Did You Invest in the Cryptocurrency Scheme, OneCoin?
If so, depending on your circumstances, you may be entitled to recover damages for losses you have suffered.
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About the Claim
A group action is being launched on behalf of investors in OneCoin who suffered losses as a result of wrongdoing associated with their investment.
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Summary
From 2014, Dr Ruja Ignatova and her associates presented OneCoin as an opportunity to invest in a genuine up-and-coming cryptocurrency promising high returns. Investors were sold packages of educational materials and tokens that could be exchanged into “OneCoins”.
The group action claim will allege that OneCoin was a fraudulent scheme and that many investors were deceived into parting with their money.
The claim will be issued in England and Wales by leading law firm Mishcon de Reya LLP with the aim of seeking justice for OneCoin victims across the globe.
Did You Invest in the Cryptocurrency Scheme, OneCoin?
If you have invested in OneCoin and believe you may be eligible to join the claim, click below to register your interest. If you have any questions, click here for our FAQ.
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Register Your Interest In Joining the Claim
If you would like to register your interest in joining the group action and wish to receive further information follow this link to register your interest. There is presently no strict deadline. However, we strongly encourage investors to register their interest as soon as possible.
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When You Register
Once you have completed the registration form, various check will be carried out, including a conflict check to ensure that Mishcon de Reya LLP would be able to act for you. If, having completed those checks you may be eligible to join the group, we will contact you again with further information. At that stage you will be asked to review and sign up to various legal documents if you wish to proceed. These will include agreeing to sign an engagement letter with Mishcon de Reya LLP.
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Frequently Asked Questions
This FAQ provides general information only and is subject to change. You should obtain legal advice or guidance about your individual needs and circumstances if you wish to be advised before taking any steps in relation to this group action claim.
The Claim
What is a group action claim?
Group actions can be used when many people or classes of people, whose legal claims are sufficiently similar, wish to bring an action collectively against the same defendants. The advantages of a group action include that costs and risks are shared between the group and that it may be more likely to attract third party litigation funding than a claim with a single claimant (due to value of the aggregated claims).
In England and Wales, there are various ways in which a group action may proceed. The present intention with this claim is to issue a single claim form which lists all joint claimants, if possible. We therefore ask that you sign up as soon as possible. However, claimants may be able to join after the claim has been issued.
What is the claim about?
Mishcon de Reya LLP is investigating claims against Dr Ruja Ignatova and others arising out of an allegedly fraudulent cryptocurrency scheme known as "OneCoin". The claim will be brought on behalf of individuals and companies who invested in OneCoin and suffered losses as a result of wrongdoing associated with OneCoin, with the aim of seeking to achieve financial redress for the victims of the fraud.
Is the claim “opt in” or “opt out”?
The claim will be “opt in”: that is, claimants will need to give permission in order to take part in the proceedings. As such, investors in OneCoin who do not join the claim will not receive any recoveries that may be obtained as a result of the litigation.
When will the claim be issued?
Investors are asked to please register their interest in participating in the claim as soon as possible. There is presently no strict deadline. However, we strongly encourage investors to register their interest as soon as possible.
The claim is presently in the "book building" phase. You will be notified when a sufficient number of investors have signed up and the claim is ready to move forward.
How will the claim be paid for?
It is intended that the claim will be funded by a third-party litigation funder, who will pay for Mishcon de Reya LLP's legal fees and other costs of the proceedings (for example, the costs of engaging barristers and of court fees). It is also intended that, if the claim succeeds, the third-party litigation funder will be entitled to a return on its investment, to be paid out of the claimant group’s recoveries.
More information about the proposed litigation funding will be provided in due course to all who register their interest to join the claim.
Will I be required to provide evidence in court?
How long will the claim take to conclude?
At this stage, it is difficult to estimate how long the case might take to conclude. This will depend on various factors including the number of claimants, the response received from the defendants to the claim and the Court’s timetable.
Should the case proceed to trial, we anticipate that the entire process will likely take several years.
Where will the claim be litigated?
The claim will be brought in the High Court of England and Wales.
Joining The Group
Is there a deadline for me to sign up?
There is presently no strict deadline. However, we strongly encourage investors to register their interest as soon as possible.
I do not live in England & Wales. Can I still join the claim?
Yes. You do not need to live in England or Wales to join the claim.
I represent a company. Can a company join the claim?
Yes. We will represent both companies and individuals. If you represent a company, please say so when you register.
I made investments on behalf of a family member or a friend. Can I still join the claim?
Yes. Mishcon de Reya LLP will ask you to provide more information after you have registered your interest in the claim here.
What information do you need from me now?
Who will give instructions to Mishcon de Reya LLP on my behalf?
Once we have confirmed that you are eligible to join the group, you will be asked to review and consider a retainer letter, which governs the relationship between you and Mishcon de Reya LLP, and a separate agreement which will govern the relationship between all of the members of the claimant group.
Mishcon de Reya LLP will not be able to take instructions individually from members of the group, because this would not be practical from a case management perspective. As such, some members of the group will form a “Steering Committee”, who will be authorised to provide instructions to Mishcon de Reya LLP on behalf of the whole group.
How will my data be processed and stored?
See the Privacy Statement here.
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How to Register
Watch this short video about the registration process for the OneCoin claim.
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About Mishcon De Reya LLP
Mishcon de Reya LLP is an independent law firm with offices in London, Cambridge, Oxford and Singapore.
Mishcon has one of the largest litigation teams in London and has extensive experience working on group actions and seeking redress for victims of fraud. You can read more on Mishcon’s website here.
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Latest News
Mishcon de Reya
Individuals and entities behind the fraudulent cryptocurrency OneCoin face UK lawsuit brought by investors
Business Wire
Individuals and entities behind the fraudulent cryptocurrency OneCoin face UK lawsuit brought by investors
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Enquiries
If you are an investor in OneCoin and would like to contact a member of the team, please follow the link to the online portal via the button below. All communications about the claim will take place via the online portal and there will be an opportunity to provide further information and documents to the legal team through the portal once you have confirmation that you are eligible to join the claim and you have signed the relevant legal documents.
If you are not an investor in OneCoin but would like to contact a member of the team with information or tips, please follow the link below to a contact form. Please note that information sent will not be held confidentially and will not create a solicitor-client relationship between you and Mishcon de Reya LLP. You should only share information that you are authorised to provide.
Click here to provide that information.