Karl Greenwood, the co-founder of the OneCoin pyramid scheme, has been sentenced to 20 years in prison by a U.S. judge. Greenwood, also known as the “global master distributor” of OneCoin, was found guilty of his involvement in the scheme, which defrauded at least 3.5 million victims out of more than $4 billion.
OneCoin began in Bulgaria in 2014 and was marketed as a cryptocurrency with real value. Investors were led to believe that the token could be mined and had genuine worth. Greenwood, who earned 5% of OneCoin’s monthly sales worldwide, was arrested in Thailand in 2018 and subsequently extradited to the United States.
As part of his sentencing, Greenwood will also have to forfeit the $300 million he obtained from the scheme. However, Ruja Ignatova, another co-founder of the OneCoin scheme, remains at large and was added to the Federal Bureau of Investigation’s Most Wanted list last year.
The sentencing of Karl Greenwood marks a significant development in the ongoing investigation into the OneCoin pyramid scheme, which has caused substantial financial losses to numerous victims worldwide.