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.”
OneCoin operated as a multi-level marketing (MLM) network where members made commissions by getting other people to purchase the company’s packages….