"OneCoin must be the biggest crypto scam because even this law firm can tell."
Mishcon de Reya, the London-headquartered international law firm that once represented Diana, Princess of Wales is set to file a class action lawsuit on behalf of OneCoin investors who suffered losses due to the cryptocurrency scam.
According to the firm, the civil claim will be brought to the High Court in London as part of its efforts to recover the losses suffered by investors and they will only be paid if it reaches a satisfactory outcome.
Admittedly, victims of the OneCoin scam are not yet part of a class of claimants, but Mishcon reports that the claims will be funded by a third-party litigation funder.
However, Mishcon did not disclose who the third party is who is willing to cover the legal fees including the costs of other proceedings.
It is well known that OneCoin generated $4.3 billion in revenue and $2.93 billion in profit from 2014 to 2016.
In addition, OneCoin not only operates using a multi-level marketing strategy but also offers lucrative commissions to individuals around the world if they successfully encourage others to buy OneCoin packages.
As such, one of the main architects behind OneCoin named Karl Sebastian was sentenced to 20 years in prison on September 12, 2023 for inventing and promoting fake digital currency.
Please note that Mishcon, which was established in 1937, became famous as the firm that represented Princess Diana in her divorce from the Prince of Wales in 1996 and the law firm also set up The Diana, Princess of Wales Memorial Fund after her death.
