The co-founder of OneCoin, Karl Greenwood, has been handed a 20-year prison sentence for his involvement in the infamous cryptocurrency scam. The scheme, aggressively marketed across the United States, victimized many Americans, resulting in staggering overall losses exceeding $4 billion.
Touted as a pathway to easy riches, it ultimately proved to be a pyramid scheme with costly deception for its unsuspecting investors.
“Unlike legitimate cryptocurrencies, OneCoin had no actual value and was conceived of by Greenwood and Ignatova as a fraud from day one,” the United States Attorney’s Office maintains in a September 12 statement.
Greenwood, a central figure in this fraudulent endeavor, now faces two decades behind bars, serving as a stark reminder of the consequences for those who engage in financial misconduct within the cryptocurrency market.
The Elusive OneCoin’s “Cryptoqueen” Remains at Large
While Greenwood faces the consequences of his actions, one key figure remains elusive—Ruja Ignatova, the co-founder of OneCoin and Greenwood’s partner in crime. Ignatova, infamously known as the “Cryptoqueen,” vanished in 2017 following her indictment in the United States on charges of fraud and money laundering.
Cryptoqueen played a pivotal role as the public face of OneCoin, orchestrating flashy marketing events and stoking excitement within the global cryptocurrency community. Promising immense wealth to potential investors, she knew all along that OneCoin was nothing more than a fraudulent scheme.
However, the Federal Bureau of Investigation (FBI) has since listed Ignatova as one of their most-wanted fugitives, offering a substantial $100,000 reward for any information that leads to her arrest.
Her disappearance has become the stuff of legend within the crypto world, with rumors even suggesting her demise in Greece five years ago.
The London Connection
Recent developments have shed light on Ignatova’s possible whereabouts. On January 8, 2023, The New York Post reported a potential link between Ignatova and a property in London, which she claimed ownership of just a month before the discovery.
This revelation came as a new UK law mandated that full beneficiary owners of properties be disclosed rather than hiding behind corporate entities.
Karl Greenwood’s lengthy prison sentence serves as a clear message that fraudulent cryptocurrency schemes will not go unpunished. Meanwhile, the hunt for Ruja Ignatova, the elusive “Cryptoqueen,” continues, with law enforcement agencies worldwide determined to bring her to justice and hold her accountable for her role in the OneCoin debacle.