One of the co-founders of the OneCoin scam has been sentenced to spend 20 years in US prison, along with a fine of $300 million.
The OneCoin Scam
On September 12, a judge delivered a 20-year prison sentence to Karl Sebastian Greenwood, a key co-founder of OneCoin, for orchestrating a colossal cryptocurrency scam that swindled over $4 billion from countless investors across the globe. The case sheds light on one of the largest cryptocurrency frauds in history, revealing the depth of deception and audacity exhibited by Greenwood and his cohorts.
Karl Sebastian Greenwood marketed OneCoin as a credible alternative to Bitcoin, a facade that quickly unraveled upon scrutiny. His modus operandi involved crafting an intricate pyramid scheme that promised financial windfalls to new recruits, all while knowing that OneCoin held no intrinsic value or legitimacy.
Empty Promises and Red Flags
The United States Attorney for the Southern District of New York disclosed that Greenwood incentivized mem
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