The leader of the largest cryptocurrency scam in history is sentenced to 20 years in prison

Sebastian Carl Greenwoodone of the founders of the fraudulent cryptocurrency OneCoin and complicit in the so-called ‘Queen of cryptocurrencies’was sentenced to twenty years in prison in the United States.

OneCoin, which operated the largest pyramid scam in the cryptocurrency market, duped millions of people around the world, creating victims even in Brazil and collecting more than $4 billion from investors between 2014 and 2016.

On Tuesday (12), Greenwood, 46, was sentenced to 20 years in prison after admitting his involvement in charges of bank fraud and money laundering in December.

“As founder and CEO of OneCoin, Carl Greenwood executed one of the largest fraud schemes ever. Greenwood and his co-conspirators, including fugitive Ruja Ignatova, defrauded unsuspecting victims of billions of dollars, promising a “financial revolution” and claiming OneCoin’s superiority over Bitcoin.states the complaint against Greenwood.

Biggest cryptocurrency scam in history

During the height of the operation, Greenwood was the main leader of OneCoin and received a 5% commission on all sales, culminating in a profit of over $300 million for himself.

OneCoin emerged in Bulgaria in 2014 and was intended to be marketed through multi-level marketing, a structure in which commissions were paid to OneCoin members for recruiting others interested in purchasing cryptocurrency packages.

The US Department of Justice (DOJ) has highlighted the deceptive nature of OneCoin. Although it was touted as the next big opportunity in the cryptocurrency market, which resembled Bitcoin, the reality was different.

The DOJ stated: “Unlike legitimate cryptocurrencies, OneCoin had no real value and was perceived as fraud by Greenwood and Ignatova from day one.”

CryptoQueen

The second central figure in the scheme, Ruja Ignatova, known as the “Queen of Cryptocurrencies”, is still at large. Ignatova, 43, is on the FBI’s 10 Most Wanted list.

She was charged in October 2017 for her involvement in the coup and disappeared shortly after her arrest warrant was issued while flying from Bulgaria to Athens. The FBI is currently offering a reward of up to $250,000 for information leading to his arrest.

About his escape, the DOJ states: “It is believed she is traveling with armed guards and/or associates.” and there is even speculation that she may have changed her appearance through surgical procedures.

Commenting on the case, US Attorney Damian Williams hopes that the severity of the penalty imposed will serve as a warning to the industry and deter future fraud attempts in the cryptocurrency ecosystem.

Source: Live Coins

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