The ex-boyfriend of fugitive Ruja Ignatova (also referred to as Cryptoqueen) was sentenced to 5 years in jail for laundering $300 million in earnings from traders of the bogus crypto enterprise, OneCoin.

Gilbert Armenta, who held a number of vital posts within the OneCoin enterprise, was convicted of actively participating in a scheme that embezzled traders out of hundreds of thousands of {dollars}.

He pled responsible in 2018 to conspiring to commit wire fraud, cash laundering, and extortion in relation to the OneCoin mission.

Armenta aided prosecutors in unraveling the rip-off for 2 years whereas committing extra felonies, compelling authorities to hunt a lengthier jail time period.

Cryptoqueen And Her Faux Digital Foreign money

In 2014, Ignatova, a Bulgarian nationwide, launched OneCoin, a $4 billion multilevel advertising fraud primarily based on a faux cryptocurrency.

OneCoin was marketed as a digital forex that will rework the monetary trade, and its promoters claimed that it was backed by gold reserves and utilized blockchain know-how presupposed to be higher than Bitcoin.

OneCoin’s proponents asserted that the forex had a hard and fast amount of 120 billion cash and that it’ll change into one of many world’s most precious cryptocurrencies.

Ruja Ignatova a.ok.a. Cryptoqueen. Picture: BBC

As well as, they assured substantial returns to traders who bought the cash and marketed them by way of multi-level advertising schemes during which contributors earned commissions for recruiting new traders.

However, OneCoin was revealed to be a Ponzi scheme that was not supported by blockchain know-how or precise cryptocurrency.

Cryptoqueen Boyfriend Aided In Cash Laundering

Its founders amassed billions of {dollars} from traders worldwide. The fraud resulted within the lack of the life financial savings of quite a few traders.

Armenta’s conviction is the latest transfer within the prolonged investigation into OneCoin, which has been described as one of many largest and most refined frauds in historical past.

Picture: IRTIS

Armenta was accused of aiding Ignatova in cash laundering and evading justice in relation to the fraudulent enterprise. The sentencing is a reduction for the hundreds of thousands of traders who have been duped by the fraud, lots of whom have but to obtain their a reimbursement.

Between its launch and 2016, OneCoin defrauded hundreds of thousands of individuals to the tune of about $4 billion. The corporate’s founders solicited traders to buy instructional packages for buying and selling digital property ranging in worth from 100 to 118,000 euros.

Crypto complete market cap at $1 trillion on the every day chart | Chart: TradingView.com

Cryptoqueen: One Of FBI’s Most Needed Fugitives

In 2017, Ignatova, branded by the BBC as “the girl who scammed the world,” was final seen in Athens, Greece. Some reviews claimed that she might have hidden on a luxurious yacht within the Mediterranean Sea with a good portion of the stolen monies.

The Federal Bureau of Investigation (FBI) joined the seek for the Cryptoqueen by inserting her on its record of the “10 Most Needed Fugitives.” As well as, the company supplied a $100,000 reward for data resulting in her location and arrest.

-Featured picture from The Unbiased