Sebastian Greenwood’s trial for his role in the OneCoin cryptocurrency fraud was set for May 15, 2023, according to court documents filed in June 2023. The Department of Justice and Greenwood’s legal team had agreed on the date. The court officially endorsed the scheduling request on June 23, 2023, following a joint motion submitted two days prior.

Greenwood, a former executive at the fraudulent cryptocurrency scheme, faced significant legal pressure. His decision to proceed to trial, rather than enter a plea agreement, suggested a lack of cooperation with federal prosecutors on other aspects of the OneCoin investigation. This stood in contrast to other OneCoin figures who had entered guilty pleas.

The OneCoin scheme, launched in 2014, defrauded investors of billions of dollars. It was marketed as a revolutionary digital currency, but in reality, it operated as a Ponzi scheme. Greenwood was considered one of the highest-ranking OneCoin executives to face charges in the United States.

On December 16, 2022, Greenwood’s brother, Karl Greenwood, pleaded guilty to wire fraud and money laundering charges related to the OneCoin scheme. This development further intensified the legal scrutiny surrounding the family's involvement.

Sebastian Greenwood ultimately received a 20-year prison sentence on September 13, 2023, for his part in the massive fraud. He was ordered to forfeit $300 million. The sentencing marked another significant conclusion in the long-running legal battle against the architects of the OneCoin deception.