Ponzi OneCoin is still “immortal” after getting into many legal troubles
OneCoin is still a pain to the crypto community in general and OneCoin investors in particular. This is a Ponzi and pyramid scheme, promoted by OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both founded by Ruja Ignatova. US prosecutors have accused the program of bringing in ~ $ 4 billion worldwide from victims.
OneCoin has a unified operation from top to bottom with an extremely large community, spanning across continents. The leaders are from multi-level sales, even many people have a voice and a great position in society, attracting many participants.
They entice the victim by signing up for online courses. Investors will use real money to register to join with different packages 110 euros, 550 euros, 1,100 euros … of which 110 euros is the registration fee for starter. Each package (course) will provide members with a corresponding number of tokens to mine Onecoin, converted in onetoken units (0.1 euros = onetoken).
In fact, Onecoin has no real blockchain mechanism, so it can issue as much as it wants, not limited to bitcoin or other cryptocurrencies. Therefore, Onecoin itself is priced by itself, creating scarcity to stimulate investors to invest more money in Onecoin.
On December 2, the OneCoin home page was inaccessible and 5 days later, two more OneCoin domains were also pulled offline, as AZCoin News reported. DNS records show that although the company still owns the website domain, it is currently under EurID investigation and OneCoin’s DNS entry for their website has been moved to ‘server hold’.
The pillars of OneCoin are also involved in lawsuits and trials. Attorney Mark Scott, co-founder Konstantin Ignatov, cash partner of Scott David Pike and most recently, Amer Abdulaziz Salman, owner of Phoenix Thoroughbrbed allegedly stole money from OneCoin, as AZCoin News reported. However, the tycoon Ruja Ignatova, dubbed CryptoQueen, supposedly has been missing since October 2017.
The agents working for OneCoin are still working in the background. Recently, a Finnish fraudster OneCoin faced a trial on December 10.
The unnamed man, along with four accomplices, was indicted on charges of tax fraud earlier this year. The trial took place in Ostrobothnia District Court. Both tax fraud and money laundering indictments involve illicit benefits gained through the OneCoin Ponzi program.
Local authorities claim tens of thousands of Finns have lost more than 40 million euros through OneCoin.
A Redditor posted a photo of OneCoin’s abandoned building in downtown Sofia. A scene of mourning and destruction. It has been vacant since early 2018 when Bulgarian law enforcement agencies raided offices as part of a multinational effort to neutralize the Ponzi scheme. Servers, documents, and other evidence were confiscated from Onecoin and about 50 people were interrogated by investigators but there were no reports of any of these individuals being arrested or charged with criminal liability.
The abandon building of OneCoin in Sofia downtown. The biggest scam – Ponzi scheme in crypto. Or one of the biggest. People should not forget it. Shit coins in most of the cases = pure ?? from r/CryptoCurrency
By the end of November this year, it was reported that a nondescript van and workers cleared off the final debris from the OneCoin offices in Sofia.
Some action at the OneCoin HQ at last. Doors opened. A small beaten down van parked in front and was filled with various office equipment and supplies. Didn’t seem to be the contents of the famous 3rd floor cash room 🙂 Looked as if the company is moving out, but who knows… pic.twitter.com/vH0XzMFef0
— ᑎIᑕKOᒪᗩY ᔕTOYᗩᑎOᐯ (@Svrakata) November 21, 2019
Another year is about to pass, Onecoin – the ‘Bitcoin killer ‘- is now only ashes but the pains are still there and fraudulent investigations continue around the globe. The reception has estimated up to tens of thousands. Many victims of them have sued this Ponzi scheme after being cheated quite a lot of money. Ruja Ignatova may face up to 85 years in prison for fraud and money laundering while her brother Konstantin Ignatov may face up to 90 years in prison.
- US Lawyer Accused OneCoin Ponzi Co-Conspirators Of Money Laundering
- OneCoin Supreme Leader Konstantin Ignatov May Soon Be Released