OneCoin Co-Founder Karl Greenwood Sentenced to 20 Years in Prison

OneCoin began in Bulgaria in 2014, branding itself as a cryptocurrency and telling investors that the token could be mined and had real value. In reality, it did not exist on the blockchain and was a pyramid scheme in which investors were rewarded for bringing in new participants. OneCoin is estimated to have defrauded more than $4 billion from at least 3.5 million victims.