Konstantin Ignatov, closely linked to the infamous OneCoin scam, has been set free after completing a 34-month prison sentence. This event marks another juncture in the saga of a scheme that defrauded investors worldwide of $4 billion.
Konstantin stepped into the limelight of the OneCoin operation following the disappearance of his sister, Ruja Ignatova, also known as the “Cryptoqueen.”
His ascent from a forklift driver to a pivotal figure in one of the most notorious scams in cryptocurrency history is a testament to the elaborate and deceptive nature of OneCoin.
Despite his significant role after his sister vanished, Ignatov cooperated with authorities. This included his key testimony against accomplices, which led to his sentence being limited to time already served.
“One of the largest fraud schemes ever perpetrated.”
Read more: 15 Most Common Crypto Scams To Look Out For
OneCoin’s co-founder, Karl Sebastian Greenwood, also played an instrumental role in propelling the scam. He positioned OneCoin as a viable alternative to Bitcoin. Greenwood’s elaborate pyramid scheme enticed millions with the false promise of quick riches. This was a dream that turned into a nightmare for countless investors.
His conviction and subsequent 20-year prison sentence underscore the lengths to which its architects went to deceive their victims.
Similarly, Mark Scott, a lawyer for OneCoin, was found guilty of laundering $400 million from the scam’s proceeds. His attempts to maintain his innocence were contradicted by the lavish lifestyle he led. During his trial, it was revealed that:
“Scott sold his Porsche for $250,000 after getting the forfeiture bill of particulars. He also wired $300,000 to Cayman Island account, for Cape Cod properties.”
Scott was eventually sentenced to a decade behind bars earlier this year.
As the dust begins to settle on this chapter of the OneCoin scandal, attention remains fixed on justice for the victims. Authorities have also yet to uncover what really happened to Ruja Ignatova.