Karl Sebastian Greenwood pled guilty to wire fraud and money laundering connected to the fraudulent OneCoin scheme, the Department of Justice announced.
Greenwood co-founded OneCoin along with so-called “Crypto Queen”-turned-fugitive Ruja Ignatova in 2014, after which the two perpetrated a multibillion-dollar global scam.
“Greenwood and his co-conspirators, including fugitive Ruja Ignatova, conned unsuspecting victims out of billions of dollars, claiming that OneCoin would be the ‘Bitcoin killer.’ In fact, OneCoins were entirely worthless,” said U.S. Attorney Damian Williams.
Emails between Ignatova and Greenwood suggest a ploy to take advantage of investors. As they corresponded, the two plotted to simulate volatility and fix exchange prices. An estimate suggests victims invested over $4 billion in funds, according to the DOJ.
Ignatova, who remains on the Federal Bureau of Investigation’s top 10 most wanted list, is still at large.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.