OneCoin, the cryptocurrency project that morphed into a notorious pyramid scheme, continues to cast a long shadow. Yesterday, Irina Dilkinska, the former head of Legal and Compliance for OneCoin, was sentenced to four years in prison by US District Judge Edgardo Ramos for her role in the multi-billion dollar scam.
Dilkinska’s sentencing marks another step in the ongoing legal saga surrounding OneCoin. Launched in 2014 by Ruja Ignatova and Karl Sebastian Greenwood, OneCoin promised investors a revolutionary new cryptocurrency. However, authorities allege that the project was a fraudulent scheme from the outset, designed to enrich its founders at the expense of unsuspecting victims.
OneCoin Scammer: A Big Catch
“Rather than upholding the law and fulfilling her responsibility as head of legal, Ms. Dilkinska actively participated in the scheme,” said Damian Williams, the United States Attorney for the Southern District of New York. “She facilitated money laundering and aided in the exploitation of millions.”
According to court documents, Dilkinska played a key role in the OneCoin operation. She allegedly drafted legal documents designed to create a facade of legitimacy and deflect suspicion from regulators. Prosecutors believe she knew, or should have known, that these documents were misleading and ultimately fraudulent.
Dilkinska’s conviction comes on the heels of similar punishments for other OneCoin participants. Earlier this year, Mark Scott, a lawyer who allegedly helped establish fake investment funds to launder money from the scheme, received a 10-year prison sentence. OneCoin co-founder Sebastian Greenwood was sentenced to 20 years in prison in 2022.
OneCoin “Queen” Still At Large
The most high-profile figure in the OneCoin saga, Ruja Ignatova, remains at large. Nicknamed “CryptoQueen” by some media outlets, Ignatova vanished from public view in 2017 and is currently on the FBI’s Ten Most Wanted Fugitives List. The agency is offering a $100,000 reward for information leading to her arrest.
While authorities have made significant progress in dismantling the OneCoin operation, the case serves as a stark reminder of the dangers of crypto scams. Experts warn that fraudsters are adept at exploiting the complexities and hype surrounding the cryptocurrency market to lure unsuspecting investors.
The OneCoin saga is far from over. Authorities are likely to continue their pursuit of Ignatova, and civil lawsuits from defrauded investors are expected to linger for years to come. However, the dismantling of the organization and the sentencing of key figures sends a clear message: there will be consequences for those who participate in large-scale cryptocurrency fraud.
Featured image from Profit by Pakistan Today, chart from TradingView
