Home / Forex News /Onecoin Co-Founder Pleads Guilty To Fraud Charges In US

Onecoin Co-Founder Pleads Guilty To Fraud Charges In US

18 Dec 2022

After the former 45th president of the United States, Donald Trump revealed his non-fungible token (NFT) trading card collection, Trump’s NFTs sold out within hours after the announcement. Statistics from Opensea, three days after the sale, show that the Trump NFT trading card collection’s floor value is now .49 ether or roughly $578.

Donald Trump once said in 2019 that he was not a fan of bitcoin (BTC), and today the former president has leveraged blockchain technology to release his NFT trading cards. The collection of 45,000 cards features images of Trump dressed as Superman, an astronaut, a cowboy, and many other designs. However, there’s been accusations that the team behind Trump’s NFTs used stock images from Shutterstock and left the Shutterstock watermarks on the NFT photos.

Half the people mocking Trump for selling NFTs today were silent when he was selling out our nation’s future through record inflation.

— Libertarian Party (@LPNational) December 15, 2022

Despite the claims, Trump’s NFT cards have been very popular and during the last 24 hours, cryptoslam.io stats show Trump’s collection is the second-largest in sales behind Bored Ape Yacht Club (BAYC). Trump NFT sales increased by 50.19% during the past 24 hours and there’s been $3,597,251 in sales. The $3.5 million in sales was across 4,749 transactions and 1,839 buyers and 2,155 sellers.

Good morning and Happy Saturday to everyone who agrees it's great that House DEMs introduced a bill to bar trump from office under the 14th Amendment, so he can spend more time selling ridiculous digital trump card NFTs.

— BrooklynDad_Defiant!☮️ (@mmpadellan) December 17, 2022

On Opensea, the current floor value for Trump’s NFT cards is around .49 ether or $578, which is more than 4x larger than the original $99 price when the sale launched. There’s roughly 15,811 Trump NFT owners and 35% are unique owners, according to Opensea metrics on Dec. 18, 2022. One user owns approximately 1,000 Trump NFT cards and is the largest holder of the entire collection. Some people have claimed the unknown Trump NFT owner with 1,000 cards is Donald Trump himself.

liberal NFT mfers seeing Trump Trading Card NFTs mooning pic.twitter.com/WOdU2vYmAY

— Ashley (@AshleyDCan) December 16, 2022

Of course, Trump’s NFT trading cards caused an outcry from left-leaning political pundits since the 45th U.S. president made his announcement. Current U.S. president Joe Biden mocked Trump in a tweet that says Biden “had some MAJOR ANNOUNCEMENTS the last couple of weeks,” using all capital letters like Trump. The left-leaning political commentator Lindy Li made fun of Trump’s NFT announcement as well, when she said:

Trump’s big announcement is that he’s selling NFTs. Melania’s big announcement was that she was selling a $185,000 NFT. Ivanka’s big announcement was to promote Goya beans. Don Jr’s big announcement was to sell $500 cameos. The most pathetic family to ever occupy the White House.

Other proponents of the left, like former New York Times (NYT) author, Kurt Eichenwald, tried to expose Trump’s NFT venture. Eichenwald published a blog post on his Substack that claims “Trump’s trading card grift is worse than you think.” Eichenwald found that shell companies are associated with a company called NFT International LLC. The former NYT columnist also linked the firm to some people with negative reputations but in the end, Eichenwald concludes that “none of this means that NFT International is crooked.”

What did you think about Donald Trump releasing his NFT collection? What do you think about the collection selling out? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

After the former 45th president of the United States, Donald Trump revealed his non-fungible token (NFT) trading card collection, Trump’s NFTs sold out within hours after the announcement. Statistics from Opensea, three days after the sale, show that the Trump NFT trading card collection’s floor value is now .49 ether or roughly $578.

Donald Trump once said in 2019 that he was not a fan of bitcoin (BTC), and today the former president has leveraged blockchain technology to release his NFT trading cards. The collection of 45,000 cards features images of Trump dressed as Superman, an astronaut, a cowboy, and many other designs. However, there’s been accusations that the team behind Trump’s NFTs used stock images from Shutterstock and left the Shutterstock watermarks on the NFT photos.

Half the people mocking Trump for selling NFTs today were silent when he was selling out our nation’s future through record inflation.

— Libertarian Party (@LPNational) December 15, 2022

Despite the claims, Trump’s NFT cards have been very popular and during the last 24 hours, cryptoslam.io stats show Trump’s collection is the second-largest in sales behind Bored Ape Yacht Club (BAYC). Trump NFT sales increased by 50.19% during the past 24 hours and there’s been $3,597,251 in sales. The $3.5 million in sales was across 4,749 transactions and 1,839 buyers and 2,155 sellers.

