Cryptoqueen's Brother Released After 34 Months for Role in $4.4 Billion OneCoin Scam
Summary:
Konstantin Ignatov, brother of Ruja “Cryptoqueen” Ignatova, has been released after serving 34 months in prison for his role in the infamous OneCoin scam which defrauded investors of $4.4 billion. His 'time served' sentence followed Ignatov's cooperation with the US authorities, including testifying against former lawyer Mark Scott, convicted of laundering $400 million. Ignatov must surrender $118,000 of his OneCoin profits and remain under court supervision for the next two years. Ruja Ignatova remains missing and is included on the FBI's “Ten Most Wanted” list.
Konstantin Ignatov, the sibling of notorious cryptocurrency scammer Ruja “Cryptoqueen” Ignatova has been freed from prison after serving 34 months for his participation in the notorious $4.4 billion OneCoin scam. Ignatov had stepped in as the leader of the OneCoin scam following his sister's disappearance. His release, handed down by district court Judge Edgardo Ramos on March 5, is on the grounds of "time served", a term meaning the court believes the time spent in jail pending sentencing is deemed sufficient, as reported by Bloomberg. According to a report by Law360, an apologetic Ignatov accepted responsibility for his misdeeds during the hearing. He was also ordered to surrender $118,000 of his profits from his OneCoin operations, and will be under court-monitored supervision for the next two years. Ignatov was arrested in 2019 and later pleaded guilty to charges of fraud and money laundering. Ignatov's time-served sentence recognises his cooperation with US law enforcement, which included testifying against former attorney Mark Scott, who was found guilty of laundering $400 million from OneCoin, resulting in a ten-year jail term handed down on January 25, 2024. During the hearing, Judge Ramos labelled OneCoin as a large-scale deception with a high number of victims, acknowledging Ignatov for his part in the prosecution of Scott. The current whereabouts of Ignatova, who is on the FBI's “Ten Most Wanted” list, remain a mystery. She was charged in absentia for money laundering, wire fraud, and securities fraud by US authorities. Notably, Karl Sebastian Greenwood, a major promoter of OneCoin, also recently received a 20-year sentence for his role in the fraudulent venture. The infamous OneCoin, based in Bulgaria, operated as a cryptocurrency Ponzi scheme raking in $4.4 billion between 2014 and 2018, using false promises of large profits, assured returns and branding itself as the “Bitcoin killer.”
Published At
3/6/2024 6:46:58 AM
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