OneCoin Claims Against BE Club Co-Founders Withdrawn

In a significant legal development, claims issued in the UK High Court against the co-founders of BE Club, Moyn and Monir Islam, in relation to the OneCoin cryptocurrency scheme have been withdrawn. This resolution, made public on January 25, 2025, came after the Islam brothers submitted compelling evidence countering all the claims against them. Notably, the claimants have agreed to contribute to the legal costs incurred by the brothers, indicating a substantial shift in the legal landscape surrounding OneCoin.

The Islam brothers, who were small-scale UK investors and suffered financial losses from the OneCoin scheme, held no operational roles in the fraudulent organization. They attempted to alert others once they became suspicious of its legitimacy. Moyn Islam stated, “For years, misinformation surrounding OneCoin has affected my reputation, including allegations of dishonesty, fraud, and fleeing the UK. This resolution shows we have been telling the truth. We’ve been unfairly targeted, and this is a vital step in setting the record straight.”

The resolution includes the lifting of a worldwide freezing order previously imposed on the brothers’ assets and establishes a binding agreement preventing any future OneCoin-related claims against them by these claimants. This outcome allows the entrepreneurs to focus fully on their current business ventures without the shadow of unwarranted allegations. The brothers were represented by separate law firms, which have put out statements on the resolution.

The OneCoin scheme, which began in 2014, exploited early cryptocurrency enthusiasm to attract investors on a massive scale, leading to an estimated $4 billion in losses. By 2016, nearly 1.6 million people had already joined the scheme. During this period, the Islam brothers also joined, believing they were supporting a system that had already amassed a significant global following under promises of financial success.

The withdrawal of the claims against the BE Club co-founders raises several questions about the future of the legal proceedings and the potential impact on other parties involved in the OneCoin scandal. It is possible that the withdrawal is part of a broader settlement agreement, where the co-founders have agreed to certain terms in exchange for the dismissal of the claims. Alternatively, it could be a strategic move by the plaintiffs to refocus their efforts on other defendants or to pursue different legal avenues.

The legal battles surrounding OneCoin have been complex and multifaceted, involving numerous defendants and jurisdictions. The withdrawal of these particular claims does not necessarily signal the end of the legal saga, as other cases and investigations are still ongoing. The outcome of these proceedings will have significant implications for the victims of the OneCoin scheme, as well as for the broader cryptocurrency industry, which continues to grapple with issues of regulation and investor protection.

The withdrawal of the claims against the BE Club co-founders serves as a reminder of the challenges and complexities involved in pursuing justice in high-profile financial fraud cases. It also highlights the importance of vigilance and due diligence in the cryptocurrency market, where the potential for fraud and deception remains ever-present. As the legal proceedings continue to unfold, it will be crucial for all parties involved to remain transparent and accountable, ensuring that justice is served for the victims of the OneCoin scheme.