A September 2023 US Department of Justice statement said OneCoin co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison and ordered to pay about US$300 million for his part in the OneCoin scheme.

Why this label

The criminal record settles this claim. Greenwood pleaded guilty on 16 December 2022 to conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering^S2. The SDNY sentencing statement records the 20 year term and about US$300 million in forfeiture, and says the scheme took in more than US$4 billion from at least 3.5 million victims^S1. The two prosecutor records agree on the counts, the plea and the sentence. The Second Circuit affirmed the 240 month sentence on 31 January 2025^S7. The claim restates a court outcome and is supported by the primary record.

Current procedural position

Guilty plea entered 16 December 2022^S2. Sentenced on 12 September 2023 to 20 years and about US$300 million forfeiture by US District Judge Edgardo Ramos, SDNY^S1. Sentence affirmed by the US Court of Appeals for the Second Circuit on 31 January 2025, final as of October 2026^S7.

Evidence score: 96 of 100

The score grades how well the record establishes this assessment. It is not a score of OneCoin Ltd.. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.

Timeline

1. 16 December 2022Greenwood guilty plea accepted^S2
2. 12 September 2023Sentenced to 20 years and about US$300 million forfeiture^S1
3. 31 January 2025Second Circuit affirms the 240 month sentence^S7

Related cases

• United States v. Karl Sebastian GreenwoodUS District Court for the Southern District of New York. Criminal. Not published.Stage: Convicted by guilty plea and sentenced. Sentence affirmed on appeal, final as of October 2026^S7.
  • 12 September 2023 Sentenced to 20 years and about US$300 million forfeiture^S1
  • 31 January 2025 Second Circuit affirms the 240 month sentence^S7

Revision history

• 25 October 2026 Assessment first published with label Supported.

Have a record that changes this assessment? See corrections and responses.

Sources

1. S1Tier A Co-Founder Of Multibillion-Dollar Cryptocurrency Scheme "OneCoin" Sentenced To 20 Years In PrisonUS Attorney's Office, Southern District of New York. Government press release. 12 September 2023.Supports the 20 year sentence, the forfeiture, the scheme size and that Ignatova remains at large. Does not establish Ignatova's personal guilt.
2. S2Tier A Co-founder of multibillion-dollar cryptocurrency pyramid scheme "OneCoin" pleads guiltyUS Attorney's Office, Southern District of New York, via IRS Criminal Investigation. Government press release. 16 December 2022.Supports the guilty plea counts, the no true blockchain and worthless coin findings, and the pyramid scheme description.
3. S7Tier A United States v. Scott, United States v. Greenwood, Summary Order, Nos. 23-7199(L), 24-368US Court of Appeals for the Second Circuit. Court judgment. 31 January 2025.Affirms Greenwood's 240 month sentence on appeal. Settles that the sentence is final.

Other claims about OneCoin Ltd.

• Supported93
  The Department of Justice said OneCoin was sold as a cryptocurrency but lacked a true blockchain, had no real value, and that its price was set by the company itself.
  Regulator statement, 16 December 20223 records citedProduct claims
• Unresolved81
  US prosecutors charged OneCoin founder Ruja Ignatova with wire fraud, securities fraud and money laundering conspiracy counts, and the FBI says she remains a fugitive on its Ten Most Wanted list.
  Regulator statement, 8 March 20192 records citedFraud
• Contradicted88
  A January 2018 OneCoin company statement said the company had never been involved in criminal or illegal activities and called money laundering reports untrue and misleading.
  Company statement, 23 January 20183 records citedMoney laundering