Karl Greenwood, one founder of OneCoin, has recently been sentenced to serve a jail term of 20 years in prison. This decision was made final by a federal court in the Southern District of New York on Tuesday 12th of September.
According to U.S. District Judge Edgardo Ramos, Karl had managed to raise a sum of $30 million from the scheme.OneCoin is said to have scammed at least 3.5 million people out of more than $4 billion. Following more reports from the attorney general, he stated that Karl was OneCoin,
”global master distributor and the leader of the MLM (multi-level marketing) network through which the fraudulent cryptocurrency was marketed and sold.”This generated approximately 5% of the total sales gained from OneCoin globally.
Furthermore, he was later held in the United States while awaiting trial after being arrested in Thailand in 2018. Last December, he filed a guilty plea to the charges of a scheme to launder money and wire fraud.
In addition, OneCoin cryptocurrency was launched in 2014 and individuals were advised to invest in it hoping that it could be mined and had read value. However, the hidden truth about this mischievous crypto is that it was not on the blockchain nor was it decentralized. It worked on the concept of ushering rewards to investors for becoming members.
Onecoin co-founder Ruja still remains the most wanted by the Federal Bureau of Investigation (FBI). Ignatova left Bulgaria for Athens, Greece, and she is still in hiding. Ruja escaped to Athens with the help of his guards who secured her moves.FBI has set aside $250,000 as a token for any information concerning Ruja Ignatova.
