US Legal professional for the Southern District of New York, Damian Williams, announces that Karl Greenwood pleads responsible to the costs towards him. Karl Greenwood based the collapsed cryptocurrency pyramid scheme, OneCoin, alongside Ruja Ignatova, AKA Cryptoqueen.

In line with the document launched on the web site of the Division of Justice, the costs towards the co-founder embrace wire fraud and cash laundering in reference to OneCoin that took away billions of {dollars} from customers. 

OneCoin, co-founded by the duo, is a platform based mostly in Bulgaria that was launched in 2014. It was used to market and promote faux cryptocurrency utilizing a world multi-level advertising and marketing system.

Records from your complete enterprise course of revealed that from This autumn of 2014 and This autumn of 2016, the platform generated €4.037 billion in gross sales income with a revenue of €2.735 billion.

Kenwood arrested, Ignatova wished, and crypto scams

In line with paperwork shared by the DOJ, Ignatova and her enterprise associate, Greenwood, had a number of emails that show the 2 deliberate to rip-off people systematically, together with having exit methods of operating away with clients’ monies. 

Nonetheless, after the plans, launch, occasions, and the collapse of the scheme, Greenwood was arrested in Thailand in 2018 and extradited to the US the identical yr, whereas “CryptoQueen” went out of sight after touring to Greece in 2017.

Afterward, the FBI added her as a part of the Prime ten most wished individuals in June 2022 with a price ticket of $100,000. The DOJ mentioned that sentences on the case are scheduled for April 5, 2023.

Damian Williams defined that the announcement proves that regardless of how refined any group of people need to construct faux companies round crypto to steal, they are going to face the wrath of justice.

Other than OneCoin, different crypto platforms have come underneath surveillance after doing shady companies together with Celsius, LUNA, and at present, FTX.

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