Konstantin Ignatov, the brother of the Crypto Queen, is leaving prison after serving his OneCoin sentence

The court approved the release of Konstantin Ignatov, the brother of the notorious crypto queen Ruja Ignatova, from custody. Judge Edgardo Ramos ordered his release on March 5th, after Ignatov had already served the entire sentence for his involvement in the OneCoin scam in prison. The prosecution had recommended a total sentence of 34 months, which was accepted by the court.

The Brother’s Role in the $4 Billion Scam

Konstantin Ignatov was originally hired by his sister Ruja Ignatova as a personal assistant to support the OneCoin project during its peak from 2014 to 2016. After Ruja’s disappearance in 2017, Ignatov took on leadership responsibilities and, according to authorities, became the de facto head of the international cryptocurrency fraud scheme. The $4 billion scam spanned years and caused immense financial damage.

Confessions and Legal Consequences

In the proceedings, Ignatov made several confessions. He admitted to giving false testimony in a previous trial when he claimed to have disposed of his laptop in Las Vegas. At the same time, he testified against his co-defendant Mark Scott, a former OneCoin attorney. Scott was convicted of money laundering of $400 million and received a ten-year prison sentence in January, along with the forfeiture of $392 million. Judge Ramos rejected Scott’s motion to overturn the verdict, as he considered Ignatov’s perjury to be immaterial to the jury’s decision.

Additional Obligations for Ignatov

The release is subject to certain conditions. Ignatov must be under supervision for two years and has been ordered to pay $118,000. These measures aim to support restitution to injured investors of the OneCoin program.

Deterrent Sentences for Other Participants

Other high-ranking OneCoin figures received significantly higher sentences. Karl Sebastian Greenwood, co-founder of the scam and close confidant of Ruja Ignatova, was sentenced to 20 years in September. As a prominent promoter, Greenwood benefited from approximately $300 million, which he spent on luxury travel, designer clothing, and real estate. Irina Dilkinska, head of the legal and compliance department, admitted her involvement in November and faces a maximum sentence of ten years.

Unresolved Questions About the Founder

While Konstantin Ignatov is serving his sentence, the whereabouts of his sister Ruja Ignatova have remained unknown since 2017. She is on the FBI’s list of the ten most wanted persons. Speculation suggests she may have been killed in 2018 by a local drug dealer, but there is no confirmed evidence.