OneCoin leader Konstantin Ignatov seeks more time to respond to victims’ complaint

Maria Nikolova

Counsel for Ignatov says he is actively engaged in settlement negotiations with the plaintiffs in this matter.

About a month after the stay in a case brought by OneCoin victims was lifted, one of the defendants – Konstantin Ignatov, has requested additional time in order to respond to the plaintiffs’ complaint.

The request is made in a letter filed by Ignatov’s counsel with the New York Southern District Court earlier today. Ignatov, one of the leaders of the cryptocurrency scam, requests a three-week extension of time in which to file his answer to the amended complaint and any motions, which are presently due on June 25, 2020. This is Ignatov’s first request for an extension of time.

The reason for this request is that he is actively engaged in settlement negotiations with the plaintiffs in this matter, which may obviate the need for Ignatov’s responsive pleadings.

Should the Court grant this application, the revised briefing schedule as it applies to Mr. Ignatov would be as follows:

  • Defendant Ignatov ‘s answer to the amended complaint and any motions will be due by July 16, 2020;
  • Plaintiffs’ response will be due by September 2, 2020; and
  • Defendant’s reply will be due by September 23, 2020.

The plaintiffs in this case represent all individuals and entities who transferred to the OneCoin defendants, directly or indirectly, any fiat currency or cryptocurrency to invest in OneCoin Trader Packages or OneCoins from April 2014 through to and including March 2018 and who suffered financial injury as a result thereof.

Lead Plaintiff Donald Berdeaux and plaintiff Christine Grablis allege in the First Amended Class Action Complaint claims under the federal securities laws and common law against key operators of OneCoin Ltd. and certain of their enabling co-conspirators arising from a massive fraud perpetrated on millions of individual investors throughout the world causing injuries in excess of $4 billion through a densely-packed multi-level-marketing system.

Read this next

Retail FX

Stephen Kalayjian launches educational and community platform TradeEZ

TradeEZ has partnered with online broker TradeZero to provide chart overlays that can be accessed on the TradeZero platform. In the future, the firm will be looking to partner with some of the largest firms around the world.

Retail FX

LiteFinance launches new mobile app on Google Play

The mobile app allows users to trade and copy professional traders’ positions and gain access to trading chat rooms.


ECXX taps OneTick for data management and analytics

OneTick is asset class-agnostic and currently has customers across FX, equities, futures, CFDs, FI, and options.

Industry News

$1.5 million: SEC fines BNY Mellon Investment Advisor for misstatements and omissions about ESG

Investors are increasingly focused on ESG considerations when making investment decisions.

Digital Assets

Mercuryo reaches 3 million users amid crypto payments’ US and Asia expansion

“The opportunities for linking crypto and fiat currencies are abundant. From crypto projects that require fiat solutions (like fiat on and off ramps and IBANs), through to crypto for traditional fiat systems, and solutions for fintech companies that enable clients to buy or sell crypto within their own infrastructure.”

Retail FX

Maltese watchdog warns of bogus broker Perfect Choice Trade

The Malta Financial Services Authority (MFSA), the regulator responsible for the oversight of the forex  sector in the Mediterranean island, today issued a warning against a forex broker that offers its services without having the authorization to do so.

Digital Assets

Dukascopy warns of fake website impersonating its cryptocurrency

Switzerland’s forex bank and broker, Dukascopy, today warned against a fraudulent website that have been falsely claiming affiliation with its ‎authorized brand.‎


Freetrade raises £30 million to fund business expansion

Freetrade, which calls itself a challenger stockbroker, has raised £30 million in debt financing led by a clutch of existing investors.

Digital Assets

Crypto assets under management at lowest point since July 2021

Crypto investment products registered outflows for a second consecutive week, the bulk of which came from bitcoin funds, according to data from digital asset manager CoinShares.