British Law Firm Takes Aim at Onecoin Cryptoqueen in Legal Battle
In a bid to seek justice for the victims of the infamous Onecoin crypto pyramid scheme, a prestigious London-based law firm, Mishcon de Reya, is preparing for a legal showdown with the elusive mastermind, known as the 'Cryptoqueen,' Ruja Ignatova, according to reports in the British press.
Taking the Fugitive 'Cryptoqueen' to the UK High Court
Mishcon de Reya, the elite British law firm that has represented celebrities like Princess Diana in the past, has turned its attention to Onecoin's founder and the enigmatic figure behind one of the most notorious crypto scams in history, the "missing Cryptoqueen," Ruja Ignatova.
Mishcon de Reya's Quest for Justice
The legal team at Mishcon de Reya is planning a class action lawsuit in Britain’s High Court, seeking to recover funds lost by countless investors in the Ponzi scheme orchestrated by Onecoin. Moreover, claimants can join the legal battle on a "no-win, no-fee" basis, as reported by the Mail on Sunday. Rhymal Persad, a partner at Mishcon, explained their mission succinctly:
"The claim aims to achieve at least partial redress for investors taken in by the deception and who suffered losses as a result."
The Rise and Fall of Onecoin
Founded in 2014 by Ruja Ignatova, a Bulgarian-born German national, and her partner Karl Sebastian Greenwood, hailing from Sweden and the United Kingdom, Onecoin operated as a multi-level marketing structure that enticed victims to invest in a fake cryptocurrency scheme with the allure of massive returns.
Between late 2014 and late 2016, the operators managed to dupe 3.5 million people worldwide by funneling over USD 4 billion into the fraudulent scheme. While Greenwood recently received a 20-year prison sentence, Ignatova remains at large, having vanished from public view six years ago.
Onecoin, often dubbed the largest fraud in the history of cryptocurrency, marketed itself as the "Bitcoin killer," making tall promises of high returns on investment. In reality, the scammers manipulated the coin's value and falsely claimed it operated on a private blockchain, similar to legitimate cryptocurrencies.
The Pursuit of Justice Continues
Several individuals associated with Ruja Ignatova, including her brother and co-founder of Onecoin, Konstantin, have faced legal consequences. Konstantin's 2019 arrest, subsequent guilty plea, and cooperation with US authorities represent a significant step in dismantling the fraudulent empire. Furthermore, lawyer Mark Scott, who played a role in the scheme, was recently denied a new trial.
As for the Cryptoqueen herself, she vanished without a trace after boarding a flight to Athens from Sofia, Bulgaria, on October 25, 2017, where Onecoin's headquarters were located. Her whereabouts remain a mystery, with reports speculating on her fate, including one unsettling claim that she was killed in Greece in 2018.
The Big Question on Everyone's Mind
The big question on everyone's mind is whether Ruja Ignatova will ever be apprehended and brought to justice, to face trials and lawsuits like the one prepared by the distinguished British law firm.
What is your take on the trial prepared by the British law firm? Please share your thoughts and opinions in the comments section below.
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