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The brother of Ruja “Cryptoqueen” Ignatova has been released from prison after spending 34 months behind bars for his role in OneCoin’s infamous $4.4 billion fraud scheme.
Konstantin Ignatov — once the “defacto leader” of the OneCoin sha — was handed a “time served” verdict by district court judge Edgardo Ramos on March. 5, <a href="https://www.bloomberg.com/news/articles/2024-03-05/cryptoqueen-s-brother-gets-time-served-for-leading-onecoin-scam" target="_blank" rel="noopener noreferrer nofollow">according</a> to a report from Bloomberg.
A "time served" verdict refers to when a court deems that a defendant has spent an adequate amount of time in jail while awaiting another sentencing hearing.
An “emotional” Ignatov took full responsibility for his actions at the hearing, <a href="https://www.law360.com/fintech/articles/1810143" target="_blank" rel="noopener noreferrer nofollow">according</a> to a March 5 report by Law360.
<blockquote>
 “I can only blame myself [...] still have trouble looking into my own eyes in the mirror. The last five years were a very painful period in my life, but I’m glad for the lessons I’ve learned.”
</blockquote>
Ignatov was, however, ordered to spend the next two years under court supervision and hand over $118,000 of the funds he made while working at OneCoin.
Ignatov was arrested in 2019 and <a href="https://cointelegraph.com/news/onecoin-co-founder-pleads-guilty-faces-up-to-90-years-in-jail" rel="noopener noreferrer nofollow">pled guilty to money laundering</a> and fraud charges later that year.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/f9220c34-8fe9-454f-8af6-308e02ba1195.jpg">
 <figcaption style="text-align: center;">Konstantin Ignatov (right) pictured with his sister, Ruja “Cryptoqueen” Ignatova. Source: <a href="https://x.com/CoinSpice/status/1195043412371591168?s=20" target="_blank" rel="noopener noreferrer nofollow">CoinSpice</a>
 </figcaption>
</figure>
Igantov’s time-served verdict came following his cooperation with United States prosecutors, which saw him testify against former lawyer Mark Scott, who was <a href="https://cointelegraph.com/news/prosecutors-recommend-prison-onecoin-lawyer" rel="noopener noreferrer nofollow">convicted of laundering $400 million</a> from the OneCoin scheme. Scott was <a href="https://cointelegraph.com/news/onecoin-lawyer-sentenced-prison" rel="noopener noreferrer nofollow">sentenced to 10 years imprisonment</a> on Jan. 25, 2024.
In the hearing, Ramos described the OneCoin scheme as “a massive fraud with hundreds of thousands of victims,” however credited Ignatov for cooperating with prosecutors in Scott’s trial.
Related: <a href="https://cointelegraph.com/news/onecoin-cryptoqueen-legal-chief-pleads-guilty-fraud-money-laundering" rel="noopener noreferrer nofollow">Cryptoqueen’s OneCoin legal chief pleads guilty to fraud</a>
Prosecutors said Ignatov became the leader of the OneCoin scam after his sister first <a href="https://cointelegraph.com/news/onecoin-a-deep-dive-into-crypto-s-most-notorious-ponzi-scheme" rel="noopener noreferrer nofollow">went missing in 2017</a>.
Ignatova’s whereabouts remain unknown and she is <a href="https://www.fbi.gov/wanted/topten" target="_blank" rel="noopener noreferrer nofollow">currently</a> on the Federal Bureau of Investigation’s (FBI) “Ten Most Wanted” list. She was charged in absentia by U.S. authorities for wire fraud, securities fraud, and money laundering.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/f01ebf0f-4a63-45db-8e1e-f16b0ce58b5d.png">
 <figcaption style="text-align: center;">The FBI’s “Ten Most Wanted Fugitives” list. Source: FBI
 </figcaption>
</figure>
Karl Sebastian Greenwood, one of the promoters of OneCoin, also recently received a <a href="https://cointelegraph.com/news/onecoin-co-founder-greenwood-gets-20-years-us-jail-fraud-money-laundering" rel="noopener noreferrer nofollow">20-year prison sentence</a> for fraud and money laundering.
OneCoin was a cryptocurrency ponzi scheme based in Bulgaria that raised $4.4 billion between 2014 and 2018. It promised investors outsized profits, guaranteed returns and marketed itself as a “Bitcoin killer” to lure in its would-be victims.&nbsp;
Magazine: Magazine:<a href="https://cointelegraph.com/magazine/interview-2-years-after-john-mcafee-death-wife-janice-broke-still-grieving/" rel="noopener noreferrer nofollow"> Exclusive — 2 years after John McAfee’s death, widow Janice is broke and needs answers</a>

Cryptoqueen’s brother is freed after 3 years jail over OneCoin scheme: Report

Cointelegraph

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