in varied phases of prosecution. Irina Dilkinska confronted expenses in March 2023; Christopher Hamilton confronted extradition in late 2022 and is at the moment combating the extradition order; Mark Scott was convicted in 2019.
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