U.K. Investors Seek Partial Redress from OneCoin ‘Cryptoqueen’

Cryptoqueen Ruja Ignatova is the target of a class action lawsuit by U.K.-based OneCoin investors.

Ruja Ignatova the crypto queen surrounded by money, in crosshairs.
Created by Gabor Kovacs from DailyCoin
  • The “Cryptoqueen” is the target of a new lawsuit in London.
  • Duped investors have united to file the class action lawsuit.
  • The Cryptoqueen is still at large even with the FBI’s bounty.

A prestigious London-based law firm is gearing up for a class action lawsuit against the fugitive “Cryptoqueen” Ruja Ignatova, believed to be the founder and ringleader of the OneCoin crypto scam.

The class action lawsuit comes after Ignatova’s accomplice and co-founder, Sebastian Karl Greenwood, was sentenced to 20 years in prison by the U.S. District Court for the Southern District of New York on September 13.

‘No Win, No Fee’ Class Action Lawsuit

On September 25, the Mishcon de Reya law firm, known for representing high-profile clients in the U.K., announced the intention to file a claim in the High Court of London on behalf of OneCoin investors who allegedly suffered losses from the project’s crypto fraud.


Per the announcement, Jen McAdams, a UK-based OneCoin victim advocate, instructed the law firm to prepare for the lawsuit, which will be brought forth on an “opt-in” basis and “no win, no fee” basis.

The claim will be funded by a third-party litigation funder, who will cover the firm’s legal fees and other costs of the proceeding in anticipation of recouping the same if the lawsuit succeeds.

“The fraudulent OneCoin scheme concocted by Ruja Ignatova and others greatly impacted the lives of its victims, who ranged from sophisticated to lay investors. The forthcoming claim in the High Court in London aims to achieve at least partial redress for those investors who were taken in by the deception and who suffered losses as a result,” the law firm said.

The defendants in the litigation, among others not mentioned, include Ruja Ignatova.

On the Flipside

  • Ruja Ignatova disappeared mysteriously in 2017 and has only been spotted once since then.
  • Ignatova is currently on the FBI’s top 10 Most Wanted List, with the U.S. authorities offering $250,000 for information that would lead to her arrest.

Why This Matters

The OneCoin crypto scam has reportedly swindled over £4 billion from victims across 175 countries. The legal recourse in the U.K. will help some duped investors recover their money.


Read more about the OneCoin lawyer who recently lost his appeal:
OneCoin Lawyer Loses Appeal in $400M Money Laundering Case

Find out where Ruja Ignatova was spotted earlier this year:
“Crypto Queen” Ruja Ignatova Resurfaces for the First Time in Five Years

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.