One Coin – Uncovered as Ponzi Scheme

Dwelling Interview Purchaser Beware! The Definitive OneCoin Ponzi Exposé

Purchaser Beware! The Definitive OneCoin Ponzi Exposé

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Bitcoin.com chatted with Tim Tayshun, proprietor and operator of ezCoinAccess, who has been within the trade for fairly a while. Tayshun provides our readers a definitive well-researched synopsis of the alleged ponzi and cryptocurrency MLM scandal known as Onecoin. He believes he has supplied sufficient data right here (which is intensive) to show that Onecoin is certainly a rip-off and never the “Bitcoin Killer” it claims to be.  

Additionally learn: UK Credit score Ranking Downgraded Amid Publish-Brexit Uncertainty


OneCoin: One of many Largest Digital Forex Scams Uncovered

Bitcoin.com (BC): Are you able to briefly inform our readers just a little about your self and the way you found Bitcoin?

One Coin - Uncovered as Ponzi Scheme timt8ion full
Tim Tayshun

Tim Tayshun (TT): I bear in mind very vividly, the precise day, actually! On Feb. 28th, 2013 (BTC worth $27) a buddy excitedly described to me what Bitcoin is to him. On March 15th (worth $37) I typed “what’s bitcoin” into Google Search and thus started my first of two “journeys down the rabbit gap.” Watching the Cyprus drama and Financial institution runs unfold I purchased some BTC on April 1st (BTC worth $100). I adopted it very carefully for the following yr and in March 2014 I bought some BTC and began ezCoinAccess, LLC. , with the aim of proudly owning and putting a Bitcoin ATM regionally. Because the identify implies, our focus was on making Bitcoin simpler and extra widespread, and we figured a (2-way) BTM would assist accomplish this. My accomplice and I jokingly referred to the concept because the honey badger’s strategy to growing mining issue,” as anytime a transaction was made, we’d earn just a few satoshi. On December 13, 2014, 9 months later, we unveiled Orange County, CA’s first bitcoin ATM at Mission Market Specific (inside OC’s busiest Practice Station). It was the 117th 2-way machine, globally. (BTC worth $350)

The philosophy of ezCoinAccess result in concurrently growing relationships with Bitcoiner buddies right here and throughout a number of African nations, forming a casual collective of “trusted members,” which we known as AUTONet (African Umbrella Belief Group & Community). This grew our community and connections and led to enjoyable alternatives, together with being invited on an virtually month-to-month foundation to present displays at Bitcoin Meetups throughout Africa (which I do over Skype or HangOuts). This growth impressed the creation of the “Wheel of Bitcoin” in an effort to do LIVE giveaways of FREE BTC after each presentation for newbs who arrange new wallets (and anybody else, actually). It has since been spun in Accra, Kumasi and Tamale (Ghana), Gaborone (Botswana), Freetown (Sierra Leone), Dar es Salaam (Tanzania), and Nairobi (Kenya). And extra not too long ago at CoinFest Occasions within the U.S., Canada, and even Seoul, Korea. I additionally host a Bitcoin and Blockchain Meet-Up Group right here in Orange County, CA.

In relation to the Africa focus, regardless of some sudden delays and dev points, myself, David DeSantis and a few companions are lastly launching NewAfricaRadio(.)Web this summer time, which is a syndicated and crowd-sourced ( 24-hour on-line) Bitcoin, Blockchain and crypto-centric program particularly for Africans; with a easy, free cellular app to observe by 2017. An attention-grabbing extension of this additionally ties into one other undertaking Crew I’m working with have created a separate platform for blockchain based mostly ticketing, through an utility we’re calling BiTiX (extra on that TBA quickly).

BC: When did you first hear about Onecoin?

one-coin-debit-card-1024x687  One Coin - Uncovered as Ponzi Scheme one coin debit cardTT: Let me preface the remainder of this interview by stating that I’m SOURCING almost every part potential from their unique sources, regardless of the language. The knowledge IS largely accessible in English, should you look, however Onecoin Kool-Assist drinkers are very simple to dismiss any detrimental report on their firm and have been deeply indoctrinated into believing that bloggers are simply “PCP’s” (“Penny-chasing-parasites” who thrive on gathering promoting pennies by getting individuals to click-through the hyperlinks on their pages, and who search out Prime Corporations to assault and sensationalize lies about them).

