I don’t think it’s the cousin since they’ve had a couple scenes with the two of them in same place (cafe introduction and wedding).
it could be Ivona's mom too
seems a bit too coincidental that her mother's brooch was at the auction house and that it's almost directly stated that the mysterious benefactor of the auction house person gave him all the jewels he wanted to succeed. Plus, Ivona's mother seems cold and went missing so it's possible that's her mother who's doing all this
that, or, well, someone new who works for the demon king i guess
I see what both of you are saying, specially after the mention of the mother, that’s a really nice conclusion. I mean, I definitely feel that the bad “guy” is a woman. Can’t wait to c how this turns out(๑•ㅂ•)و✧
I feel like the cousin is still somehow part of this, even if the main villain turns out to be her mom.
My conclusion is that the bad guy is either the princess/queen person or her cousin...... (╯°Д °)╯╧╧