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?
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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
When you register, you will be asked to complete an initial set of questions about your investment in OneCoin. You will also be asked to provide your name, address and contact details, and to upload documents so your identity can be verified.
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
Is the claim "No Win, No Fee"?
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 defendant(s). 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 register your interest to join the claim as soon as possible. However, additional 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.
How can a claim be brought against Dr Ignatova when she has disappeared?
Even if Dr Ignatova does not respond to the claim, under English law it is still possible to seek a judgment against her and enforce any such judgment against assets she is deemed to own. The fact that Dr Ignatova has disappeared is not a bar to the claim being brought against her or to recoveries being made for victims.
Is the claim “opt in” or “opt out”?
The claim will be "opt-in": that is, claimants will need to give their 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.
How much is my claim worth? / How much can I recover if the claim is successful?
This will depend on a number of factors, including how much you invested in OneCoin and whether you obtained any benefits in return (such as cash commissions).
If the claim is successful (including by way of judgment or settlement) and financial recoveries are made, then the third-party litigation funder will be paid its entitlement under the litigation funding agreement from the recoveries. Thereafter, the net recoveries will be distributed to the claimants on a pro rata basis (i.e according to the value of their individual claim against the whole).
Is there is a minimum or maximum number of claimants required to sign up?
Although there is no specific minimum or maximum number of claimants needed for the claim to move forward, we do need to reach a certain value of losses capable of potential recovery for the claim to be financially viable. This is why we are asking victims to sign up as soon as possible.
When will the claim be issued?
Investors are asked to register their interest in participating in the claim as soon as possible.
How will the claim be paid for?
Can I recover legal costs from my opponent if the claim succeeds?
If the claim is unsuccessful, will I be required to pay any fees or costs?
If your claim is unsuccessful, you will not need to repay any amounts that the litigation funder has paid on your behalf.
Moreover, if the defendants succeed in obtaining a costs order against you (i.e. on the basis that they won the litigation by successfully defending the claim), the litigation funder has agreed to pay those adverse costs on your behalf.
It is important that you comply with the terms of the litigation funding agreement (which will be shared with those who register their interest in joining the claim and are eligible to participate) such that you are able to benefit from the funding that is being offered.
Will I be required to provide evidence in court?
You will be required to provide documentary evidence to support your claim in due course, for example evidence that you invested in OneCoin and made losses as a result. It is less likely that you will need to appear in Court yourself to give oral evidence. However, it is possible that some claimants may be asked to give evidence in Court, if the case proceeds to trial. This will be explained in further detail to the claimants who sign up.
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 responses 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. As a client, you will be provided with regular updates in relation to the timescale for next steps.
Where will the claim be litigated?
The claim will be brought in the High Court of England and Wales.
You do not need to be resident in the United Kingdom to be a claimant.
Joining The Group
How can I sign up to the claim?
You can register your interest to join the claim here.
By registering your interest to join the claim, you will be asked to complete an initial set of questions about your investment(s) in OneCoin. You will also be asked to provide your name, address and contact details, and to upload documents so we can verify your identity. This is necessary because as a firm of solicitors, Mishcon de Reya LLP is required by law to verify their clients' identities.
Once you have completed the registration form, various checks 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.
You will not become a client of Mishcon de Reya LLP or a member of the group until all relevant legal documents have been signed, including Mishcon de Reya's engagement letter and Terms of Business, and you have completed identity verification checks to Mishcon de Reya LLP's satisfaction (in its absolute discretion). These steps will be completed through the portal on the website.
What is the eligibility criteria for joining the group?
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, you can join the group and lodge a claim in respect of your own losses. However, your friend or family member should lodge their own claim in respect of the losses they have suffered, should they wish to do so.
Can I terminate my membership of the group and/or withdraw my claim after I’ve joined?
Yes, you are free to terminate your membership of the group should you wish to do so. In those circumstances, you would no longer be represented by Mishcon de Reya LLP in the claim and you would not be entitled to receive the benefit of (a) any further funding from the litigation funder or (b) the benefit of adverse costs coverage. You would still be required to pay a percentage of any recoveries you make (should you proceed with the claim with no or different legal representation) to the litigation funder in the event that your claim succeeds.
If you terminate your membership of the group, your claim against the defendants will still be live unless you choose to discontinue it. If you do not discontinue it, you will become a litigant in person or alternatively you may appoint new legal representatives to continue the claim on your behalf. If you discontinue your claim against the defendants, you may become liable to pay a portion of the legal costs they have incurred in defending the claim. This would not be paid by the litigation funder, because you would no longer be a member of the group.
What information do you need from me now?
At this initial stage, we request that you register your interest to join the claim by providing some information about yourself (such as your name and contact details) and your investment(s) in OneCoin. We will also ask you to provide evidence of your identity and complete identity verification checks. Please register here.
Why do you need my identification documents?
Under English law, Mishcon de Reya LLP is required to verify the identity of our clients to comply with anti-money laundering (AML) and 'Know Your Customer' (KYC) regulations. These regulations are designed to prevent illegal activities such as money laundering and fraud.
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 among other documents 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, referred to as the Steering Committee Agreement.
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. Mishcon de Reya LLP will take instructions in relation to the claim from a 'Steering Committee', made up of between 5 and 7 members of the group. A Steering Committee is a group of representative claimants that have authority to instruct Mishcon de Reya LLP on behalf of the whole group. By signing the Steering Committee Agreement, you will consent to the Steering Committee providing instructions to Mishcon de Reya LLP on behalf of the whole group.
How to register
Watch this short video about the registration process for the OneCoin claim.
How often can I expect to receive an update on my claim?
Mishcon de Reya LLP will endeavour to provide clients with regular updates every month, subject to the need to preserve confidentiality and privilege. Mishcon de Reya LLP will do this via the online portal.
You can always contact us using our Enquiries Form.
You can contact us using our Enquiries Form.
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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.
*Mishcon de Reya is a limited liability partnership, registered in England and Wales (number OC399969), with registered office at Africa House, 70 Kingsway, London WC2B 6AH, authorised and regulated by the Solicitors Regulation Authority, SRA number 624547