Onecoin Co-Founder Pleads Guilty to Fraud Charges in US

Karl Sebastian Greenwood, a co-founder and relation of Onecoin, has pled blameworthy to his portion successful gathering the notorious crypto pyramid. The fake cryptocurrency’s “global maestro distributor” has been successful custody since 2018 erstwhile helium was arrested successful Thailand and extradited to the United States.

Cryptoqueen’s Partner astatine Onecoin Admits Role successful Multimillion-Dollar Fraud

Co-founder of Onecoin Karl Sebastian Greenwood pled blameworthy successful Manhattan national tribunal to ligament fraud and wealth laundering charges connected Friday. As a effect of misrepresentations made by him, the Ponzi scheme’s mastermind, ‘Cryptoqueen’ Ruja Ignatova, and others, victims from astir the world, including the U.S., invested billions of dollars into the fraudulent platform.

Onecoin’s co-founders Ruja Ignatova and Karl Sebastian Greenwood.

In an announcement, the U.S. Attorney for the Southern District of New York Damian Williams pointed retired that Greenwood, Ignatova and their co-conspirators ran Onecoin and claimed that a purported cryptocurrency with the aforesaid sanction would beryllium the ‘Bitcoin killer.’ In reality, it was worthless, was ne'er mined oregon based connected blockchain, and its terms was not determined by the marketplace but acceptable manually.

Greenwood, a national of Sweden and the United Kingdom, and Bulgarian-born German nationalist Ignatova founded Onecoin successful 2014. It operated arsenic a planetary multi-level-marketing (MLM) network, the members of which were paid commissions for recruiting others. According to Onecoin’s promotional materials and records, implicit 3 cardinal radical invested much than $4 cardinal by the extremity of 2016.

Greenwood’s Sentencing Scheduled for April Next Year

Ignatova, who disappeared from the nationalist oculus successful precocious 2017, is inactive at large and is wanted by Interpol, Europol, and the U.S. Federal Bureau of Investigation (FBI), which offers a $100,000 reward for accusation starring to her arrest. Her brother, Konstantin, was detained successful Los Angeles successful 2019, pleaded blameworthy and sought witnesser protection.

In August, media reports revealed that a British nationalist accused of wealth laundering related to the Onecoin scam, Christopher Hamilton, had mislaid his bid to debar extradition to the United States and would beryllium handed implicit to U.S. authorities. In October, 3 Onecoin associates appeared successful a German tribunal to look charges of fraud and different crimes.

Greenwood, who was Onecoin’s “global maestro distributor,” was credited by Ignatova for the thought of selling and selling the crypto done an MLM structure. District Judge Edgardo Ramos accepted his blameworthy plea and the sentencing is scheduled for April 5, 2023. The 45-year-old co-founder of Onecoin faces up to 20 years successful situation connected each of the counts against him.

Do you expect different members of Onecoin to look charges for their information successful the pyramid scheme? Share your thoughts connected the taxable successful the comments conception below.

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