OneCoin Legal Update: Moyn Islam’s Role Seriously Misunderstood Amidst OneCoin Scandal

Dubai, 28th August 2024 – In the wake of recent legal developments related to OneCoin, it is important to clarify the misrepresented involvement of Moyn Islam, a notable figure within the online community.

In proceedings issued in the English Commercial Court, Moyn Islam has been wrongfully accused of participating in fraudulent activities associated with OneCoin. These accusations are not only unfounded but distort the true nature of his involvement.

It is crucial to differentiate Mr Islam’s promotional role from that played by the orchestrators of the OneCoin scheme:

• • Mr Islam was not involved in establishing OneCoin in 2014. Instead, he only promoted OneCoin between 2016 and March 2017.

• • Mr Islam ceased to promote OneCoin in March 2017 when OneCoin’s management were unable to provide satisfactory responses to questions that he had raised about OneCoin’s business model.

• • In promoting OneCoin, Mr Islam acted in good faith and in a similar way to thousands of others who also believed in the project’s legitimacy. 

• • It is noteworthy that Jennifer McAdam, the lead claimant in the English proceedings, discusses how she also promoted OneCoin in her book, Devil’s Coin.

Mr. Islam rejects the allegations made against him and (subject to the English Court having jurisdiction to hear the case against him) will be vigorously defending the proceedings. He fully expects that any judgment will exonerate him of all wrongdoing.

Mr. Islam’s professional operations continue to function with high standards of integrity and remain wholly unaffected by the institution of the proceedings.

Thank you.