OneCoin the cryptocurrency investment scheme accused by the U.S. of being a Ponzi-type scam may escape from a class-action lawsuit due to procedural mishaps by the lead plaintiffs.
Brought in mid-2019 by investors who lost hundreds of thousands of dollars to the scheme, the complaint accuses the heads of OneCoin, including "Crypto Queen" Ruja Ignatova and Konstantin Ignatov, of promoting fraudulent cryptocurrency investments and violating federal securities laws.
However, the judge presiding in the case in the Southern District of New York court says that the lead plaintiffs, Christine Grablis and Donald Berdeaux, have not been filing the agreed monthly updates on their efforts to serve court papers to all the listed defendants.
