In a landmark case, a New York judge sentences co-founder of the OneCoin scam, Karl Greenwood, to 20 years in prison.
The US District Judge Edgardo Ramos characterizes the fraud in the case as massive in many respects.
OneCoin lacked a blockchain, and had no real cryptocurrency or market for trading.
Those who invested in OneCoin were unable to withdraw their money again.
Ruja Ignatova, also known as theCryptoqueen, has never been arrested and her whereabouts are unknown.
One report suggests she may have been killed by a drug lord.
In the meantime, she is wanted on the FBI’s 10 Most Wanted Fugitives list.
According to prosecutors, Greenwood personally made $300 million from the scheme.
Commenting on the sentencing, Damian Williams, US Attorney for the Southern District of New York, said that Greenwood operated one of the largest fraud schemes in recorded history.
“We hope this lengthy sentence resonates in the financial sector
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