Karl Greenwood, a co-founder of OneCoin, has admitted guilt to wire fraud.

In conjunction with his participation in the fake cryptocurrency project, Karl Greenwood, a co-founder of OneCoin, the mega dollar cryptocurrency ponzi scheme, entered a plea agreement to counts of wire fraud and laundering of funds. The Department of Justice (DOJ) announced on Friday that the charges against him each have a maximal sentencing prospect of 20 years.

Greenwood, who was detained in Thailand in July 2018 and deported to the US, admitted to the crimes in front of Judge Edgardo Ramos in federal district court in Manhattan, who approved the plea agreement. According to the DOJ, Judge Ramos will punish him on April 5, 2023.

“This guilty plea by the Co-Founder of OneCoin caps a week at the Southern District of New York (SDNY) that sends a clear message that we are coming after all those who seek to exploit the cryptocurrency ecosystem through fraud, no matter how big or sophisticated you are,” In the DOJ announcement, Damian Williams, the SDNY US Attorney, was quoted.

Ignatova, Ruja “Cryptoqueen,” Continues to be at Large

Ruja Ignatova, who developed OneCoin with Greenwood, is still at liberty, according to the DOJ. The statement came eight months after Europol added Ignatova, commonly recognized as “the Cryptoqueen,” to its ranking of the continent's most sought fugitives. Earlier in June, the Federal Bureau of Investigation (FBI) put the missing Co-Founder to its Top 10 Most Wanted List.

Ignatova was accused of fraud and money laundering by the US on October 12, 2017, in the US District Court for the SDNY. Additionally, a federal warrant was issued for her. The FBI has also pledged to give $100,000 to those who provide tips that result in her capture.

Ignatova, though, hasn't been spotted in public since she flew on a commercial plane from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, according to the DOJ.

The Background

In Sofia, Bulgaria, Greenwood and Ignatova established OneCoin in 2014. From there, they used international multi-level advertising to market and sell the dubious scam (MLM). The DOJ said that due to misstatements made regarding OncCoin by the Co-Founders and others, victims all throughout the world invested more than $4 billion in the scam.

As explained by DOJ:

“This MLM structure influenced the rapid growth of the OneCoin member network. Indeed, according to OneCoins promotional materials, over three million people invested in fraudulent cryptocurrency packages. OneCoin records show that, between the fourth quarter of 2014 and the fourth quarter of 2016 alone, OneCoin generated €4.037 billion in sales revenue and earned 'profits' of €2.735 billion,”

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