Damian Williams, the United States Attorney for the Southern District of New York, announced today that KARL SEBASTIAN GREENWOOD, who co-founded OneCoin with RUJA IGNATOVA, a/k/a “the Cryptoqueen,” was sentenced to 20 years in prison for his orchestration of the massive OneCoin fraud scheme.
OneCoin, which began operations in 2014 and was based in Sofia, Bulgaria, marketed and sold a fraudulent cryptocurrency by the same name through a global multi-level-marketing (“MLM”) network.
As a result of misrepresentations that GREENWOOD, IGNATOVA, and others made about OneCoin, millions of victims invested over $4 billion worldwide in the fraudulent cryptocurrency.
Today’s sentence was imposed by U.S. District Judge Edgardo Ramos. IGNATOVA, who was added to the Federal Bureau of Investigation’s (“FBI”) Top Ten Most Wanted List in June 2022, remains at large.
U.S. Attorney Damian Williams said:
“As a founder and leader of OneCoin, Karl Sebastian Greenwood operated one of the largest fraud schemes ever perpetrated. Greenwood and his co-conspirators, including fugitive Ruja Ignatova, conned unsuspecting victims out of billions of dollars with promises of a ‘financial revolution’ and claims that OneCoin would be the ‘Bitcoin killer.’
In fact, OneCoins were entirely worthless, and investors were left with nothing, while Greenwood lined his own pockets with over $300 million.
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Chinese Authorities Arrest 119 OneCoin Leaders, $7.1 Million Seized From Sebastian Greenwood, $2.4 Billion Involved
by Ted Nuyten • • 0 Comments
According to leading chinese website Sixthtone.com:
“Police in central China’s Hunan province recently cracked a digital currency pyramid scheme crime involving 15 billion yuan ($2.4 billion) and arrested 119 suspects, a local television station reported Monday.
Founded by a Bulgarian woman, Ruja Ignatova, OneCoin entered China in September 2014. Though it is promoted as a cryptocurrency, it operates a private blockchain, unlike popular rivals like bitcoin, which uses a transparent public ledger.
In December of last year, the Zhuzhou Intermediate People’s Court in Hunan ruled that OneCoin was an illegal pyramid scheme — a multilevel marketing business that raises profits primarily by recruiting new investors. The verdict also revealed that the organization had charged membership fees of 1,000 to 280,000 yuan. Law enforcement confiscated more than 1.6 billion yuan from the criminal network.
The phenomenal growth of cryptocurrencies over the past few years has attracted millions of investors while also creating opportunities for criminals to take advantage of hype around the technology.
Zhuzhou police were tipped off about OneCoin as early as March 2016, and in December the same year, state broadcaster China Central Television warned the public that OneCoin was one of more than 60 virtual currencies that exploited the concepts of blockchain technology
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Sebastian Greenwood – OneCoin Global Master Distributor Interview
by Ted Nuyten • • 0 Comments
Sebastian Greenwood is the “man behind the curtain”, Global Master Distributor and a leader not many people know, however for an important part responsible for OneCoin’s global success.
A multi million dollar earner, since 2003 involved into network marketing. In below video (Scroll to the end) he present his past, future and his passion for network marketing.
Can you describe yourself in 3 – 5 words?
To describe myself in 3 -5 words is not that easy, but I would say that I am very dedicated, hard working and have a passion for building people; that explains actually who I am.
Do you have a secret side?
I think the secret to who I am and the secret side that I might have is I never ever give up that is a philosophy that are always