OneCoin was sentenced to 20 years in prison and fined $300 million for a $4 billion Ponzi scheme

Odaily Planet Daily News The U.S. Attorney's Office for the Southern District of New York stated in a statement that Karl Sebastian Greenwood, the co-founder of OneCoin, was sentenced to 20 years in prison and a fine of $300 million on Tuesday, involved in a $4 billion Ponzi scheme. . Greenwood has previously pleaded guilty to wire fraud and money laundering. Karl Sebastian Greenwood, 46, who has dual Swedish and British citizenship, was arrested in Thailand in 2018, charged with fraud and money laundering, and extradited to the United States. OneCoin began operating in 2014 to market and sell a fraudulent cryptocurrency of the same name through a global multi-level (MLM) network, with millions of victims worldwide investing over $4 billion in the fraudulent cryptocurrency. Another co-founder, Ruja Ignatova, was listed on the FBI's Ten Most Wanted Fugitives list in June 2022 and is still on the run. (The Block)