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  • cryptoqueen: $4B ponzi scheme, 20 years

    From Retrograde@21:1/5 to All on Mon Sep 18 01:31:15 2023
    From the «smelled like a scam; was a scam» department:
    Feed: Slashdot
    Title: 'Cryptoqueen' Sidekick Gets 20 Years For $4 Billion Ponzi
    Author: msmash
    Date: Tue, 12 Sep 2023 19:00:00 -0400
    Link: https://yro.slashdot.org/story/23/09/12/1958254/cryptoqueen-sidekick-gets-20-years-for-4-billion-ponzi?utm_source=rss1.0mainlinkanon&utm_medium=feed

    The cofounder and main promoter of the $4 billion OneCoin pyramid scheme was sentenced to 20 years in prison for his role in one of the first and biggest criminal frauds involving cryptocurrency. Bloomberg: Karl Sebastian Greenwood, 46, was sentenced in New York Tuesday, after pleading guilty in December to creating and promoting a phony cryptocurrency. Greenwood was the wingman of Ruja
    Ignatova, the so-called "Cryptoqueen" and most wanted crypto fugitive in the world. US District Judge Edgardo Ramos called the fraud "massive in many respects," noting that OneCoin had no blockchain, no real cryptocoin and no trading market. Victims could not withdraw their investments and most face the likelihood they'll never get any of their money back. "At base, it involved nothing more than old-fashioned snake oil," the judge said. Greenwoood's sentencing closes one chapter of the OneCoin case, which authorities describe as
    one of the largest pyramid schemes in history. It impacted 3.5 million victims across the globe and foreshadowed a broader crackdown on crime in the cryptocurrency markets.

    [image 2][2] [image 4][4]

    Read more of this story[5] at Slashdot.

    Links:
    [1]: http://twitter.com/home?status=%27Cryptoqueen%27+Sidekick+Gets+20+Years+For+%244+Billion+Ponzi%3A+https%3A%2F%2Fyro.slashdot.org%2Fstory%2F23%2F09%2F12%2F1958254%2F%3Futm_source%3Dtwitter%26utm_medium%3Dtwitter (link)
    [2]: https://a.fsdn.com/sd/twitter_icon_large.png (image)
    [3]: http://www.facebook.com/sharer.php?u=https%3A%2F%2Fyro.slashdot.org%2Fstory%2F23%2F09%2F12%2F1958254%2Fcryptoqueen-sidekick-gets-20-years-for-4-billion-ponzi%3Futm_source%3Dslashdot%26utm_medium%3Dfacebook (link)
    [4]: https://a.fsdn.com/sd/facebook_icon_large.png (image)
    [5]: https://yro.slashdot.org/story/23/09/12/1958254/cryptoqueen-sidekick-gets-20-years-for-4-billion-ponzi?utm_source=rss1.0moreanon&utm_medium=feed (link)



    --
    Emojis are for wimps.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From JAB@21:1/5 to fungus@amongus.com.invalid on Sun Sep 17 20:53:29 2023
    On Mon, 18 Sep 2023 01:31:15 -0000 (UTC), Retrograde <fungus@amongus.com.invalid> wrote:

    It impacted 3.5 million victims across the globe

    Suckers-R-Us....

    Never followed cryptocurrency, but I assumed it was not my cup of tea.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Blueshirt@21:1/5 to JAB on Mon Sep 18 07:28:05 2023
    JAB wrote:

    On Mon, 18 Sep 2023 01:31:15 -0000 (UTC), Retrograde <fungus@amongus.com.invalid> wrote:

    It impacted 3.5 million victims across the globe

    Suckers-R-Us....

    Never followed cryptocurrency, but I assumed it was not my cup of tea.

    Cryptocurrency is a bit like following a religion. You can't see, hear,
    smell or touch God, but people will tell you that he's real. So if you
    have faith in what you're told by other people, then cryptocurrencies are
    the future...

    Me, I'm happy enough to keep my cash in a wooden box under the bed.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Michael Trew@21:1/5 to JAB on Mon Sep 18 08:39:56 2023
    On 9/17/2023 9:53 PM, JAB wrote:
    On Mon, 18 Sep 2023 01:31:15 -0000 (UTC), Retrograde <fungus@amongus.com.invalid> wrote:

    It impacted 3.5 million victims across the globe

    Suckers-R-Us....

    Never followed cryptocurrency, but I assumed it was not my cup of tea.

    Some people have made a fortune on bit-coin. I also don't understand
    it, so I don't invest, but to me, it seems like another regular method
    of gambling.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Retrograde@21:1/5 to Blueshirt on Wed Sep 20 15:25:58 2023
    On 2023-09-18, Blueshirt <blueshirt@indigo.news> wrote:
    JAB wrote:

    On Mon, 18 Sep 2023 01:31:15 -0000 (UTC), Retrograde
    <fungus@amongus.com.invalid> wrote:

    It impacted 3.5 million victims across the globe

    Suckers-R-Us....

    Never followed cryptocurrency, but I assumed it was not my cup of tea.

    Cryptocurrency is a bit like following a religion. You can't see, hear,
    smell or touch God, but people will tell you that he's real. So if you
    have faith in what you're told by other people, then cryptocurrencies are
    the future...

    Me, I'm happy enough to keep my cash in a wooden box under the bed.

    Isn't it true that Warren Buffett doesn't touch crypto with a ten foot
    pole? I recall his strategy was very simple, and if you can't
    understand where it creates or stores value, you shouldn't invest in it.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)