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2 months ago

Former investor sues One coin crypto exchange and seeks a Class action suit.

OneCoin, an Infamous cryptocurrency investment scheme widely tagged as a fraud has been sued by a former investor Christine Grablis. The lawsuit was filed in New York Tuesday on behalf of the investor who alleges that OneCoin fraudulently promoted cryptocurrency investments and violated federal securities laws.

 

From as far back as 2016, complaints have been laid about OneCoin, starting from when Belgium’s financial regulator issued a warning about the scheme. Founded by an individual called Ruja Ignatova, OneCoin functioned as a multi-level marketing scheme.

The appellant is seeking damages and also a class-action suit in the representation of other investors presumptively defrauded by OneCoin. Grablis stated that she has lost about $130,000 in the scheme and has sought to have those funds returned with damages inclusive. The law firm representing Grablis is said to specialize in representing cryptocurrency investors and has put out a press release urging potentially affected investor with guidelines on how they can participate in the class action suit. Quite a number of government authorities from across the world, including the U.K., Germany, India, Italy, Africa, and China have also warned against or have moved to halt OneCoin’s operations considering the huge amount said to have been lost to the scheme.

OneCoin founder Ruja Ignatova had been charged with wire fraud, securities fraud, and money laundering; Ruja’s brother, Konstantin Ignatova, and supposed executive at OneCoin, was also charged with wire fraud, securities fraud, and money laundering in March by the U.S. Attorney for the Southern District of New York (SDNY), According to a Bloomberg report on May 7.

SDNY U.S. Attorney Geoffrey Berman said at the time “these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit,” adding:

“They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich.”

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Credits- Max Boddy, Yogita Khatri

 

Anita O.

Lover of tech and blockchain.

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