OneCoin, 5 years in prison for the boyfriend of the Cryptocurrency

Gilbert Armenta, former boyfriend of Ruja Ignatova, the founder of the crypto scam Onecoin has been sentenced to 5 years in prison. He is accused of helping Ruja Ignatova launder $300 million from OneCoin. Ruja Ignatova is still on the run and her main accomplice Karl Greenwood is in US custody.

5 years in prison for this Onecoin promoter

The judicial pressure against those associated with the Onecoin crypto scam continues. Gilbert Armenta has been sentenced to 5 years in prison by a U.S. court for money laundering, Bloomberg Law reports. A former boyfriend of Onecoin founder Ruja Ignatova, Gilbert Armenta is accused of helping his girlfriend launder $300 million fraudulently earned through Onecoin.

Gilbert Armenta‘s conviction appears to be lenient. This is likely due to the fact that the defendant cooperated with the law. When he was arrested in 2018, Gilbert Armenta pleaded guilty. Throughout the judicial process, Gilbert Armenta worked with the prosecutors in charge of the case. He thus enabled the magistrates to easily continue the investigation.

As a reminder, the story of OneCoin dates back to 2014. Dubbed the “Bitcoin killer,” Onecoin was intended to replace Bitcoin. The crypto was actually a scam that lost nearly $4 billion to its more than 3 million investors. Following the example of Rwanda, several states routinely bring up the Onecoin case to attack the crypto.

Jail, on the run, ÔÇŽ, the harsh situation of OneCoin promoters

In addition to Gilbert Armenta who was sentenced to 5 years in prison, others associated with the Onecoin scam are facing significant legal troubles. One of the Onecoin founders is in jail in the US while the main mastermind behind the scam has been on the run since 2018.

Indeed, Onecoin co-founder Karl Greenwood was arrested in Thailand in July 2018. Extradited to the US that same year, Karl Greenwood recently pleaded guilty to charges related to Onecoin. He faces up to 60 years in prison for conspiracy, fraud and money laundering.

As for the founder of Onecoin, she is on the run. Nicknamed the CryptoQueen, Ruja Ignatova was last seen in 2017 on a flight from Bulgaria to Greece. Since then, fugitive Ruja Ignatova has been actively sought both in the US and around the world. The FBI lists her as a top 10 most wanted person and is offering $100,000 for any information leading to her arrest. Last July, Ruja Ignatova was reportedly located in Greece, reports the Greek daily Kathimerini. Local police searched for the fugitive, without success.

The Onecoin saga should serve as a lesson to anyone who thinks crypto is a quick and easy way to make money. It is essential to do your research before investing or developing a crypto project. It’s your money or your freedom and reputation at stake.