Founder of Cryptocurrency ‘OneCoin’ Pleads Guilty to Fraud Charges, Bulgarian Co-Founder Still Wanted

Founder of Cryptocurrency ‘OneCoin’ Pleads Guilty to Fraud Charges, Bulgarian Co-Founder Still Wanted
Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin, and Ripple plunge into water in this illustration on May 17, 2022. Dado Ruvic/Illustration/Reuters
Naveen Athrappully
Updated:
0:00

A co-founder of the fraudulent cryptocurrency OneCoin, touted as a “Bitcoin killer,” pleaded guilty to money laundering and wire fraud charges in a New York City federal court on Friday, while the other founder remains missing and is listed among the FBI’s most wanted.

The defendant, Karl Sebastian Greenwood, 45, co-founded OneCoin with Ruja Ignatova in 2014, “fully intending to use it to defraud investors,” according to a Dec. 16 press release by the Department of Justice. The company, based in Bulgaria, marketed a cryptocurrency that was in fact a “fraudulent pyramid scheme.”
Naveen Athrappully
Naveen Athrappully
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Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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