Co-Founder of Infamous Ponzi Scheme OneCoin Gets 20 Years Jail Sentence (Report)

Karl Sebastian Greenwood, co-founder of OneCoin and wingman for Ruja Ignatova, also known as “Cryptoqueen,” was sentenced to 20 years imprisonment for his involvement in one of the biggest crypto scam projects.

Ignatova, who was included in the Federal Bureau of Investigations (FBI) Ten Most Wanted Fugitives list, is rumored to have been murdered in 2018.

20 Years in Prison for Cryptoqueen’s Wingman

According to Bloomberg, Swedish citizen Karl Sebastian Greenwood was sentenced on Tuesday, Sept. 11, in New York. Greenwood was the main promoter of the OneCoin project, with prosecutors alleging that he made $300 million from the Ponzi scheme, using part of the money to spend on luxuries such as designer clothes and a down payment on a Sunseeker yacht.

Greenwood purchased properties in Thailand, Spain, and Dubai and also went on a luxury trip using a private OneCoin jet. However, the co-founder was arrested in Thailand in 2018 and subsequently extradited to the United States and faced up to 60 years in prison for his illicit activities.

The executive later begged for leniency from the court, admitting that he knowingly promoted OneCoin, which was used to defraud unsuspecting victims. Greenwood also claimed that he suffered extremely harsh conditions while being detained in Thailand and the US and pleaded guilty to his crimes in December 2022.

Bulgaria-based OneCoin project founded by Ruja Ignatova, alias “Cryptoqueen,” stole over $4 billion from investors across the globe. Ignatova and her team promoted OneCoin as a ‘Bitcoin Killer’ while successfully luring people to invest in their cryptocurrency.

Apart from Greenwood, another OneCoin executive, Irina Dilkinska, who served as the head of legal and compliance, is facing charges in the United States and could get a maximum of 40 years in prison for wire fraud and alleged violation of money laundering laws.

Ignatova’s ex-boyfriend Gilbert Armenta received a five-year prison sentence in February 2023 for promoting OneCoin. Armenta laundered $300 million from the proceeds of the OneCoin scam, reportedly buying a jet plane and other luxury items.

Cryptoqueen: Dead or Alive?

While OneCoin executives are serving jail terms for their crimes, the Cryptoqueen continues to remain at large. Previous reports stated that the OneCoin creator was last seen in Athens, Greece, in 2017, with speculations that the fugitive is hiding in a yacht in the Mediterranean Sea.

Meanwhile, Bulgarian sources stated that Ignatova may have been brutally killed in 2018, on the directive of a local drug lord. In June 2022, the OneCoin creator entered the FBI’s “Ten Most Wanted Fugitives” list, with authorities offering a $100,000 bounty for information leading to her arrest.