Search
Search
OneCoin Co-Founder Karl Greenwood Gets 20-Year Jail Term

OneCoin Co-Founder Karl Greenwood Receives 20-Year Prison Sentence

52 Listen to this article Karl Greenwood, a pivotal figure behind the notorious OneCoin pyramid scheme, was handed a 20-year […]

Latest News

Listen to this article

Karl Greenwood, a pivotal figure behind the notorious OneCoin pyramid scheme, was handed a 20-year prison sentence by the Southern District of New York federal court for his involvement in the deceptive project. The announcement was made by the attorney’s office on Tuesday. Additionally, U.S. District Judge Edgardo Ramos directed Greenwood to relinquish $300 million, representing the approximate sum he amassed from the fraudulent venture.

Launched in Bulgaria in 2014, OneCoin presented itself as a genuine cryptocurrency, assuring investors that the token was minable and held intrinsic value. However, in truth, it was conspicuously absent from any blockchain and functioned purely as a pyramid scheme. Investors were incentivized to recruit more participants. It is estimated that OneCoin swindled over $4 billion from a staggering 3.5 million unsuspecting victims.

The attorney’s office outlined Greenwood’s significant role, describing him as OneCoin’s “global master distributor” and as the spearhead of the MLM (multi-level marketing) network, pivotal for marketing and selling the fictitious cryptocurrency. This position secured him a whopping 5% cut from OneCoin’s global monthly sales.

Greenwood’s legal troubles began with his 2018 arrest in Thailand, leading to his extradition to the U.S. where he awaited trial in custody. Last December, he admitted to wire fraud and conspiring to launder money. While Greenwood faces the consequences of his actions, co-founder Ruja Ignatova, often referred to as the “CryptoQueen,” remains elusive. Last year, she earned a spot on the Federal Bureau of Investigation’s (FBI) Most Wanted list.

Read Also:  Binance CEO Spots Bitcoin's Deja Vu Moment
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt Shiba Inu Burn Spike Raises Price Over 1300% Impact Concerns GBTC ETF Hindering Bitcoin’s Path to $100,000 Bitcoin News Ethereum Futures ETF with 2x Leverage Filed by Defiance Pump.Fun Boosts Memecoin Market: $5.2M in 38 Days Charles Hoskinson Highlights Cardano’s Progress Despite Criticism Solana DEX Booms, InQubeta Presale Tops $13M Cryptocurrencies to Watch: 16 Promising Options for 2024