OneCoin Scheme Sued By Its Former Investor Over $130,000 Fraud

Meeting O. Progress || MAY 8, 2019
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OneCoin Ltd, the company behind the OneCoin Multi-billion Dollar  Pyramid scheme based on cryptocurrency has been sued by one of its former investor Christine Grablis who said to be defrauded, Bloomberg report.

In her suit she claimed to have lost about $130,000 invested in OneCoin.adding that her suit should be certified as a class action, and also seeking unspecified damages.

On March this year Konstantin Ignatov was charged in New York with conspiracy to commit wire fraud in connection with the scheme. Ignatov’s sister Ruja, the founder and  leader of OneCoin, was charged with wire fraud, securities fraud and money laundering. Although she has not been arrested yet. They were named as defendants along with OneCoin Ltd. and two other men who were allegedly involved with the scheme.

According to the prosecutors, OneCoin generated 3.4 billion euros ($3.8 billion) in revenue from the fourth quarter of 2014 to the third quarter of 2016. The alleged value of OneCoin rose from 50 euro cents to 29.95 euros in January and the company claimed to have more than 3 million members worldwide. But OneCoin had no real value and could not be used to buy anything, according to the U.S.

The case is Grablis v. OneCoin Ltd., 19-cv-04074, U.S. District Court, Southern District of New York (Manhattan).


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