OneCoin Co-Founder Escapes 90-Year Jail Term Following Court Settlement

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Konstantin Ignatov, a major figure behind OneCoin cryptocurrency exit scam, was dismissed from a civil class action brought by OneCoin victims.

According to an Aug. 7 report by Finance Magnates, OneCoin investors have agreed for a settlement with Ignatov. In a court filing on Aug. 6, plaintiffs Donald Berdeaux and Christine Grablis agreed to discontinue the claims asserted against Ignatov.

Still facing up to 90 years in jail in a legal action brought by the United States’ Department of Justice (DOJ), Ignatov is apparently no longer one of the key figures in a civil case, which is related to financial compensation. A sentencing date is yet to be determined.

While the details of the civil case’s settlement remain unclear, court documents indicate that the case will continue to target Ignatova. Also referred to as “crypto queen” in the crypto community, Ignatova went missing in 2017 after a secret U.S. warrant was filed for her arrest. In representing all investors who suffered major financial losses in the $4 billion scam, Berdeaux and Grablis said that they are still “not impeding in any way” further prosecution against other defendants.

In April 2020, a U.S. court judge warned plaintiffs that the class-action lawsuit could be dismissed unless they provided good reasons for not doing so. Previously, the New York Southern District Court also postponed Ignatov’s sentencing for three months at the request of the U.S. government.

While the exact reasons for settling the case are not clear so far, Ignatov is known for speaking against his missing sister. In November 2019, Ignatov revealed that she obtained a passport and tickets to Austria and Greece from her home in Bulgaria before disappearing in 2017. Ignatov also allegedly hired a private investigator to find Ignatova, but he claims to not have spoken to her since she disappeared.

As reported earlier today, the United Kingdom’s financial regulator, the Financial Conduct Authority, removed a scam warning about OneCoin, following pressure from the project’s lawyers. Earlier in July, two promoters of the $4 billion crypto exit scam were found dead in Mexico.

Disclaimer: This article was updated to rectify some misinterpreted and false information regarding Konstantin Ignatov and court cases related to OneCoin scam. Ignatov is not a co-founder of OneCoin and still faces prison time in Federal Court. The information in this article’s URL is false as OneCoin’s founder’s brother Konstantin Ignatov actually faces prison time in a Federal Court case.

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