Co-founder of $4 Billion Crypto Fraud Scheme Sentenced to 20 Years in Prison, 'Cryptoqueen' Partner Remains at Large

Damian Williams, the top federal prosecutor in Manhattan, speaks at a press conference to announce the addition of “Cryptoqueen” Ruja Ignatova to the FBI’s most-wanted fugitives list, in New York, June 30, 2022.

Karl Greenwood, one of the co-founders of the fraudulent cryptocurrency OneCoin, has been sentenced to 20 years in prison, while his partner, Ruja Ignatova, known as the "Cryptoqueen" and on the FBI's Top 10 Most Wanted list, remains at large. Here are the key points:

1. Karl Greenwood, 46, was responsible for orchestrating the massive pyramid scheme behind OneCoin, which fraudulently amassed over $4 billion from millions of investors worldwide. He pleaded guilty in December to wire fraud and money laundering charges.

2. His partner, Ruja Ignatova, 43, remains a fugitive and is sought by law enforcement agencies. Ignatova's alias as the "Cryptoqueen" highlights her prominent role in the scheme.

3. The fraudulent scheme, OneCoin, operated between 2014 and 2016 and originated in Bulgaria. It managed to attract funds from at least 3.5 million people, making it one of the largest scams in cryptocurrency history.

4. OneCoin was promoted and sold through a multilevel marketing structure, with OneCoin members earning commissions for recruiting others to buy crypto packages.

5. Karl Greenwood, as the top distributor, received a significant share, accumulating over $300 million from OneCoin sales, according to the U.S. Department of Justice.

6. Unlike legitimate cryptocurrencies like Bitcoin, OneCoin had no real value and was designed as a fraudulent venture from its inception, as confirmed by authorities.

7. The co-founders consistently deceived investors by falsely claiming that OneCoin's value was determined by market forces, when in reality, its price was arbitrarily set.

8. Ruja Ignatova faced charges related to fraud and money laundering in October 2017. However, she managed to evade arrest by leaving Bulgaria for Athens, Greece, shortly after a federal warrant was issued.

9. Since her escape, Ruja Ignatova has remained out of the public eye, with her whereabouts unknown. The FBI has offered a reward of up to $250,000 for information leading to her arrest.

10. Ignatova is believed to have taken precautions to alter her appearance and may travel with armed guards or associates, making her a challenging fugitive to locate.

The sentencing of Karl Greenwood sends a strong message against cryptocurrency fraud and financial scams, while the search for Ruja Ignatova continues as authorities aim to bring her to justice.