A merciless sentence has just struck Karl Sebastian Greenwood, one of the masterminds behind the massive OneCoin scam, sentenced to two decades in prison along with a monumental $300 million fine. While justice takes its course, millions of people are still trying to heal from the scars inflicted by the scam.
OneCoin, the illusory rise of a cryptocurrency orchestrated by Greenwood
OneCoin, once promoted as the “new Bitcoin”, turned out to be one of the biggest scams of the 21st century. It rapidly transformed a dream of cryptocurrency revolution into a financial nightmare for millions.
Karl Sebastian Greenwood, co-founder of OneCoins, old the dream of a solid alternative to bitcoin (BTC). However, this dream was a complete illusion.
Unlike other cryptocurrencies, OneCoin had neither real tokens nor a blockchain – two essential pillars for a legitimate cryptocurrency. This was no simple oversight, but rather a clever elaboration by Greenwood and his team, aimed at maximizing profits at the expense of investors.
The ruse was well-crafted. Victims were seduced by promises of attractive investment returns and a clever marketing strategy. The figures speak for themselves: in just two years, OneCoin generated colossal sales of 4.037 billion euros.
However, this lavish lifestyle built on the backs of the victims was doomed to collapse. The debacle of OneCoin has proved just as striking as its rise. It has been described as “one of the greatest fraud schemes ever perpetrated “by the U.S. Attorney Damian Williams, leading to the arrest of Greenwood.
In December of last year, Greenwood pleaded guilty to charges of wire fraud and money laundering, acknowledging his guilt in this monumental scam.
On Tuesday, September 12, the judge sentenced him to 20 years in prison, along with a colossal fine of $300 million.
Karl Greenwood’s accomplices on the run, the hunt continues!
The saga OneCoin does not end with the Greenwood‘s sentencing; other accomplices remain at large. Ruja Ignatova, nicknamed the “Cryptoqueen” still eludes authorities, despite her central role in promoting this crypto illusion.
In 2017, Ignatova mysteriously disappeared after being charged with fraud and money laundering by the United States. She had been the public face of OneCoin, selling the scam worldwide at marketing events and attracting enormous media attention.
The FBI lists her as one of its most wanted, offering a $100,000 reward for information leading to her arrest. Rumors had even circulated earlier this year, suggesting that the “Cryptoqueen” may have been killed in Greece five years ago. Furthermore, the New York Post had suggested a link between Ignatova and a London property.
While these speculations persist as to her fate, the fundamental question remains: where is the “Cryptoqueen” hiding? Until the veil is lifted on this enigma, learn from this experience by remaining constantly vigilant and carefully examining the nature of any cryptocurrency before committing to it.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.
