One of the co-founders of the $4 billion OneCoin crypto pyramid scheme has been sentenced to 20 years in prison.
Karl Sebastian Greenwood co-founded the infamous fraud with Ruja Ignatova, widely known as the “Cryptoqueen.”
Greenwood and Ignatova started OneCoin in 2014 and operated the company as a multi-level marketing (MLM) network. They falsely claimed the project maintained a private blockchain, and the fraud reportedly lured in more than 3.5 million victims.
Greenwood, a citizen of the United Kingdom and Sweden, was also ordered to pay more than $300 million worth of forfeiture, according to a new press release from the U.S. Department of Justice (DOJ).
Ignatova, the leader of the scam, has been a fugitive since 2017 and was placed on the FBI’s Ten