London-Based Law Firm Mishcon de Reya to Sue OneCoin for £4 Billion Fraud

News | September 26, 2023 By:

A new hope for justice has emerged for victims of the OneCoin cryptocurrency fraud, which is estimated to have amassed global investment in excess of £4 billion (approximately $5.2 billion). A civil claim to be brought in London’s High Court offers a chance for redress to victims worldwide.

In 2014, Bulgarian native Ruja Ignatova presented OneCoin as a legitimate cryptocurrency investment opportunity, promising lucrative returns to investors worldwide. Investors bought packages of educational materials and tokens, which could be converted into “OneCoins”. Ignatova promised that the OneCoins could be converted into fiat currency in the near future.

However, the OneCoin was not a legitimate cryptocurrency and had no value. Ignatova and her associates were operating a Ponzi scheme, using investments from new investors to pay previous investors and pocketing vast sums of misappropriated investor funds.

Sebastian Greenwood, OneCoin’s co-founder, was recently sentenced to 20 years in prison for his involvement in the fraud. Konstantin Ignatov, Ignatova’s brother, admitted money laundering and fraud and is awaiting sentence. Ignatova has so far evaded justice and is on the FBI’s Top 10 Most Wanted List, with a $250,000 reward offered for any information leading to her arrest.

The claim, which will be brought by a class of defrauded OneCoin investors, aims to recover for investors the losses they suffered at the hands of those who perpetrated the fraud. The claim will be brought on an “opt-in” basis.

London-based international law firm Mishcon de Reya LLP will be representing the claimants in this case. The firm has a proven track record of successfully representing victims of fraud and financial crime.

Potential claimants who believe they were defrauded by OneCoin can register at the claimant’s website to join the legal action. They will be asked to provide some basic information about their investment, their identifying details, and documents to confirm their ID.

Before they are officially included in the claimant group, they will receive detailed information on what to expect from the legal process, including how the costs will be covered, how any compensation will be divided, and what their role will be in the proceedings.

This civil claim offers a glimmer of hope for the many victims of the OneCoin fraud to recoup some of their losses. It is a reminder that those who perpetrate such fraudulent schemes will be held accountable and that justice will be served.