A “PPP” is a “Pictureless Profile Prick” who feedback on blogs or tales with out an precise photograph of their face on their thumbnail picture, and who’s simply “jealous,” a “hater” or having “worry” (versus “religion” in Ruja and Onecoin). This cult-like indoctrination and brainwashing actually causes them to proceed throughout the rip-off with 100% blinders on, believing ONLY what they’re advised by the Leaders, and NONE off the info, proof and proof for which they’re given from the “evil detractors.” Fairly than following the soiled multi-million greenback cash path, which is lining the again pockets of the Prime Leaders and co-conspirators within the rip-off, from themselves, the victims; their consideration has been diverted to assault teams and people who find themselves extra more likely to be thought-about Shopper Rights and Protections Advocates! It’s true lunacy!

I spotted that this was the primary “cryptocurrency firm” on the planet, which didn’t even settle for cryptocurrency!

I first heard about Onecoin shortly after carefully following the notorious Paycoin (XPY), GAW, Josh “Homero” Garza, “$20 Ground,” Retailers “Coming Sooooon!™” debacle and watching that train-wreck unwind. I bear in mind pondering how completely loopy it was seeing their PayBase Emblem flashed throughout the Miami Seashore Resort after-party and pool-side Paycoin HD commercials looped on each TV at TNABC 2015 (Onecoin tried demonstrating credibility by pulling a equally costly and 100% paid sponsorship stunt 9 months later by buying the 4th Annual EU – South East Europe Summit, held by The Economist)!

So, round March of final yr somebody hit me up asking me if I wished to affix Onecoin. Onecoin is presupposed to be the “most clear” cryptocurrency firm (their *blockchain is “audited” – **learn ridiculousness). Nevertheless, they’re each Centralized and Closed Supply. Their declare is that they’ve “mounted” all of Bitcoin’s “flaws” and are “higher than Bitcoin!” Ummmm… “Odd” – I believed. And about ten sec. after pulling up their embarrassingly novice wanting web site (maybe talking to their technical talents to even make an alt-coin) and catching obtrusive spelling and grammatical errors, I spotted that this was the primary “cryptocurrency firm” on the planet, which didn’t even settle for cryptocurrency!

For leisure functions, I made a decision to look at certainly one of their horrible movies HERE: (Ruja describes “switching on” the blockchain),  and explains Onecoin “mining.”  Right here I discovered one thing about cryptocurrency “worth,” which contradicted all beforehand identified legal guidelines of provide & demand, which merely was that “the upper the mining issue, the upper the worth of the coin!

BC: Do you assume Onecoin is larger than MMM International?

onecoin-growing  One Coin - Uncovered as Ponzi Scheme onecoin growingTT: There are each variations and horrifying similarities. MMM International at one level had from 5 to 40 million Members who misplaced as much as $10 billion. MMM began in 1989, declared chapter in 1997, and Sergei Mavrodi (the Founder) was on the run till his arrest in 2003. In 2007 he was convicted to serve four ½ years in Russian Jail. However, inside a yr of his launch, he was at it once more. One other yr later he froze all pay outs, then began once more some months later with related outcomes. This has been a “rinse and repeat” cycle from 1989 to current. That is the ability, deception and replication mannequin of the ponzi world. Juha Pariala, their Prime Chief, whom Onecoin claims is making $4MM per thirty days has a motto, “Duplication is The whole lot!”

By comparability, Onecoin is just 22 months younger, though it claims to have introduced in $four.1 Billion Euro from an alleged Membership of over 2.1 million Impartial Associates (IA’s) throughout this time. Associates buy  “Cryptocurrency (mis)Schooling Packages” (DETAILS) starting from 110€ to 27,500€ (and extra not too long ago a 100 00zero€ “ELITE” package deal!!!) which all include (ponzi-) tokens for “mining” (ponzi-) cash; nonetheless, there’s NO “mining,” as you possibly can have guessed, because the operate of this method is predicated instantly on exchanging “X” quantity of tokens for “X” quantity of cash, below the false premise that every one members are “mining” a coin.”