Good morning and Happy Saturday to everyone who agrees it's great that House DEMs introduced a bill to bar trump from office under the 14th Amendment, so he can spend more time selling ridiculous digital trump card NFTs.

— BrooklynDad_Defiant!☮️ (@mmpadellan) December 17, 2022

On Opensea, the current floor value for Trump’s NFT cards is around .49 ether or $578, which is more than 4x larger than the original $99 price when the sale launched. There’s roughly 15,811 Trump NFT owners and 35% are unique owners, according to Opensea metrics on Dec. 18, 2022. One user owns approximately 1,000 Trump NFT cards and is the largest holder of the entire collection. Some people have claimed the unknown Trump NFT owner with 1,000 cards is Donald Trump himself.

liberal NFT mfers seeing Trump Trading Card NFTs mooning pic.twitter.com/WOdU2vYmAY

— Ashley (@AshleyDCan) December 16, 2022

Of course, Trump’s NFT trading cards caused an outcry from left-leaning political pundits since the 45th U.S. president made his announcement. Current U.S. president Joe Biden mocked Trump in a tweet that says Biden “had some MAJOR ANNOUNCEMENTS the last couple of weeks,” using all capital letters like Trump. The left-leaning political commentator Lindy Li made fun of Trump’s NFT announcement as well, when she said:

Trump’s big announcement is that he’s selling NFTs. Melania’s big announcement was that she was selling a $185,000 NFT. Ivanka’s big announcement was to promote Goya beans. Don Jr’s big announcement was to sell $500 cameos. The most pathetic family to ever occupy the White House.

Other proponents of the left, like former New York Times (NYT) author, Kurt Eichenwald, tried to expose Trump’s NFT venture. Eichenwald published a blog post on his Substack that claims “Trump’s trading card grift is worse than you think.” Eichenwald found that shell companies are associated with a company called NFT International LLC. The former NYT columnist also linked the firm to some people with negative reputations but in the end, Eichenwald concludes that “none of this means that NFT International is crooked.”

What did you think about Donald Trump releasing his NFT collection? What do you think about the collection selling out? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

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Karl Sebastian Greenwood, a co-founder and operator of Onecoin, has pled guilty to his part in building the notorious crypto pyramid. The fake cryptocurrency’s “global master distributor” has been in custody since 2018 when he was arrested in Thailand and extradited to the United States.

Co-founder of Onecoin Karl Sebastian Greenwood pled guilty in Manhattan federal court to wire fraud and money laundering charges on Friday. As a result of misrepresentations made by him, the Ponzi scheme’s mastermind, ‘Cryptoqueen’ Ruja Ignatova, and others, victims from around the world, including the U.S., invested billions of dollars into the fraudulent platform.

In an announcement, the U.S. Attorney for the Southern District of New York Damian Williams pointed out that Greenwood, Ignatova and their co-conspirators ran Onecoin and claimed that a purported cryptocurrency with the same name would be the ‘Bitcoin killer.’ In reality, it was worthless, was never mined or based on blockchain, and its price was not determined by the market but set manually.

Greenwood, a citizen of Sweden and the United Kingdom, and Bulgarian-born German national Ignatova founded Onecoin in 2014. It operated as a global multi-level-marketing (MLM) network, the members of which were paid commissions for recruiting others. According to Onecoin’s promotional materials and records, over 3 million people invested more than $4 billion by the end of 2016.

Ignatova, who disappeared from the public eye in late 2017, is still at large and is wanted by Interpol, Europol, and the U.S. Federal Bureau of Investigation (FBI), which offers a $100,000 reward for information leading to her arrest. Her brother, Konstantin, was detained in Los Angeles in 2019, pleaded guilty and sought witness protection.

In August, media reports revealed that a British national accused of money laundering related to the Onecoin scam, Christopher Hamilton, had lost his bid to avoid extradition to the United States and would be handed over to U.S. authorities. In October, three Onecoin associates appeared in a German court to face charges of fraud and other crimes.

Greenwood, who was Onecoin’s “global master distributor,” was credited by Ignatova for the idea of marketing and selling the crypto through an MLM structure. District Judge Edgardo Ramos accepted his guilty plea and the sentencing is scheduled for April 5, 2023. The 45-year-old co-founder of Onecoin faces up to 20 years in prison on each of the counts against him.

Do you expect other members of Onecoin to face charges for their participation in the pyramid scheme? Share your thoughts on the subject in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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