Fugitive Cryptoqueen Faces Potential Lawsuit Over Investor Losses
Elite British law firm Mishcon de Reya is preparing to file a lawsuit against Ruja Ignatova, the founder of the infamous crypto scam Onecoin, in the U.K.’s High Court. The lawsuit aims to recover funds lost by investors in the Ponzi scheme and offers a “no-win, no-fee” option for claimants. The goal is to provide partial redress for those who were deceived and suffered financial losses as a result.
The Onecoin Scam
In 2014, Ruja Ignatova and her business partner Karl Sebastian Greenwood launched Onecoin, a fraudulent multi-level marketing scheme that encouraged victims to invest in a fake cryptocurrency with the same name. Over a period of two years, they managed to convince over 3.5 million people worldwide to invest more than $4 billion. While Greenwood has been sentenced to 20 years in prison, Ignatova remains at large and has not been seen in public for six years.
The “Bitcoin Killer” Promise
Onecoin advertised itself as the “Bitcoin killer,” promising high returns for investors. However, the value of the cryptocurrency was set by the scammers themselves. They falsely claimed that the coins were issued on a private blockchain and mined like regular cryptocurrencies.
Other Associates Caught
Several associates of Ruja Ignatova have already been apprehended, including her brother Konstantin, who pleaded guilty in 2019 and agreed to cooperate with U.S. authorities. Lawyer Mark Scott, another accomplice, was recently denied a new trial.
The Disappearance of the Cryptoqueen
Ruja Ignatova disappeared after boarding a flight to Athens in October 2017. There have been occasional reports about her suspected whereabouts, including one claiming that she was killed in Greece in 2018.
Hot Take: The Pursuit of Justice
The potential lawsuit against Ruja Ignatova represents a significant step towards seeking justice for the victims of the Onecoin scam. Mishcon de Reya’s efforts to recover lost funds and provide redress for those who were deceived are commendable. It is crucial to hold scammers accountable for their actions and send a strong message that fraudulent activities in the crypto industry will not go unpunished. As the search for the “missing Cryptoqueen” continues, it is hoped that this lawsuit will help bring closure to the victims and serve as a warning to others who may consider engaging in similar fraudulent schemes.
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