OneCoin co-founder sentenced to 20 years in prison and fined $300 million for defrauding users

2023-09-13 09:52:51

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ChainCatcher News: The U.S. Attorney's Office for the Southern District of New York announced in a statement that OneCoin co-founder Karl Sebastian Greenwood has been sentenced to 20 years in prison and fined $300 million for defrauding 3.5 million investors and using the proceeds to purchase five-star resorts, private jets, and yachts.

U.S. Attorney Damian Williams stated in the announcement: "As the founder and leader of OneCoin, Karl Sebastian Greenwood executed one of the largest fraud schemes in history. Greenwood and his accomplices, including fugitive Ruja Ignatova, deceived unsuspecting victims, causing them to lose billions of dollars, promising a 'financial revolution' and claiming that OneCoin would be the 'Bitcoin killer,' while OneCoin was worthless."

It is reported that OneCoin was founded by Ruja Ignatova in 2014, and since 2016, the project has been under investigation in the U.S. and the U.K., with several countries attempting to apprehend the fraudsters. Last June, OneCoin founder Ruja Ignatova was placed on the FBI's Ten Most Wanted Fugitives list.

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