Karl Sebastian Greenwood, one of the co-founders of OneCoin pleaded guilty to federal charges of wire fraud and money laundering. This is one of the largest financial scams of all time that occurred back in 2014.
The prosecution testified in court that this cryptocurrency project had been fraudulent since its launch. For marketing OneCoin to the masses, the founders set up a pyramid scheme. In this way, they generated revenue of $4 billion.
US Attorney for the Southern District of New York says that Greenwood and his co-conspirators made billions of dollars by claiming OneCoin was a Bitcoin killer. Ignatova, also known as CryptoQueen remains at the top of the people most wanted in this fraud. FBI has announced a reward of $100,000 for the person who provides information about her.
By promising investors huge returns on their investments, Greenwood and his co-conspirators allegedly defrauded victims of more than $4 billion. They claimed that OneCoin was a legitimate cryptocurrency that would revolutionize the digital payments industry, but in reality it was nothing more than an old-fashioned pyramid scheme.
