Crypto
Convictions Upheld for Defendants in OneCoin Cryptocurrency Case
Two men convicted for their part in the OneCoin cryptocurrency fraud scheme can’t move forward on their appeals, the Second Circuit said Friday.
OneCoin Ltd. and its affiliated offshore companies conducted a Ponzi scheme that recruited investors without providing anything in return, allegedly making $4 billion. The scheme allegedly offered commissions to members for recruiting others to buy packages of the worthless OneCoin cryptocurrency. At its height, OneCoin claimed to have more than 3 million members worldwide.
As a result of the scheme, Karl Sebastian Greenwood pleaded guilty to conspiracy to commit wire fraud, wire fraud, and conspiracy to commit …