Karl Sebastian Greenwood has pled guilty to OneCoin related wire fraud and money laundering charges.
Greenwood (right) was scheduled to face trial in May 2023.
Following filing of a superseding indictment, which has not been made public, Greenwood (right) opted to plead guilty.
No plea deal was made with the DOJ.
Greenwood’s case docket has yet to update on Pacer but the DOJ has issued a press-release on Greenwood’s plea.
KARL SEBASTIAN GREENWOOD, who co-founded OneCoin with RUJA IGNATOVA, a/k/a “the Cryptoqueen,” pled guilty today in Manhattan federal court to wire fraud and money laundering charges in connection with his participation in the massive OneCoin fraud scheme.
Today, District Judge Edgardo Ramos accepted GREENWOOD’s guilty plea.
As to Greenwood’s involvement in OneCoin (previously covered in his indictment);
In 2014, GREENWOOD and IGNATOVA co-founded OneCoin.
GREENWOOD was OneCoin’s “global master distributor” and the leader of the MLM network through which the fraudulent cryptocurrency was marketed and sold.
GREENWOOD earned approximately €20 million a month in his role as the top MLM distributor of OneCoin.
According to in-court reporting from Inner City Press, at his plea hearing Greenwood stated;
I met Ruja Ignatova, we started OneLife, packages including OneCoin. We mis-compared it to #Bitcoin .
But I knew OneCoin had no intrinsic value. We targeted the US and concealed the source. I knew it was wrong.
Inner City Press additionally reports Greenwood, who now sports “a thin mustache and small pony tail/bun”, is receiving counselling for a mental health issue.
In a warning to other MLM crypto Ponzi scammers, U.S. Attorney Damian Williams said;
This guilty plea by the co-founder of OneCoin caps a week at SDNY that sends a clear message that we are coming after all those who seek to exploit the cryptocurrency ecosystem through fraud, no matter how big or sophisticated you are.
Greenwood, 45, is facing up to 60 years in prison. Even with a sentence reduction, it is highly likely Greenwood will spend the rest of his natural life behind bars.
Greenwood’s sentencing has been scheduled for April 5th, 2023.