ONECOIN NEWS REPORTS ON FINLAND TV (subtitled)

BC: How does Onecoin work?

TT: IA’s earn 10% fee on anybody they join, however with the caveat that solely 6% goes into their “money account” whereas four% goes into what known as a “obligatory account.” So, the money account is semi-liquid however costly to withdraw from (I consider 15€); and the obligatory account, because the identify implies, solely permits you to both purchase extra tokens (or cash) or to make use of in the direction of upgrading your packages in the direction of the Infinity Package deal.

Observe: there are IA’s who’ve a number of and even dozens of accounts!)

Moreover, the costlier or a number of packages you purchase (or “credit” you “roll” out of your Necessary Account into), the extra tokens you get for mining, however ALSO, the extra “SPLITS” you get with, the upper package deal. “Splits” are a typical rip-off within the ponzi world as a result of they double the quantity of your tokens (that are actually solely ponzi factors), however in contrast to any inventory, commodity or asset, don’t have an effect on the worth of that asset (or on this case “cryptocurrency”). There’s a “Cut up Barometer” (which appears to be tied to any slow-downs to Onecoin’s Alexa Scores Rankings) to inform IA’s when their cash will subsequent double, and subsequently how onerous they should work to hussle in new victims.

Onecoin even affords one thing known as “CoinSafe” (extra like “CoinUNsafe”) which guarantees to earn further curiosity of 12%+ (“like a financial institution”) on any cash you retain “locked” in an account for 12, 18 or extra months. How this curiosity is accrued stays a thriller (are cash from the alleged blockchain by some means “reserved” for later allocation!?).

Onecoin has falsely promoted a “KYC” coverage, which they declare can be positioned instantly into their “New Blockchain” in October. October 1st is after they “change on” the “new blockchain” and presumably “switch cash” from the outdated one to the brand new one (trigger you understand, that’s potential), in addition to “Double” all members present cash and tokens (some new characteristic in blockhcain tech they invented, apparently?). Anybody else see the ridiculousness of those claims?!

Regardless of Ruja Ignatova claiming that “Onecoin will ‘financial institution the unbanked” (the place have we heard this earlier than?), anybody accustomed to KYC is aware of that this declare is not possible and must be deserted. Onecoin’s present KYC coverage took an extraordinary 30-60 days to use for and does NOT apply in anyway when signing up for the scheme, however solely when making an attempt (and with a >95% fail price in line with the inundation of rapidly deleted FB posts not their official pages) to promote cash. To inadvertently show how ridiculous their bogus “KYC” Coverage is, Onecoin Ponzi Pimp, Ken Labine, signed up his cat! I’m not joking! Labine’s cat, Milo, is a “Onecoin Miner,” HERE.

You will need to be aware: virtually every part and each delay which Onecoin does is solely for the aim of attempting to maintain cash within the sport longer. That is mandatory to ensure that new funds coming in being accessible to repay present buyers.

FOR A MUCH MORE DETAILED DESCRIPTION OF THE SCHEME AND HOW THE PONZI/ PYRAMID HYBRID IS STRUCTURED, SEE HERE HERE.

Apparently, about half of Onecoin’s whole community comes from their acquisitions of different failed ponzi scams, their contact data and, after all, their as soon as damaged desires, which Onecoin guarantees “will make up for it this time (and at last make them wealthy, after all – after they “purchase in” once more).” These former failed ponzi scams, now a part of Onecoin are effectively documented, and embody: Conligus (10,00zero’s of members est. – the Steinkeller brothers), Univer Crew (120,00zero members est. –  Alexandre Arenales), Unaico/ SiteTalk, OPN (Alternative Community), ( over 400,00zero members est. – Sebastian Greenwood , Frank Rickets,  Christian Goebel, others), Bonofa (60,00zero members – Christian Goebel), BNG Worldwide (10,00zero’s members – John Mercucci). Each single certainly one of these individuals listed, and a substantial amount of different Prime Leaders in Onecoin have been concerned in different scams, a number of in lots of circumstances, and for some, scamming is actually their profession!

