Karl Sebastian Greenwood, the co-founder of the multi-billion dollar fraudulent cryptocurrency scheme OneCoin has pleaded guilty to multiple charges brought forward by the United States Department of Justice (DOJ) and faces a maximum of 60 years in prison. The DOJ announced on Dec. 16 that Greenwood submitted a guilty plea in a Manhattan federal court to charges of wire fraud, wire fraud conspiracy and money laundering conspiracy with each charge carrying a maximum potential sentence of 20 years in jail. U.S. Attorney Damian Williams said Greenwood operated “one of the largest international fraud schemes ever perpetrated” and claimed he touted …

Three associates of fugitive OneCoin founder Ruja Ignatova, known colloquially as the “Cryptoqueen,” have faced a German court over allegations of fraud, money laundering and banking crimes. Appearing in court on Oct. 18, a Munich-based lawyer connected to Ignatova is alleged to have transferred $19.7 million via the Cayman Islands on her behalf to purchase two London apartments. Additionally, a husband and wife are facing charges over allegedly handling $315.4 million worth of payments from OneCoin customers, as per a Bloomberg report. Ignatova launched OneCoin back in 2014 under the guise of a cryptocurrency and trading project, however according to …

According to court reports from Friday, yet another suspected player behind the OneCoin ponzi scheme is now set to face justice. On Friday, counsel for marketing guru Karl Sebastian Greenwood and US prosecutors informed Manhattan Judge Edgardo Ramos that the two sides are currently discussing a plea deal for Greenwood, who was indicted in 2018 for charges relating to his involvement in the OneCoin Ponzi scheme. Greenwood — who is currently facing five charges including money laundering, fraud, and conspiracy — was described in previous civil litigation as the “public face of OneCoin.” Greenwood was responsible for pitching OneCoin and …

In a move on Friday that may help bring some peace to jilted investors, a five-judge panel from New York formally disbarred Mark S. Scott, the former Locke Lord LLP lawyer and attorney for the notorious scammer Ruja "Cryptoqueen" Ignatova, following his November 2019 conviction on charges related to the multi billion-dollar OneCoin scam. Scott, who was convicted of conspiracy to commit money laundering and conspiracy to commit bank fraud, fought the disbarment, arguing that he has a post-trial motion pending which requests either an acquittal or a new trial. Judges from the Third Judicial Panel rejected these arguments, stating …

Even as the OneCoin Ponzi scheme makes its way through the courts, a movie about it is now in development with a Titanic lead star. As reported by Deadline, Kate Winslet has signed on to star and produce Fake!, a movie based on an unpublished book by Jen McAdam and Douglas Thompson. McAdam, a victim of the OneCoin scheme, will be a producer on the film. Fake! will be written and directed by Scott Z. Burns, who helmed The Report, a political drama based on the CIA’s report on torture post 9/11, and wrote the 2011 pandemic movie Contagion, which …

The major banks who were mentioned in the recent FinCen leak were subsequently thrashed by the market today. According to the investigation conducted by the International Consortium of Investigative Journalists, over the 20-year period from 1997 to 2017, the listed financial institutions facilitated over $2 trillion worth of suspicious transactions. When this news broke out yesterday, it was a day of reckoning for many of these institutions. Stocks top-5 banks by the amount of suspicious activity. Deutsche Bank was allegedly singularly responsible for over $1.3T of such transactions. To put this into a crypto perspective, according to data from Chainalysis, …

The latest ruling in the class-action lawsuit against OneCoin has dismissed Konstantin Ignatov, co-founder of OneCoin, as a defendant after he agreed to testify against his sister. Ignatov is the brother of Ruja Ignatova, the infamous leader and face of OneCoin also known as “Cryptoqueen.” Ignatova disappeared in 2017 and has since managed to evade authorities and the general public. While Ignatov was dismissed from the lawsuit initiated by defrauded OneCoin investors, court documents indicate that this same case will continue to target Ignatova. Both siblings are still the defendants in another legal action brought by the United States Department …

Australian horse racing officials are investigating a group raising thoroughbreds after its alleged involvement with OneCoin. According to news reports, Racing NSW confirmed it is investigating Phoenix Thoroughbreds while a second group, Racing Victoria, is in contact with international officials regarding the company. The allegations against Phoenix Thoroughbreds stem from witness testimony stating the company’s owner, Amer Abdulaziz Salman, was involved with OneCoin and supposedly stole $161 million. A Phoenix Thoroughbreds spokesman told The Sydney Morning Herald it did not do anything illegal and will cooperate with authorities. The company added its owner “acted according to the law at all …

Konstantin Ignatov, the brother of OneCoin’s fugitive founder Ruja Ignatova and a major figure behind the $4 billion Ponzi scheme, agreed to testify against his sister as part of a settlement that saw Ignatov dismissed from civil litigation targeting the scam. Newly reported details regarding the settlement’s terms reveal that Ignatov has agreed both to cooperate with the class of OneCoin investors bringing the suit forward and to testify against his sister on their behalf should the suit go to trial. Ignatov is also a defendant and cooperating witness in a parallel criminal case, with his testimony helping secure the …

Konstantin Ignatov, a major figure behind OneCoin cryptocurrency exit scam, was dismissed from a civil class action brought by OneCoin victims. According to an Aug. 7 report by Finance Magnates, OneCoin investors have agreed for a settlement with Ignatov. In a court filing on Aug. 6, plaintiffs Donald Berdeaux and Christine Grablis agreed to discontinue the claims asserted against Ignatov. Still facing up to 90 years in jail in a legal action brought by the United States’ Department of Justice (DOJ), Ignatov is apparently no longer one of the key figures in a civil case, which is related to financial …

Two promoters of a major cryptocurrency exit scam, OneCoin, have been found dead in Mazatlan, Mexico. Oscar Brito Ibarra and Ignacio Ibarra, two major OneCoin promoters, were apparently kidnapped and killed in Mexico, Cointelegraph en Español reported on Tuesday. According to the report, the two men were promoting OneCoin as a payment method for a local car firm, the Latin American Automotive Marketing Company. The terrifying news was first reported by major Latin American publication, La Tercera, on Saturday. According to the report, the bodies of Brito and Ibarra were found stuffed into suitcases and dumped in a vacant lot. …

On Wednesday, a 52-year old man named Fok Fook Seng of Singapore was found guilty of operating a multi-level marketing scam linked to the cryptocurrency Ponzi scheme OneCoin. Since its inception, the OneCoin crypto scam has defrauded investors of more than $4.4 billion. According to local news outlet Channel News Asia, Fok was convicted for promoting the MLM scheme between January 2016 and June 2017 and was fined 100,000 Singapore dollars (~$72,000). The police first pressed charges against him in April 2019 under the Multi-Level Marketing and Pyramid Selling Prohibition Act, which they said was the first of its kind. …