Co-Founder of Controversial Ponzi Scheme, OneCoin, Sentenced to 20 Years in Prison, Report Reveals

Karl Sebastian Greenwood, co-founder of OneCoin and accomplice to Ruja Ignatova, also known as “Cryptoqueen,” has been sentenced to 20 years in prison for his involvement in one of the largest cryptocurrency scams ever. Ignatova, who was included in the FBI’s Ten Most Wanted Fugitives list, is rumored to have been murdered in 2018.

According to Bloomberg, Swedish citizen Karl Sebastian Greenwood was sentenced on Tuesday, September 11, in New York. Greenwood played a pivotal role in promoting the OneCoin project, with prosecutors claiming that he made $300 million from the Ponzi scheme. He used a portion of the ill-gotten gains to fund a lavish lifestyle, including purchasing designer clothes and a down payment on a Sunseeker yacht.

Greenwood went on to acquire properties in Thailand, Spain, and Dubai, and even took luxury trips on a private OneCoin jet. However, his run came to an end when he was arrested in Thailand in 2018 and subsequently extradited to the United States. He faced the possibility of up to 60 years in prison for his illicit activities.

In an attempt to mitigate his sentence, Greenwood pleaded for leniency from the court, acknowledging that he knowingly promoted OneCoin, which was used to defraud unsuspecting victims. He also claimed to have endured extremely harsh conditions while detained in Thailand and the US. Greenwood ultimately pleaded guilty to his crimes in December 2022.

The Bulgaria-based OneCoin project, founded by Ruja Ignatova, alias “Cryptoqueen,” swindled over $4 billion from investors worldwide. Ignatova and her team touted OneCoin as a “Bitcoin Killer,” enticing people to invest in their cryptocurrency.

Besides Greenwood, another OneCoin executive, Irina Dilkinska, who served as the head of legal and compliance, is currently facing charges in the US. She could potentially face a maximum of 40 years in prison for wire fraud and alleged violations of money laundering laws.

In February 2023, Ignatova’s ex-boyfriend Gilbert Armenta was sentenced to five years in prison for promoting OneCoin. Armenta laundered $300 million from the proceeds of the scam, reportedly acquiring a jet plane and other luxury items.

While OneCoin executives are now behind bars, the whereabouts of the Cryptoqueen herself remain unknown. Previous reports suggested that Ignatova was last seen in Athens, Greece, in 2017, with speculation that she may be hiding on a yacht in the Mediterranean Sea.

However, Bulgarian sources have claimed that Ignatova may have been brutally murdered in 2018, allegedly on the orders of a local drug lord. In June 2022, Ignatova was added to the FBI’s “Ten Most Wanted Fugitives” list, with a $100,000 bounty offered for information leading to her arrest.

– Bloomberg: [Link]
– Cryptopotato (I will not link towards

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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