Onecoin will CERTAINLY trigger higher monetary devastation than Mt. Gox, a number of occasions over, and would be the direct reason behind a number of suicides, assured.

Whereas many do not know that it is a rip-off, having zero backgrounds in cryptocurrency OR MLM (in some circumstances), I’ve contacted and spoken with dozens of Crew Leaders who DO know, however merely don’t care! The cash is just too good they usually have already constructed their downlines and are earning money! For that reason, Onecoin will CERTAINLY trigger higher monetary devastation than Mt. Gox, a number of occasions over, and would be the direct reason behind a number of suicides, assured. I’m guessing not less than a dozen. Possibly extra! That is the right storm for large monetary loss and suicides, in addition to deep disgrace and embarrassment for many who have established a downline, which incorporates any family and friends. This can be like their worse hangover conceivable, and it’ll stick with a lot of them for years to come back, as most of these huge scams are devastating relationship destroyers. They are saying hindsight is 20/20.

BC: Are you able to inform our readers in regards to the leaders of Onecoin? Resembling Ruja Ignatova?

Dr-Ruja-on-Forbes  One Coin - Uncovered as Ponzi Scheme Dr Ruja on ForbesTT: “Dr.” Ruja Ignatova has a reasonably barren LinkedIn Profile and little or no verifiable proof for such an allegedly completed lady (doubtful claims embody: “200+ IQ/ MENSA Member,” “Enterprise Lady of the 12 months, Bulgaria in each 2012 and 2014 [note: there is no such official award or Title],” “‘Skilled’ in Cryptocurrency,” “Consulted cryptocurrency firms,” “has written a e-book on cryptocurrency,” and rather more unverified claims). She is the Cult Chief, and there’s some proof suggesting that she and Sebastian Greenwood are actually solely the puppets to a much more sinister and nefarious felony underbelly. However, let’s focus extra on what we all know and might show.

So, right here’s what we expect we all know:

  • She was an Affiliate Principal on the administration consulting agency, McKinsey & Firm (probably from 2004 – 2009). She claims to have studied “Legislation and Economics” at Oxford in 2004. She claims to have acquired a  Physician of Legislation (JD), Legislation, magna cum laude from College of Konstanz (1999 – 2002). Someplace in between, she studied Worldwide Legislation. This could show useful for later organising varied shell firms to funnel round laundered cash into actual property and different belongings. She not too long ago bought over $20 million value of property in Bulgaria in line with THIS investigative journalism in her native Newspaper in Sofia, Bulgaria. The article particulars a lot of how this cash path works, who the gamers are, and the insane quantity of monetary tributaries, which Prosecutors will finally must observe in an effort to recuperate any losses from this rip-off when it implodes.
  • We additionally know that her and her father, Plamen Ignatov, bought and virtually instantly bankrupted an organization known as Walthofener Gusswerk. The Employees Union, IG-Steel, filed felony fees. Ruja was positioned on probation and investigation for fraud in Bulgaria for stealing $1M euro and bankrupting the corporate, a lot of that is documented HERE and HERE.
  • Some of the essential issues we all know is that Ruja based an organization known as Crypto Actual Funding Belief. Regardless of claims that she has (QUOTE) “by no means been concerned in any MLM earlier than Onecoin,” a damning and not too long ago leaked video, proves she was clearly linked to a different MLM ponzi rip-off known as “BigCoin.”  This damning video options Ruja Ignatova talking earlier than an viewers on the Kowloon, Shangri-La resort in Hong Kong in mid-2014, simply three months earlier than launching Onecoin. “BigCoin” was claimed to be “higher than bitcoin/ the brand new bitcoin.” Its slogan was “The Way forward for Cash.” Apparently, Onecoin’s slogan is, “The Way forward for Funds.” (COMPARE).  Ruja’s firm, CRIT, as detailed within the video, managed funds for each BigCoin and “Prosper Membership.” These two scams had been accountable for bilking buyers out of over $50MM!!
  • The “Crypto Queen,” as she calls herself, an “EXPERT” in cryptocurrency claims Bitcoin began “earlier than terrorist assaults and earlier than September 11 (2001)” – EVERYONE is aware of that Bitcoin started in January 2009 (actually, an “skilled” would. Proper?): TITLE: “Dr. Ruja “OneCoin” Ignatova in London 06. Feb. 2016:” See right here beginning at precisely 5:15 mark.

