Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter
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Sebastian Greenwood was the co-founder of a fraudulent cryptocurrency that pulled in $4 billion from investors between 2014 and 2016. Now U.S. District Judge Edgardo Ramos has sentenced him to 20 years in prison, and he was ordered to pay $300 million in forfeiture.
Through the MLM structure, OneCoin members received commissions for recruiting others to purchase cryptocurrency packages. As the top MLM distributor of OneCoin, GREENWOOD earned 5% of monthly OneCoin sales from anywhere in the world, which totaled more than $200 million from the fourth quarter of 2014 through the fourth quarter of 2016 alone and exceeded approximately $300 million in total.
Meanwhile, his partner, Ruja Ignatova, aka the “Cryptoqueen” we wrote about last year when she was added to the FBI’s Top Ten Most Wanted List, remains at large, with a $100,000 reward for information leading to her arrest.
