Legal Titans on a Crypto Crusade: Princess Diana's Law Firm Takes on OneCoin Scammers

Police & Regulations
Jack Evans
Sep 25, 2023 at 10:03 pm

The world of cryptocurrencies is no stranger to controversy, but when a storied law firm with ties to royalty steps into the arena, it's bound to make headlines. Mishcon de Reya, the London-headquartered international law firm that once represented Diana, Princess of Wales, is now making waves in the cryptocurrency space. Their mission? To file a class-action lawsuit on behalf of OneCoin investors who fell victim to one of the most notorious crypto frauds in history.

OneCoin, the brainchild of Ruja Ignatova and her accomplices, left a trail of shattered dreams and empty wallets. It's estimated that between 2014 and 2016, this fraudulent scheme raked in an astonishing €4 billion euros ($4.3 billion) in revenues and €2.7 billion euros ($2.93 billion) in profits. The operation employed a cunning multi-level marketing strategy, enticing individuals worldwide with promises of hefty commissions for enlisting new OneCoin investors.

On the legal front, the saga took a significant turn when Karl Sebastian Greenwood, a key figure behind OneCoin, received a 20-year prison sentence in a New York court. His confession to fabricating and promoting the fake digital currency marked a crucial victory against the cryptocurrency fraud.

Now, Mishcon de Reya, a name synonymous with legal prowess, seeks to bring justice to the victims of OneCoin. Their forthcoming class-action lawsuit, set to unfold in London's High Court, aims to recover the losses suffered by investors who fell prey to the deception. Remarkably, Mishcon has taken an unconventional approach by offering their legal services on a "no win, no fee" basis. This means that the firm will only be compensated if they secure a favorable outcome for the claimants, aligning their interests with those they represent.

Rhymal Persad, a Partner at Mishcon de Reya, expressed the firm's determination, saying, "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."

As of now, the legal battle is still in its initial stages, with the claimant group yet to be formed. However, Mishcon has secured the backing of a "respected third-party litigation funder" to cover the legal fees and other associated costs of the proceedings. While the identity of this third party remains undisclosed, their support signifies the gravity of the case and the determination to bring justice to those affected.

In the realm of cryptocurrencies, where innovation and deception often walk hand in hand, the emergence of a prestigious law firm like Mishcon de Reya on the scene signals a new era of accountability. With their "no win, no fee" approach and the backing of a powerful third-party funder, they are poised to champion the cause of OneCoin's victims and rewrite the narrative of crypto fraud. Just as they once represented the people's princess, Diana, these legal titans are now on a crypto crusade to uphold justice in the digital age.

Read more: Crypto Prosecution Urgency: Former SEC Attorney Sounds Alarm on DOJ Inaction

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