OneCoin, 'CryptoQueen,' Financier In Default In $4B Fraud Suit

By Elise Hansen (May 17, 2021, 5:37 PM EDT) -- OneCoin Ltd., the fugitive "CryptoQueen" and a Florida financier have failed to respond to a proposed class action over the alleged $4 billion OneCoin cryptocurrency scam, according to documents filed Monday in New York federal court.

Bulgarian firm OneCoin Ltd., self-styled "CryptoQueen" Ruja Ignatova and Gilbert Armenta were certified Monday as being in default after a prolonged silence in the case. The action, brought by investors Donald Berdeaux and Christine Grablis, claims OneCoin was a "massive" $4 billion Ponzi scheme that defrauded millions of customers.

The suit claims OneCoin relied on multilevel marketing and Ponzi-like practices. Investors were falsely told that...

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