OneCoin Co-Founder Sentenced to 20 Years for $4B Cryptocurrency Ponzi Scheme

Co-founder of $4B OneCoin cryptocurrency Ponzi scheme sentenced to 20 years in prison and ordered to repay $300M.
Co-founder Karl Greenwood earned 5% commission on OneCoin sales totaling over $300M, spent on lavish lifestyle.
OneCoin had no inherent value but founders convinced 3.5M people to invest by marketing it as the next "can't miss" coin.
Ruja Ignatova, nicknamed "Cryptoqueen," charged in 2017 but has been a fugitive since boarding a flight to Greece. Recently added to FBI's Most Wanted list.
Crypto Ponzi schemes cost victims $7.8B in 2022, with majority of illicit activity tied to Ethereum and Binance Smart Chain, not Bitcoin.

forbes.com

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Posted 9/12/2023, 6:13:35 PM