Konstantin Ignatov has been released after 34 months in prison

Konstantin Ignatov has recently been released after serving 34 months in prison for his role in the OneCoin cryptocurrency scam, which defrauded investors of $4.4 billion.

The court decision to release Ignatov was made by Judge Edgardo Ramos, who issued a “time served” verdict on March 5. This decision signifies that the time Ignatov spent in custody prior to his sentencing was deemed sufficient punishment. During the hearing, Ignatov expressed remorse for his actions and the harm caused, stating, “I can only blame myself […] I 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.”

Following the disappearance of his sister, Ruja Ignatova, also known as the “Cryptoqueen,” in 2017, Ignatov became a prominent figure within the OneCoin organization. He pleaded guilty to money laundering and fraud charges in 2019 and cooperated with U.S. prosecutors by providing crucial testimony in the trial against Mark Scott, who was involved in laundering funds from the scheme. Scott was subsequently sentenced to 10 years in prison in January 2024.

As part of his cooperation, Ignatov assisted in the conviction of Scott, which led to a reduced sentence for himself. The court also ordered Ignatov, who is now under two years of court supervision, to forfeit $118,000 earned during his time at OneCoin.

The fallout from the OneCoin scam has resulted in legal actions against other individuals involved in the scheme. Karl Sebastian Greenwood, a co-founder of OneCoin, was recently sentenced to 20 years in prison for his role in the fraud and money laundering activities linked to the scam. Irina Dilkinska, the former head of OneCoin’s legal department, has pleaded guilty to fraud and money laundering charges and faces a potential 10-year prison sentence.

The case of Ignatov and others involved in the OneCoin scam underscores the importance of regulatory oversight in the cryptocurrency industry. Stay informed about the latest developments in the crypto world on Global Crypto News.