The co-founder of the fraudulent cryptocurrency scheme, OneCoin, has been handed 20 years behind bars for his involvement in marketing the $4bn scam worldwide
Karl Sebastian Greenwood, who co-founded OneCoin with Ruja Ignatova, otherwise known as the crypto queen, was sentenced to 20 years in prison this week for his orchestration of the massive fraud scheme.
OneCoin, which began operating in 2014 and was based in Bulgaria, marketed and sold a fraudulent cryptocurrency through a global multi-level marketing (MLM) network.
More than 3.5m victims invested over $4bn (£3.2bn) worldwide in the fraudulent cryptocurrency, as a result of misrepresentations that Greenwood and others made about OneCoin.
From its inception, Greenwood and Ignatova used the notoriety of Bitcoin to convince investors that OneCoin was the next biggest investment opportunity.
