According to Cointelegraph, the DOJ said that Greenwood pleaded guilty to counts of wire fraud, conspiracy to commit wire fraud, and money laundering in a Manhattan federal court.
According to Cointelegraph, Karl Sebastian Greenwood, co-founder of OneCoin, a multi-billion dollar fraudulent cryptocurrency scam, has admitted guilt to charges supported by the US Department of Justice (DOJ) and is likely to be sentenced to 60 years in jail.
Cointelegraph reports that on December 16, 2022, the DOJ announced that Greenwood had pleaded guilty to counts of wire fraud, conspiracy to commit wire fraud, and money laundering in a federal court in Manhattan. Every charge is thought to carry a maximum possible penalty of 20 years in prison. According to reports, Greenwood was in charge of running “one of the biggest international fraud schemes ever committed,” according to US Attorney Damian Williams. OneCoin, according to Williams, is a “Bitcoin killer.”
According to information provided by Cointelegraph, Greenwood, and “Cryptoqueen” Ruja Ignatova created the Bulgarian firm OneCoin, which promoted the same-named cryptocurrency. The business identified itself as a multi-level marketing organization, with members earning commissions for the sale of cryptocurrency bundles that included OneCoin and the opportunity to mine more coins.
As the “global master distributor” of the cryptocurrency company, Greenwood reportedly earns over $21.2 million every month, according to information from the DOJ, Cointelegraph said. Edgardo Ramos, a district judge, is anticipated to sentence Greenwood on April 5, 2023. According to reports, authorities have filed accusations against persons connected to OneCoin and Ignatova; the defendants’ German associates have been accused of fraud and money laundering.
