OneCoin operated out of Bulgaria, and was founded by Greenwood and "Cryptoqueen" Ruja Ignatova, the latter of whom has been on Europol's most wanted list since May 2022. The fraud amounted to around $4 billion and affected at least 3.5 million victims.
Karl Sebastian Greenwood, co-founder of the notorious OneCoin ponzi scheme, was sentenced to 20 years in prison after pleading guilty to fraud and money laundering charges. He will also forfeit $300 million, much of which he spent on real estate, luxury vacations, and a yacht.
- "Co-Founder Of Multibillion-Dollar Cryptocurrency Scheme “OneCoin” Sentenced To 20 Years In Prison", press release by the U.S. Attorney's Office, Southern District of New York