OneCoin, a crypto company that is alleged to be running a Ponzi scheme scam which affected many around the world, has hit the headlines again this week as they face a lawsuit in the US.

According to reports, a class action document filed on May 7 at the US Southern District Court of New York brought multiple charges against four executives behind OneCoin: brother and sister duo Konstantin Ignatov and Ruja Ignatova; Sebastian Greenwood and Mark Scott.

Plaintiff Christine Grablis claimed OneCoin had duped “thousands upon thousands of investors” and claimed to be cheated out of approximately $130,000.00. The lawsuit alleges that OneCoin did not commit to any of their promises.

Grablis summarized her complaint saying:

“OneCoin Ltd. conducted no legitimate business – something which each of the defendants were aware and which they accepted as part of the scheme to defraud OneCoin Ltd investors and account holders, including Plaintiff and the Class Members,”

The evil actions of OneCoin are well known around the world. The Chinese government alongside India pressed charges against the company for their alleged crimes. Governments around the world, from Nigeria to Belgium all called for caution and warned about the illegitimate nature of OneCoin.

China was hit the hardest out of any nation with 2 million of its 3 million members from the people’s republic of China investing a total of 15 billion yuan (about 2 billion US dollars).

Following charges in the US in March, Konstantin Ignatov was arrested in the US in the same month for “wire fraud, securities fraud, and money laundering. The statement claimed Ignatov and his sister defrauded investors out of “billions of dollars using a fraudulent cryptocurrency.” His sister, Ignatova is still at large and yet to be arrested.

However, the company has continued to function amid the warnings from governments and lawsuits against them across the globe. The company was recently embroiled in yet another scandal surrounding a Samoan church. OneCoin had ‘compromised’ Samoa’s financial system and the churches involved were being investigated for money laundering.

Perhaps this lawsuit will become the one that breaks the camel’s back, and OneCoin will finally be defeated.

What do you think? Is OneCoin legitimate? Will the four founders ever face the consequences? Let us know in the comments.