A Glasgow woman who was defrauded in a staggering £4 billion international cryptocurrency Ponzi scheme has been left heartbroken after a landmark lawsuit she was leading on behalf of hundreds of fellow victims has dramatically collapsed.
Hollywood-Bound Story Ends in Legal Defeat
Jennifer McAdam, whose remarkable story has already been purchased for a major Hollywood film adaptation, has been forced to abandon a high-profile class action claim against FBI 'Most Wanted' fugitive Ruja Ignatova, the mastermind behind the notorious OneCoin scam.
The 55-year-old campaigner from Glasgow first invested in OneCoin back in 2016, ultimately losing approximately £9,000 of her own money to the fraudulent operation that has deceived individuals across the globe, including an estimated 70,000 victims within the United Kingdom alone.
Family and Friends Also Lost Substantial Sums
Tragically, Ms McAdam also convinced numerous family members and close friends to invest in what they believed was a legitimate cryptocurrency opportunity. Before realising the entire scheme was an elaborate fraud, this collective group had poured around £220,000 into OneCoin, funds they now have no hope of recovering.
Since her devastating loss, Ms McAdam has transformed into a formidable campaigner for justice, fighting tirelessly on behalf of the thousands of investors who were similarly swindled. She has chronicled her battle in a published book titled Devil's Coin: My Battle to Take Down the Notorious OneCoin Cryptoqueen, which details her relentless efforts to hold Ignatova accountable.
Legal Battle Secured Initial Victory Before Collapse
Ms McAdam launched the ambitious class-action lawsuit in an attempt to recoup funds lost by more than 400 investors. The legal action initially showed promise, securing a significant global assets freezing order against the 'Missing Cryptoqueen' at the High Court in London.
However, the case has now disintegrated after US investment firm Galactic Litigation Partners, which was bankrolling the entire lawsuit in exchange for a percentage of any future compensation payout, abruptly withdrew its crucial financial backing.
Legal Representation Forced to Withdraw
City of London law firm Mishcon de Reya, which was representing Ms McAdam and the other investors, confirmed it had withdrawn from acting on their behalf as a 'last resort' measure once the essential litigation funding ceased entirely.
Ms McAdam, who featured prominently in the BBC podcast The Missing Cryptoqueen, expressed profound disappointment, stating that she and the other investors simply cannot afford to continue pursuing the case independently. 'We have been legally buried with nowhere to turn. This isn't justice,' she said.
Fugitive Mastermind Remains at Large
The architect of the scam, Ruja Ignatova, has not been seen publicly since she disembarked from a Ryanair flight in Athens, Greece, over eight years ago. The FBI continues to offer a substantial $5 million (approximately £3.6 million) reward for information that leads directly to her capture.
Despite this legal setback, interest in Ms McAdam's story remains high. The film rights have been acquired by major studio MGM, with Oscar-winning actress Kate Winslet reportedly in talks to portray her in the upcoming production.
Galactic Litigation Partners was approached for comment regarding their decision to withdraw funding from the lawsuit.
