The European Crypto Scam – $1-Billion US Indictment against OneCoin Co-Founder Sebastian Greenwood unsealed
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OneCoin is in its essence a purely European scam. OneCoin was founded in 2014 by Ruja Ignatova from Bulgaria and Sebastian Greenwood from Sweden. While Greenwood was considered an MLM expert, cryptoqueen Ignatova was the PR genius and public. The financial center of the Crypto Scam, which according to our calculations ripped off considerably more than $10 billion, was probably Dubai. It is indicative of the state of cybercrime fighting in the different jurisdictions that a European scam must be charged in the United States. The UK authorities have previously refused to do so.
US Court Cases vs OneCoin Perpetrators
Greenwood was indicted by the US government in March 2018, arrested in Thailand in November 2018 and extradited to the United States. Ruja Ignatova disappeared in October 2017 and has been on the run ever since. The indictment against her, her younger brother Konstantin Ignatov and the US lawyer Mark S. Scott were brought in March 2019. On April 6, 2020, the indictment against Sebastian Greenwood – United States v. Karl Sebastian Greenwood, S5 17 Cr. 630 (ER) – was now unsealed.
Greenwood was indicted by the US government in March 2018, arrested in Thailand in November 2018 and extradited to the United States. Ruja Ignatova disappeared in October 2017 and has been on the run ever since. The indictment against her, her younger brother Konstantin Ignatov and the US lawyer Mark S. Scott were brought in March 2019. On April 6, 2020, the indictment against Sebastian Greenwood – United States v. Karl Sebastian Greenwood, S5 17 Cr. 630 (ER) – was now unsealed.
US attorney Mark S. Scott was convicted in November 2019 by a US jury of $400 million money laundering and bank fraud in connection with OneCoin.
Former OneCoin CEO Konstantin Ignatov was arrested in the US in March 2019 and entered into a plea deal with the US prosecutors. He has testified against Mark S. Scott and is also expected to testify against Sebastian Greenwood as a witness for the prosecution.
The $1-Billion Greenwood Charges
The US prosecutors charge Greenwood with five counts comprising conspiracy to commit wire fraud, wire fraud, conspiracy to commit money-laundering, conspiracy to commit securities fraud, and securities fraud. The indictment accuses Greenwood of being responsible for the scamming and money laundering of $1 billion of OneCoin. The sale of OneCoin packages is also considered securities fraud. The US prosecutors do not consider OneCoin to be a cryptocurrency.
For the US prosecutors in New York OneCoin is one of the most important cases in the field of complex fraud schemes (read here).
The MLM experts of behindMLM assume, that former OneCoin CEO Konstantin Ignatov – he is the younger brother of Ruja – has produced further evidence against Greenwood under the Plea Agreement he entered into with the US Government. Ignatov has already witnessed the indictment of US attorney Mark S. Scott, convicted of $400 million in money laundering and bank fraud.
Wake-Up Call for European Justice!
The victims of OneCoin should have expected that the European prosecutors in the various jurisdictions would take action against Ruja Ignatova and Sebastian Greenwood and their numerous accomplices. Unfortunately, this was not the case. Cybercrime has still not really arrived in Europe with law enforcement and prosecutors. This is quite a disgrace to the justice system and a tragedy for the OneCoin victims and the fight against cybercrime.
Fortunately, however, the European authorities have sent out a strong signal in the fight against cybercrime. The prosecution of the Israeli scammer Gal Barak and his E&G Bulgaria scheme across different jurisdictions has resulted in the arrest of more than a dozen suspected cybercriminals (read more here). That gives hope!
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