OneCoin co-founder Sebastian Greenwood has pleaded guilty to fraud and money laundering.
Damian Williams, Attorney for the Southern District of New York, has said:
“Greenwood and his accomplices, including the escaped Ruja Ignatova, swindled unsuspecting victims out of billions of dollars, claiming that OneCoin would be a ‘bitcoin killer’. In fact, OneCoin coins were absolutely worthless.”
Ignatova and Greenwood founded OneCoin in 2014, which was initially positioned as a highly profitable cryptocurrency. Investors received profit not only from the growth of the asset, but also for attracting new participants.
Greenwood was arrested in 2018 in Thailand, while Ignatova’s whereabouts have been unknown since 2017.