$110 Million Laundered, 4-Year Sentence Imposed

Bulgarian national Irina Dyrkinska was sentenced to four years in prison by the Southern District of New York for her role in the infamous cryptocurrency scheme OneCoin. As the project’s legal and compliance director, Ms. Dilkinska was expected to comply with the law. Instead, she turned to money laundering and other financial crimes, funneling a staggering $110 million in OneCoin illegal proceeds to a Cayman Island entity.

The ruling comes as a significant development in the story of the unraveling of OneCoin, a project that left millions of victims. according to OneCoin attracted more than 3 million participants and generated nearly $4.4 billion in sales revenue between 2014 and 2016, according to a filing with the U.S. Department of Justice (DOJ). In total, the victims invested more than $4 billion into the scheme.

Dilkinska’s guilty plea in November 2023 shed light on the broader wire fraud and money laundering conspiracy that underpinned OneCoin’s operations. The Department of Justice likens OneCoin to a global multi-level marketing scheme, or “pyramid scheme,” in which sellers profit not only from their own sales but also from recruiting new participants to the scheme.

OneCoin founder: Ignatova on FBI’s most wanted list

The token’s founders, Ruja Ignatova and Carl Sebastian Greenwood, are also facing legal repercussions for their involvement. Ignatova, famously known as the “Code Queen,” has been on the FBI’s Most Wanted list since May 2022. Meanwhile, Greenwood was sentenced to 20 years in prison and fined $300 million for his token role.

This case highlights the dangers associated with unregulated virtual currencies and the potential for abuse in a rapidly evolving digital environment. Despite efforts by regulators and law enforcement to crack down on fraudulent schemes like OneCoin, individuals continue to fall victim to promises of get-rich-quick and financial freedom.

As Dilkinska goes to prison and forfeits a staggering $111.44 million in assets, the case offers a glimpse into the real-world consequences that await those who commit fraud in the cryptocurrency space. It’s a stark reminder. This token story serves as a cautionary tale that highlights the importance of due diligence and skepticism when navigating the complex world of digital currencies.

Related Article


Leave a Comment