HERE is, I consider her first (and LAST) interview EVER with a cryptocurrency advocate group out of Estonia (the place they’re additionally below investigation).

Sebastian Greenwood is the Grasp Distributor at Onecoin. He was closely concerned in BigCoin (Onecoin’s speedy predecessor) and Prosper Membership (AKA: Prosper Inc.) with accomplice/ scammers: Jarle Thorson and John Ng, which defrauded buyers out of over $50MM. Ruja Ignatova seems to have primarily functioned as a Treasurer for this rip-off. Previous to this, He was additionally concerned (as International Product Mgr) within the SiteTalk/ Unaico rip-off, which adopted the everyday ponzi playbook, and in addition value buyers tons, and which later merged a share of associates into what’s now Onecoin. Moreover, he was CEO and Co-Founding father of Loopium.

Nigel Allan was the primary President and face of Onecoin, early on, coming freshly out of a number of scams which stole everybody’s cash, together with Crypto888 and Good Carbon (which bought pretend “carbon credit” to buyers). He’s a profession felony however had a falling out with Ruja in January of final yr (most likely an excessive amount of grime to wipe clear). Watch this brief video for his and extra of Sebastian’s historical past.

BC: Are you able to clarify the current convention they’d and what that was all about? That they had an indication there calling “Bitcoin useless” proper?

BK  One Coin - Uncovered as Ponzi Scheme BKTT: That they had a 3 story tall picture behind the stage claiming, “Onecoin: The Bitcoin Killer!”. This occurred at Onecoin’s greatest occasion of the yr, “CoinRush, London,” on June 11th. Main as much as this occasion, Prime Leaders in Onecoin had been claiming for over a yr that as quickly as they hit 630.00zero.00zero cash mined (30%), that they’d between 50,00zero, 150,00zero and “500,00zero Retailers already lined up” to be on-boarded. Ken Labine even recorded a video of himself, utterly ecstatic about with the ability to purchase “no matter you possibly can consider, automobiles, Ferrari’s, and so forth.,” as quickly because the 30% “mined” occurred (HERE is that loopy video HERE is that loopy video).

Thoughts you, they don’t have a pockets and the cash ONLY commerce internally, and their worth is created based mostly on certainly one of two elements: 1.) it may possibly both stay fixed (i.e., horizontal), or 2.) it may possibly go up. However, 30% “mined” got here and went mid-April and there was not a single phrase from the Firm. Resulting from this, Ken Labine and others had egg on their face for promising their downline what their upline had promised them: Retailers! However, ALL reps decided that this announcement would come on the massively hyped London Occasion, CoinRush! What occurred as a substitute, was Ruja introduced the next:

