A Landmark Sentencing For A OneCoin Crypto Scam. Karl Greenwood, the co-founder behind the infamous OneCoin cryptocurrency fraud, has been handed a 20-year prison sentence. This significant verdict marks a major step in bringing justice to victims of one of the largest financial scams in history.
The Elusive “Cryptoqueen” Remains at Large
While Karl Greenwood faces his reckoning, his partner in crime, Ruja Ignatova, known as the “Cryptoqueen,” remains a fugitive on the FBI’s Top 10 Most Wanted list. The pursuit of justice for the millions of victims trapped by OneCoin’s web continues.
A $4 Billion Pyramid Scheme Unraveled As One Big Crypto Scam
The OneCoin pyramid scheme, originating in Bulgaria in 2014, siphoned more than $4 billion from a staggering 3.5 million victims worldwide between 2014 and 2016, according to the U.S. Department of Justice.
A Fraudulent Empire
A complex multilevel marketing structure promoted OneCoin, rewarding members for recruiting others to invest in cryptocurrency packages. Further, Greenwood, the mastermind behind the operation, pocketed over $300 million, equivalent to 5% of all OneCoin sales.
A Deceptive Facade
OneCoin and its creators, Greenwood and Ignatova, falsely portrayed their cryptocurrency as the next Bitcoin-like investment opportunity. In reality, OneCoin held no value and was conceived as a fraudulent scheme from day one.
A Web of Deceit
The co-founders consistently misled investors who falsely claimed that Market forces determined OneCoin’s value. Also, the truth was that its price was arbitrarily set, undermining the trust of countless investors.
The Vanishing Act
In October 2017, charges of fraud and money laundering were filed against Ruja Ignatova. She fled from Bulgaria to Athens, Greece, just days after a federal warrant was issued for her arrest. Since then, she has remained hidden from public view, frustrating all attempts to bring her to justice.
The Hunt for the “Cryptoqueen” Continues
The FBI is offering a reward of up to $250,000 for any information leading to Ignatova’s capture. Also, her wanted poster suggests that she may have altered her appearance and potentially traveled with armed guards or associates.
In conclusion, Karl Greenwood’s 20-year prison sentence serves as a landmark moment in dismantling the colossal OneCoin pyramid scheme. However, the elusive “Cryptoqueen” remains at large, making this case an ongoing saga in the world of cryptocurrency fraud.