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Confession From Onecoin Co-Founder

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Karl Sebastian Greenwood, one of the founders of the fraudulent OneCoin cryptocurrency project, has finally pleaded guilty to US federal charges including wire fraud and money laundering.

According to the US Department of Justice (DoJ), Greenwood announced that OneCoin, which he founded with Ruja Ignatova, known as the “Crypto Queen”, is based on fake digital currency. US Attorney Damian Williams said that “Karl Sebastian Greenwood carried out one of the largest international fraud schemes ever,” adding that “Greenwood and his supporters, including fugitive Ruja Ignatova, deceived the without trust of billions of dollars, claiming that OneCoin will be the “killer of bitcoins”. In fact, OneCoins have no value.”

After completing the project eight years ago, Greenwood and Ignatova disclosed a fraudulent scheme that extorted billions of dollars from investors.

Through the pyramid scheme, the system was put in place to attract millions of people, he earned more than $4 billion. Greenwood, 45, has called his victims idiots at the time.

OneCoin is Scamming Millions of Investors

OneCoin, which is based in Bulgaria, introduced a different global media network that attracted unexpected investors. These entrepreneurs are introduced to expand the pyramid scheme by inviting more investors who also receive services and returns. Ultimately, this plan accelerated the project, and eventually more than three million people invested in the program. Greenwood was arrested in 2018 at his home in Thailand, but was later extradited to the United States. Ignatova, meanwhile, is on the run and is currently on the Federal Bureau of Investigation’s (FBI) most wanted list. The FBI has put up a $100,000 reward for anyone who can provide information leading to him.

According to a released statement, Attorney Williams resonates that this guilty plea from Greenwood “sends a clear message that we are coming after anyone who wants to exploit the cryptocurrency environment through fraud, regardless of your size or you are the best”.

One Mark Scott was accused of masterminding the fraud. He is believed to be one of the main players in the OneCoin scam.

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