  • A brand new identify: Onecoin will now turn into OneLife (clearly because of the identify “Onecoin” now being excessive up on Google’s rip-off radar/ search engine optimisation)
  • A brand new web site! (okay, change names = change web site)
  • A brand new Cellular App (just like what TelexFree and others pitched as “new  services” earlier than buckling in upon themselves) and Service provider App to assist get the primary of 1,00zero,00zero deliberate retailers throughout the subsequent 18 months (remind you of something? HERE)
  • AND THE BIG NEWS!!!
    Their FORMERLY “Mounted and Finite” variety of cash at 2.1 Billion has now been inflated to a model new cap of 120 BILLION cash (as a result of Ruja stated they don’t have sufficient for the retailers and that they need to be “larger than Ripple, additionally”)! Now, regardless of growing their provide by 5,700x (57,000x extra cash than bitcoin will ever have), the cash, after all, didn’t lose any worth, in anyway. So, once more, a lot magic is happening right here.
  • AND BTW: NOT A SINGLE MERCHANT IN THE WORLD CAN USE ONECOIN YET!
  • However Lastly, I virtually forgot, they introduced their OneLife Pill, an inexpensive, circa 2009 fashion $70 Pill (SPECS) which they’ve positioned very costly Onecoin stickers onto, apparently, and are itemizing at a price of 550€. The humorous factor is that that is the FIRST product that you may truly purchase together with your Onecoins!! Sadly, in line with Onecoin’s “privately owned web site,” http://www.xcoinx.com/ the present (invented) worth of Onecoin is $7.05 (however rising shortly, because the “Cut up Barometer” talked about earlier is as we speak at 99%), nonetheless, Ruja’s worth on the pill, should you select to pay in Onecoin is 1,160 Onecoins, bringing the fee to effectively over $7,00zero (7,236€) !! SEE HERE! And HERE!

    LET’S GO THROUGH THIS STEP-BY-STEP:
    1.) Ruja Ignatova and firm set the invented worth of their closed system pseudo-cryptocurrency at approx $7.05, regardless of 90% of “promote orders” timing out or not being executed.
    2.) She then dispels all myths that she is something completely different from a financial institution or the Federal Reserve system by growing the “cash provide” by 5,700x (from 2.1B to 120Bcoins).
    three.) She then claims that this is not going to have an effect on the worth (regardless of frequent market economics suggesting a 96.5% lower to approximate $zero.12 every (a lack of $6.93 per coin), or thereabouts, if no more, because of the already tough time promoting).
    four.) She then says she is “DOUBLING” everybody cash and tokens till October 1st after they “change on” the brand new blockchain.
    5.) She then affords a retail product which prices 550€ for 7,236€ in Onecoin, primarily ADMITTING that even she doesn’t give the ponzi coin 10% of the worth she is telling you it’s value!

    CONCLUSION: IA’s are accountable for signing up ONE MILLION retailers, in 18 months, on a pseudo-alt-coin, which isn’t traded, which you can not convert into fiat anytime quickly, and which the COMPANY issuing it demonstrates themselves that they’re solely accepting it at eight/100ths on the greenback.

For extra evaluation of the June 11th CoinRush Occasion in London, take a look at this weblog (and a few of the different detailed Onecoin protection) HERE.

BC: You might be planning on having a moderated debate with Ken Labine. Are you able to inform us about this?

TT: Certain. Labine has agreed to affix right into a “Moderated Debate” this Wednesday, at 12:00 NOON Pacific Customary Time. He advised me he doesn’t need to communicate till 24 hrs earlier than the occasion. I simply hope he reveals! Keep tuned! I’ll publish the hyperlink or observe up right here or within the feedback

Labine and I’ve a little bit of historical past. A yr in the past we had a “pleasant” on-air dialogue about Onecoin. We initially agreed on lots of the ideologies for supporting a cryptocurrency, however after all disagreed 100% that Onecoin was an actual one. Like several indoctrinated Onecoiner, Labine has bother following logic and is dismissive or avoiding of any of the true points.

Quick-Ahead to April ninth, 2016, CoinFest. Labine agreed to debate me at four:00 PM PST, which I deliberate on incorporating into the itinerary of the Occasion. We had some cool audio system already, Amy Elizabeth from the Decentralized Library of Alexandria (FB Web page) and M.Ok. Lords of AirBitz. So the controversy was going to be a enjoyable diversion, however somewhat than letting me communicate a single phrase he carried on his “Opening Assertion” for actually four hrs. 20 min. Apart from barely disrupting the day’s schedule, this cowardice and avoidance was the turning level during which I felt it was actually time to go in opposition to this big rip-off and expose the lies and corruption of Onecoin, as broadly as potential. With out naming names, there are lots of have contributed to documenting the fraud and ponzi nature of Ruja and her rip-off, and they’re those who paved the way in which for what we all know as we speak.

