Thursday, July 25, 2024

The prestigious law firm based in London, Mishcon de Reya, is in the advanced stages of formulating a lawsuit against Ruja Ignatova, the elusive architect behind the Onecoin pyramid scheme in cryptocurrency. Sources within the British media have disclosed that a collective lawsuit is planned to be filed in the High Court of the United Kingdom.

Legal Challenge Awaits Absconding ‘Cryptoqueen’ for Investor Compensation in UK Court

Renowned for representing high-caliber clients such as Princess Diana, Mishcon de Reya is presently focusing its legal expertise on the initiation of a lawsuit against Ruja Ignatova, commonly referred to as the “missing Cryptoqueen,” and the founder of the infamous Onecoin scam.

According to reports by Mail on Sunday, the legal action is envisioned as a class action lawsuit to be lodged in the United Kingdom’s High Court. Mishcon de Reya aims to reclaim investor funds that were squandered in the fraudulent enterprise. Participants in the lawsuit can join under a “no-win, no-fee” arrangement, as per the newspaper’s specifics. Rhymal Persad, a partner at Mishcon, further explained that the lawsuit aspires to secure at least some form of financial restitution for investors who have incurred losses due to fraudulent activities.

Originally launched in 2014 by Ruja Ignatova, a Bulgarian-German national, and her associate Karl Sebastian Greenwood, a citizen of both Sweden and the United Kingdom, Onecoin was structured as a multi-level marketing operation. It lured investors into sinking their funds into a counterfeit cryptocurrency bearing the same name.

From the final quarter of 2014 through the closing quarter of 2016, the orchestrators of this scheme successfully persuaded no less than 3.5 million individuals globally to invest an astonishing sum exceeding $4 billion. While Greenwood has recently received a 20-year prison sentence, Ignatova remains at large and was last publicly seen six years ago.

Touted as perhaps the most monumental scam in the annals of cryptocurrency, Onecoin falsely promoted its non-existent cryptocurrency as a rival to Bitcoin, promising enormous returns. The architects of the scam asserted that these coins were part of a private blockchain and were mined similarly to conventional cryptocurrencies.

Several accomplices of the FBI-sought Ruja Ignatova have been apprehended, among them her brother and Onecoin co-founder, Konstantin, who was arrested in 2019. He pled guilty and consented to collaborate with American law enforcement agencies. Additionally, attorney Mark Scott was recently unsuccessful in his bid for a new trial.

Ignatova vanished from public view after embarking on a flight to Athens on October 25, 2017, from the Bulgarian capital, Sofia, where Onecoin maintained its offices. Intermittent media reports have surfaced regarding her probable whereabouts, including an unverified claim that she met her demise in Greece in 2018.

What are your thoughts? Will Ruja Ignatova ultimately be located and brought to justice to face legal actions such as the one being prepared by Mishcon de Reya? We welcome your insights in the comments section below.

Frequently Asked Questions (FAQs) about Onecoin lawsuit

What law firm is taking legal action against Onecoin’s founder, Ruja Ignatova?

Mishcon de Reya, a prestigious law firm based in London, is preparing a class-action lawsuit against Ruja Ignatova, the elusive mastermind behind the Onecoin cryptocurrency scam.

What court will the lawsuit be filed in?

The class-action lawsuit is planned to be filed in the High Court of the United Kingdom.

What is the objective of the lawsuit?

The primary goal of the lawsuit is to recover funds lost by investors who were deceived by the Onecoin pyramid scheme.

What type of arrangement is available for claimants who want to participate in the lawsuit?

Claimants can participate in the lawsuit on a “no-win, no-fee” basis, according to reports by the Mail on Sunday.

Who are some of the notable past clients of Mishcon de Reya?

Mishcon de Reya has represented high-profile clients in the past, including Princess Diana.

What was the structure of the Onecoin scam?

Onecoin was structured as a multi-level marketing operation that lured investors into investing money into a counterfeit cryptocurrency of the same name.

How many people were deceived by Onecoin, and how much money was involved?

Between the fourth quarter of 2014 and the fourth quarter of 2016 alone, the orchestrators of Onecoin managed to persuade at least 3.5 million individuals globally to invest more than $4 billion.

What happened to Ruja Ignatova?

Ruja Ignatova, also known as the “missing Cryptoqueen,” disappeared in 2017 after boarding a flight to Athens. Her current whereabouts are unknown.

Have any other associates of Ruja Ignatova been apprehended?

Yes, several other accomplices, including her brother Konstantin and attorney Mark Scott, have been apprehended. Konstantin pleaded guilty and agreed to cooperate with U.S. authorities.

What are the suspected whereabouts of Ruja Ignatova?

Information regarding Ruja Ignatova’s suspected whereabouts has been sporadic and inconclusive, including an unverified report claiming she was killed in Greece in 2018.

More about Onecoin lawsuit

  • Mishcon de Reya Official Website
  • Mail on Sunday Report on Onecoin Lawsuit
  • UK High Court Information
  • FBI’s Most Wanted List Featuring Ruja Ignatova
  • Overview of Multi-Level Marketing Schemes
  • U.S. Department of Justice Press Release on Konstantin’s Arrest
  • Details on Mark Scott’s Denied Trial
  • Historical Context of Onecoin Scheme
  • Onecoin: A Deep Dive into the Infamous Scam
  • Onecoin and the Cryptocurrency Landscape


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JusticeSeeker September 25, 2023 - 5:45 pm

Finally some action against Onecoin! Hope they catch Ruja Ignatova and she faces the law.

LegalEagle September 25, 2023 - 8:43 pm

No win, no fee? Sounds like Mishcon is pretty confident. But what if Ruja’s really dead like the rumors say?

InvestorPete September 26, 2023 - 2:59 am

i lost money in Onecoin 🙁 glad to see someone’s doing something about it. Where do i sign up for the class action?

UKLawGuy September 26, 2023 - 3:36 am

The high court in the UK? thats a serious move. Mishcon de Reya must have some solid evidence.

SkepticalSam September 26, 2023 - 5:34 am

sounds good on paper but how do you sue someone who’s disappeared off the face of the earth?

CryptoFanatic September 26, 2023 - 8:00 am

Mishcon de Reya, eh? Those are big league lawyers, if anyone can get the investors their money back, its them. Fingers crossed.

CuriousMind September 26, 2023 - 10:36 am

3.5 million people scammed and over $4 billion? how did they even pull it off?

JaneDoe123 September 26, 2023 - 11:40 am

Wow, so Mishcon de Reya is going after Onecoin’s Cryptoqueen. This is gonna be huge, guys. Can they actually find her tho?

BettyBoo September 26, 2023 - 11:59 am

I’ve been following this Onecoin saga for years. Cant believe Ruja is still missing. Hope they find her soon.

CryptKeeper September 26, 2023 - 2:05 pm

If this goes to court, it’s gonna set a precedent for all crypto scams. About time!


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