The OneCoin Fraud and Ruja Ignatova: How the $4 Billion…
By Damilola Esebame
AI summary of the source article
OneCoin defrauded 3.5 million investors of over $4 billion between 2014 and 2017 without operating a real blockchain. Co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison in 2023, while co-founder Ruja Ignatova remains a fugitive.
Why it matters
The victim compensation process marks "a new phase in the decade-long OneCoin enforcement case."
Key facts
- OneCoin collected over $4 billion from 3.5 million investors globally between 2014 and 2017 without a functional blockchain.
- Co-founder Karl Sebastian Greenwood received a 20-year prison sentence in September 2023 and was ordered to pay $300 million.
- Ruja Ignatova disappeared in October 2017 following federal fraud indictments and remains on the FBI's Ten Most Wanted Fugitives list.
Source excerpt · FinanceFeeds
KEY TAKEAWAYS OneCoin collected over $4 billion from 3.5 million investors worldwide between 2014 and 2017 using a multi-level marketing structure disguised as cryptocurrency innovation. Federal investigators confirmed OneCoin never operated a real blockchain, and all token values were set internally by company leadership rather than market forces. Co-founder Karl Sebastian Greenwood received a 20…