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Home CRYPTO

OneCoin’s Legal Head Sentenced to 4 Years in Jail for $4B Crypto Scam

Gary Ponce by Gary Ponce
April 4, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Irina Dilkinska, the former head of legal and compliance for the OneCoin fraud scheme, was sentenced to four years in jail for wire fraud and money laundering charges.
  • Dilkinska was ordered to forfeit $111 million as restitution and serve one month of supervised release.
  • OneCoin co-founder Karl Sebastian Greenwood was previously sentenced to 20 years in prison and ordered to pay $300 million in restitution for his role in the $4 billion Ponzi scheme.

The former head of legal and compliance for the multibillion-dollar OneCoin fraud scheme has been sentenced to four years in jail after admitting she helped launder millions of dollars.

Background on OneCoin Scheme

OneCoin was founded by “Cryptoqueen” Ruja Ignatova and Karl Sebastian Greenwood in 2014 and promised guaranteed returns to investors from a bogus cryptocurrency called OneCoin. However, it was later revealed that the company had never built a functioning blockchain and instead operated as a pyramid scheme that made its money by paying commissions to investors to sign up a constant stream of new buyers.

Latest Sentencing

42-year-old Irina Dilkinska was sentenced on Wednesday to four years in jail by United States District Judge Edgardo Ramos according to an April 3 statement from the US Attorney’s Office. In addition to her four-year jail sentence, Dilkinska was sentenced to one month of supervised release and ordered to forfeit $111 million as restitution. Judge Ramos reportedly denied Dilkinska’s request to avoid jail time and return home to care for young children in Bulgaria, according to an April 3 report from Bloomberg.

Judge’s Comments

Ramos said Dilkinska was “a woman of great intelligence and a woman who ought to have known better,” adding that she was fully aware of the legal consequences of her actions while involved in operating the $4 billion Ponzi scheme. “I honestly do not understand what prevented her from leaving the scheme before the point when it was brought down,” Ramos said.

Guilty Plea

Dilinska pled guilty to wire fraud and money laundering charges in a Manhattan federal court on Nov 10. Each charge carried a maximum sentence of up to five years in prison, meaning that Dilkinska faced the possibility of 10 years imprisonment.

Other Prosecutions

Dilkinsa is the latest OneCoin executive to land themselves in prison for their role in the fraud scheme. On Sept 12 last year, the scheme’s co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison on fraud and money laundering charges and was ordered to pay $300 million in restitution.

Conclusion

The sentencing of Dilkinska shows that authorities are continuing to crack down on those involved in the massive OneCoin scam, even years after the scheme collapsed. However, the mastermind behind it, Ignatova, remains at large.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BloombergCryptoqueenJudge Edgardo RamosKarl Sebastian GreenwoodOneCoinRuja Ignatova
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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