Sebastian Greenwood, co-founder of the cryptocurrency scheme OneCoin alongside Ruja Ignatova, was sentenced to 20 years in jail in the United States. According to the court, he participated in a criminal conspiracy with others, including the so-called “Crypto Queen of Bulgaria,” who is currently on the FBI’s most wanted list.
They are accused of stealing more than $4 billion from investors in a scheme initially exposed by the weekly journal “Capital.” According to the sentencing pronouncement on Tuesday, Greenwood personally pocketed about $300 million USD for his own personal gain and extravagant lifestyle around the world. According to the verdict, he knew they were running a pure scam and must now repay the money to investors.
Greenwood, 46, a dual citizen of the United Kingdom and Sweden, was apprehended in Thailand in July 2018. According to Technology News UK, he was among those who developed and controlled OneCoin, which was founded in Bulgaria in 2014 and pleaded guilty to fraud and money laundering in December.
“In reality, unlike true cryptocurrencies, OneCoin had no actual value and was structured as a hoax by Greenwood and Ignatova from the start,” prosecutors from the US Attorney’s Office for the Southern District of New York said. According to their statement, they “organised one of the greatest fraud schemes ever carried out.”
