Bulgarian national Irina Dilkinska has been sentenced to four years in prison by the Southern District of New York court for her role in the infamous OneCoin cryptocurrency scheme. As the project’s Head of Legal and Compliance, Dilkinska was expected to uphold the law. Instead, she engaged in money laundering and other financial crimes, funneling a staggering $110 million in illicit OneCoin proceeds to a Cayman Island entity.
This sentencing comes as a significant development in the unraveling saga of OneCoin, a project that has left millions of victims in its wake. According to the United States Department of Justice (DOJ), OneCoin recruited over 3 million participants and raked in nearly $4.4 billion in sales revenue between 2014 and 2016. Victims collectively invested over $4 billion into the scheme.
Dilkinska’s guilty plea in November 2023 shed light on the extensive conspiracies of wire fraud and money laundering that underpinned OneCoin’s operations. The DOJ has likened OneCoin to a global multi-level marketing scheme or “pyramid scheme,” where sellers profit not just from their own sales but also from recruiting new participants into the scheme.
OneCoin Founders: Ignatova on FBI’s Most Wanted List
The founders of the token, Ruja Ignatova and Karl Sebastian Greenwood, have also faced legal consequences for their involvement. Ignatova, famously dubbed “the Cryptoqueen,” has been on the FBI’s most wanted list since May 2022. Meanwhile, Greenwood was sentenced to 20 years in prison and slapped with a $300 million fine for his role in the token.
The case underscores the dangers associated with unregulated cryptocurrencies and the potential for exploitation in the rapidly evolving digital landscape. Despite efforts by regulators and law enforcement agencies to crack down on fraudulent schemes like OneCoin, individuals continue to fall victim to promises of quick riches and financial freedom.
As Dilkinska begins her prison term and forfeits a staggering $111,440,000, it serves as a stark reminder of the real-world consequences awaiting those who engage in fraudulent activities in the cryptocurrency space. The saga of the token stands as a cautionary tale, highlighting the importance of due diligence and skepticism in navigating the complex world of digital currencies.