The co-founder of the multi-billion-dollar cryptocurrency pyramid scheme, OneCoin, today stepped up and pleaded guilty to the cases of fraud that have been duly filed against his company and him. Under his watchful eye and supervision, millions of innocent and unsuspecting persons were tricked by him, resulting in losses that have now crossed way over the billion-dollar mark. The scheme incidentally was hard sold to all of these connected people.
According to the United States Attorney for the Southern District of New York, Damian Williams, the co-founders of OneCoin, Karl Greenwood and Ruja Ignatova pleaded guilty to all counts of charges framed against them. These included cases related to wire fraud, together with fraudulent acts of money laundering, in Manhattan federal court.
The entire sequence of events began with the establishment of OneCoin, sometime in 2014. Furthermore, the MLM infrastructure has allowed the growth of the Onecoin network. There are about 3 million people who have invested their money in the fraudulent activities that are in the fraud cryptocurrency packages. Furthermore, the records of OneCoin show that between the fourth quarter of 2014 and the fourth quarter of 2016, about €4.037 billion has been generated in sales revenue, and it has earned profits of €2.735 billion.
Due to and as a resultant factor of effective convincing, they managed to generate more than four billion dollars from almost all parts of the globe. According to the experts related to this very marketplace, this fraud is indeed one of the biggest global frauds ever encountered.
Furthermore, it has been stated that OneCoin was never mined using computer resources. Still, it was always mined using the mining servers that the company maintains. Furthermore, OneCoin lagged behind a true blockchain, and they even started allotting ‘’fake coins’’ to the members. The fake coins did not even exist in the private blockchain of OneCoin.
However, the trial has been completed successfully, and the final judgment is still awaited on April 5th, 2023, before Judge Ramos. Damian Williams appreciates the work of the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation, who performed this investigation with the joint efforts of Special Agents from the U.S. Attorney’s Office. Additionally, the Royal Thai Police have been specially thanked by Mr. Williams for the arrest of GREENWOOD.
