Karl Sebastian Greenwood, the co-founder of the multi-billion greenback fraudulent cryptocurrency scheme OneCoin has pleaded responsible to a number of prices introduced ahead by america Division of Justice (DOJ) and faces a most of 60 years in jail.

The DOJ announced on Dec. 16 that Greenwood submitted a responsible plea in a Manhattan federal courtroom to prices of wire fraud, wire fraud conspiracy and cash laundering conspiracy with every cost carrying a most potential sentence of 20 years in jail.

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U.S. Legal professional Damian Williams stated Greenwood operated “one of many largest worldwide fraud schemes ever perpetrated” and claimed he touted OneCoin as a “Bitcoin killer” when in actuality the tokens have been “totally nugatory.”

OneCoin was a Bulgarian firm based by Greenwood alongside “Cryptoqueen” Ruja Ignatova that marketed a cryptocurrency by the identical identify. Emails obtained by the DOJ between the 2 earlier than its founding in 2014 allege the pair referred to as it a “trashy coin.”

Greenwood on stage in Jun. 2016 at OneCoin’s “COIN RUSH” occasion in London. Picture: YouTube

Outwardly it claimed to be a multi-level advertising and marketing agency with members gaining commissions for promoting cryptocurrency packages apparently containing OneCoin and the flexibility to mine extra. OneCoin might solely be exchanged for fiat forex on the personal Xcoinx change.

In actuality, it was both a pyramid and a Ponzi scheme as buyers might recruit others into the scheme with out an precise product and later buyers have been paid with the cash from earlier buyers.

In accordance with the DOJ Greenwood was incomes round $21.2 million (€20 million) per 30 days in his function because the “international grasp distributor” of the fraudulent crypto agency. Over $4 billion is believed to have been swindled by OneCoin from the three million individuals who invested within the packages.

Ignatova was positioned on the Federal Bureau of Investigation’s top ten most wanted list in June for her function within the scheme. She stays at massive and was final recognized to have traveled to Athens, Greece in Oct. 2017.

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Williams stated Greenwood’s plea “sends a transparent message” the DOJ is “coming in spite of everything those that search to take advantage of the cryptocurrency ecosystem by way of fraud, regardless of how massive or subtle you’re.”

Greenwood is slated to be sentenced earlier than District Choose Edgardo Ramos on Apr. 5, 2023.

Authorities elsewhere have charged these concerned with OneCoin and Ignatova, with three associates facing charges in Germany over fraud and cash laundering.