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Supported

The cited record supports the material proposition.

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.

About
OneCoin Ltd.
Claim made by
US Attorney's Office, Southern District of New York, regulator statement
Published
16 December 2022
Original
Co-Founder Of Multibillion-Dollar Cryptocurrency Pyramid Scheme "OneCoin" Pleads Guilty
Evidence score
93 How it was scored
Last reviewed
25 October 2026

Why this label

Two DOJ records state the point directly. The guilty plea release says OneCoin lacked a true public and verifiable blockchain, that the coin value was set by OneCoin itself, and that the coins were worthlessS2. The 2019 charges release quotes the FBI saying OneCoin had no real value and calls it a currency that existed only in the minds of its creatorsS4. The point rests on findings tied to a guilty plea by a co-founder, not on untested allegation alone. The records agree, so the claim is supported.

Current procedural position

Stated in the DOJ guilty plea release of 16 December 2022S2 and the charges release of 8 March 2019S4. Tied to Greenwood's guilty plea and sentenceS1.

Record supporting the assessment

OneCoin lacked a true blockchain, that is, a public and verifiable blockchain.
S2 Tier A US Attorney's Office, Southern District of New York, via IRS Criminal Investigation, Co-founder of multibillion-dollar cryptocurrency pyramid scheme "OneCoin" pleads guilty, 16 December 2022
the value of the cryptocurrency was simply set by OneCoin itself.
S2 Tier A US Attorney's Office, Southern District of New York, via IRS Criminal Investigation, Co-founder of multibillion-dollar cryptocurrency pyramid scheme "OneCoin" pleads guilty, 16 December 2022
OneCoin had no real value.
S4 Tier A US Attorney's Office, Southern District of New York, Manhattan U.S. Attorney Announces Charges Against Leaders Of "OneCoin," A Multibillion-Dollar Pyramid Scheme, 8 March 2019

Conflicting or limiting record

No record located that conflicts with this assessment.

Evidence score: 93 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.

ComponentPointsMaxReason
Source authorityIs the source competent to establish the proposition?2830Both records are US prosecutor releases tied to the case.
DirectnessDoes the source state the proposition or only discuss adjacent facts?1920The releases state the no blockchain and no value points plainly.
CorroborationDo independent records support the same material point?1415The 2022 plea release and the 2019 charges release agree.
Procedural accuracyDoes the record settle the procedural state the claim describes?1415The 2022 statement rests on a co-founder's guilty plea.
CurrencyHas the record been checked against later developments?910No later record changed these findings by October 2026.
ReproducibilityCan a reader locate the passage and repeat the assessment?910Both releases are public, one on the IRS site, one on the DOJ site.
Total93100

Timeline

  1. Charges release quotes the FBI that OneCoin had no real valueS4
  2. Guilty plea release states no true blockchainS2

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 2026S7.
    • Sentenced to 20 years and about US$300 million forfeitureS1
    • Second Circuit affirms the 240 month sentenceS7

Revision history

  • Assessment first published with label Supported.

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

Sources

  1. 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.
  2. S4Tier A Manhattan U.S. Attorney Announces Charges Against Leaders Of "OneCoin," A Multibillion-Dollar Pyramid SchemeUS Attorney's Office, Southern District of New York. Government press release. 8 March 2019.Supports the charges against Ignatova, that she remains at large, and the FBI no real value statement. The charges are allegations.
  3. 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.
  4. 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.

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