A U.S judge has sentenced Karl Greenwood, the co-founder of the OneCoin pyramid scheme, to 20 years in prison. Greenwood would also have to forfeit the $300 million he got from the scheme.
OneCoin was a pyramid scheme that began in Bulgaria in 2014. The scheme was branded as a cryptocurrency and investors were told the token could be mined and had real value.
OneCoin has ripped at least 3.5 million victims off more than $4 billion.
Greenwood, OneCoin’s “global master distributor” earned him 5% of OneCoin’s monthly sales anywhere in the world, prosecutors said. He was arrested in Thailand in 2018 and extradited to the U.S.
Also known as CryptoQueen, Ruja Ignatova, another co-founder of OneCoin scheme, remains at large and was named on the Federal Bureau of Investigation’s (FBI) Most Wanted list last year.