OneCoin claimants freeze assets and commence proceedings in the High Court in London against Dr Ruja

On 25 July 2024, a group of over 400 investors in the fraudulent cryptocurrency, OneCoin, obtained Worldwide Freezing Orders at the High Court in London against the founders of OneCoin, Dr Ruja Ignatova and Karl Sebastian Greenwood, and numerous other individuals and companies connected to the OneCoin scheme.

The OneCoin investor group have also brought a claim in the High Court in London seeking damages to compensate them for the losses they suffered as a result of the OneCoin fraud.

The OneCoin investor group are being represented by lawyers at the international law firm, Mishcon de Reya LLP. Rhymal Persad, Partner at Mishcon de Reya, explained:

"The fraudulent OneCoin scheme greatly impacted the lives of its victims who ranged from sophisticated to lay investors, all of whom lost significant sums in what is believed to be one of the largest frauds ever perpetrated. On behalf of the victims, Mishcon de Reya have commenced what we understand to be the first ever crypto-related group action of this kind in the UK. The claim in the High Court in London aims to achieve redress for those investors who were taken in by the deception and who suffered losses as a result."

OneCoin was launched in 2014 as a cryptocurrency to rival Bitcoin and promised investors significant returns on their investment. In fact, OneCoin was not a legitimate cryptocurrency at all, and was operated as a scheme to defraud investors around the world. It is estimated that tens of thousands of individuals from all around the globe invested more than US$4 billion into the fraudulent scheme.

The OneCoin investor group have set up a steering committee for the purposes of instructing Mishcon de Reya. Jennifer McAdam, one of the steering committee members, commented:

"This is a really important step for victims who have been seeking justice for the fraud that has been perpetrated against them. It has taken a long time to get to this point, but this is a significant step to ensure those allegedly responsible for carrying out these unlawful acts are properly held to account.”

The legal claim against Dr Ignatova and the other defendants is being brought on an "opt-in" basis. This means that OneCoin investors who fell victim to the fraud will have to confirm that they want to be added as claimants in the High Court claim.

Investors who are not claimants in the High Court claim will not be entitled to receive any recoveries that may be obtained as a result of the litigation.

Eligible investors in OneCoin can still become a claimant in the High Court claim, and those investors in OneCoin who believe they may be entitled to join the claim should visit OneCoinClaim - Justice for Victims for full details at the following: (https://www.onecoinvictims.com/1c).