Hollywood Dreams Crumble for £4bn Crypto Victim as Backers Pull Out
A woman who was conned in a £4billion international cryptocurrency scam has been left devastated after a lawsuit she was spearheading on behalf of victims collapsed. Jennifer McAdam, whose story has been bought by Hollywood, has been forced to abandon a class action claim against FBI ‘Most Wanted’ OneCoin scammer Ruja Ignatova after financial backers pulled out. Ms McAdam, from Glasgow, first invested in 2016 but lost around £9,000 to the OneCoin Ponzi scheme which has defrauded people around the world, including 70,000 in the UK. She also persuaded family and friends to put in around £220,000, before realising they were not going to get the money back. The 55-year-old has become a campaigner for justice for investors who lost money. She has also published a book – Devil’s Coin: My Battle to Take Down the Notorious OneCoin Cryptoqueen – which details how she fought back against Ignatova. Jennifer McAdam was a victim of a scam run by Ruja Ignatova.
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Hollywood Rights Snapped Up and a Global Class-Action Launched
A $5million (£3.6 million) reward has been offered by the FBI for information leading to Ignatova's capture. The rights have been snapped up by film studio MGM and Oscar-winner Kate Winslet has been tipped to play her. Ms McAdam launched the class-action lawsuit to attempt to recoup money lost by more than 400 investors and secured a global assets freezing order at the High Court in London against the ‘Missing Cryptoqueen’. However, the case collapsed after US investment firm Galactic Litigation Partners, which was bankrolling the lawsuit in return for a cut of any compensation payout, withdrew its backing. City of London legal firm Mishcon de Reya was representing Ms McAdam and the other investors, but said it had withdrawn from acting on their behalf as a ‘last resort’ after the funding ceased. Ignatova has not been seen since she stepped off a Ryanair flight in Athens, Greece, more than eight years ago.
Funding Drying Up: Case Collapses as Backers Withdraw
The class-action suit against Ignatova collapsed as Galactic Litigation Partners pulled its backing, and Mishcon de Reya said it had withdrawn from acting on the investors’ behalf as a last resort after funding ceased. Galactic Litigation Partners was approached for comment.
Ignatova Still Missing as FBI Reward Lingers and Investors Speak
Ignatova has not been seen since she stepped off a Ryanair flight in Athens, Greece, more than eight years ago. A $5million (£3.6million) reward has been offered for information leading to her capture. Ms McAdam, who was in the BBC podcast The Missing Cryptoqueen, said she and other investors can’t afford to pursue the case. She said: ‘We have been legally buried with nowhere to turn. This isn’t justice.’ Galactic Litigation Partners was approached for comment.
