"The Biggest Crypto Scam: OneCoin co-founder pleads guilty"

" The Biggest Crypto Scam: OneCoin co-founder pleads guilty \r\n Co-founder of OneCoin, Sebastian Greenwood has finally pled guilty to scamming users of the platform of $4 billion and is facing up to 60 years in jail if convicted in April 2023. \r\n In 2014, Greenwood and his partner, Ruja Ignatova told the world that they had built OneCoin, a cryptocurrency which would rival\u2014or \u201ckill bitcoin\u201d. They lied. \r\n What they actually built was a centralised currency, which, in reality, fell short of what cryptocurrency is. The \u201ccoin\u201d was neither mined through computers nor did it have a public or verifiable blockchain. \r\n Prosecutors in the ongoing trial of Greenwood said the operators arbitrarily fixed the coin\u2019s price, before finally pulling the plug and conning its global user base of $4 billion. \r\n Eight years after the big loot, Greenwood has finally pled guilty in a US court and is set to spend 2023 in prison. \r\n US Attorney Damian Williams\u00a0is reported to have said it is one of many big scams in history. \r\n Pyramid and Ponzi \r\n OneCoin operated as both a pyramid scheme and Ponzi scheme, and it survived by paying early investors with money it obtained from newer ones. \r\nFor the past four years, OneCoin has been under the radar of international law enforcement agencies, and major arrests have been made in connection to the case, including that of Ruja Ignatova\u2019s brother, Konstantin Ignatov, who pleaded guilty to fraud and money laundering in 2019.\r\n\r\nKonstantin Ignatov remains at large today, having etched her name in\u00a0Europol\u2019s \u201cEurope\u2019s Most Wanted\u201d list, and the FBI\u2019s list of Ten Most Wanted Fugitives.\r\n Greenwood, 45, pleaded guilty to one count of conspiracy to commit wire fraud, one count of wire fraud, and one count of conspiracy to commit money laundering. Each count carries a maximum sentence of 20 years in prison. His sentence will be on April 5. "

"The Biggest Crypto Scam: OneCoin co-founder pleads guilty"

Paris Summit aims to secure $4bn commitments to close clean cooking funding gap for African womenAMP

PFJ II to register two million farmers in 2024 – Agric MinisterAMP

Copper price above $10,000 as supply worries counter faltering demandAMP