Onecoin is a very horrible and devious, hybrid ponzi/ pyramid/ cryptocurrency rip-off! It’s a notably harmful one, as its members should not solely financially tied to their perception in it, however persons are additionally INCREDIBLY emotionally tied to it, extra so than the rest I’ve ever seen, and in an identical manner we lovers assist and consider in the way forward for REAL cryptocurrencies like bitcoin, Sprint, Ethereum, and so forth!

  • HERE is what ANY commodity or foreign money chart appears like in actual life: EXAMPLE
  • HERE is the primary chart in your complete world which magically appears like this:ONECOIN CHART

công-ty-onecoin  One Coin - Uncovered as Ponzi Scheme c C3 B4ng ty onecoinIt’s no exaggeration in any respect to label this a “cult,” and I’m not joking! Albeit in German, this Information Report talks about Onecoin utilizing unauthorized MasterCard, being a ponzi/ pyramid scheme, being checked out by monetary regulators, AS WELL AS an Company dealing particularly with sects (like Scientology) HERE!

In actual fact, Germany is just one of almost a dozen nations who’ve not too long ago opened investigations into Onecoin. Video from a serious Information Community reviews on the precise arrest of a number of Onecoin Leaders in China, this previous March and about Onecoin being an unlawful ponzi scheme, and interviews a Police Officer from Ghuang Zhong who’s working with Prime Authorities through “Challenge Hurricane,” which was initiated to struggle cyber crime and most of these scams. $45.7 million was seized from the Onecoin buyers in the course of the raid (VIDEO HERE).

Germany is just one of almost a dozen nations who’ve not too long ago opened investigations into Onecoin.

The Swedish Gaming Board declared OneCoin to be “a series letter sport or related,” after Police launched a preliminary investigation (SEE HERE) NOTE: You need to be conscious that below Swedish Legislation, a series letter is similar factor as an unlawful pyramid scheme. The Norwegian DSA name OneCoin out for being an “ugly” pyramid scheme (SEE HERE). The Norwegian DSA went on to say that “OneCoin is marketed in Norway as an funding scheme. An “huge” ROI of about 18,00zero% is cited in OneCoin promotional materials, together with claims OneCoin can be utilized like a checking account that pays 13% curiosity.”

NOTE: Whereas claiming to be the brand new Bitcoin, they as a substitute focused on promoting so-called “Tokens”… which multiply themselves with categorical pace after they steadily break up, which implies that the variety of tokens doubles (company-wide) and not using a drop in worth. This, the Norwegian DSA declare, is proof of pyramid scheme fraud.”

Austria has issued a warning to its residents that OneCoin was an unlawful pyramid scheme (SEE HERE). Latvia has additionally declared OneCoin to be an unlawful pyramid scheme and Ponzi (SEE HERE). It must be famous that none of this or the rest is sufficient to persuade Labine or others what’s actually occurring. They’re merely “smarter” than all of those Federal authorities and different Companies who “don’t perceive Onecoin.”

The Founders of one of many greatest Ponzi scams in current historical past, Zeek Rewards, can be going to courtroom subsequent month, July seventh, to face Trial on a Federal Indictment. One of many many info that the Division of Justice can be attempting to show is that: “The co-conspirators used this cash, in Ponzi-like vogue, to pay different victim-investors within the scheme and to personally enrich themselves.” “…and that the true income of the scheme …got here from victim-investors.”


It’s simple to see how this might even be the crux of the case if and when Onecoin or any of their Prime Ponzi Pimp Associates are indicted by Prosecutors right here within the U.S.

Because the Ponzi scheme grew in measurement and scope, banks and different monetary establishments started to query the co-conspirators in regards to the fraudulent look of the scheme, and lots of shut down or refused to open Zeek financial institution accounts.  – And that is precisely what has been occurring inside Onecoin, as one thing like 15 financial institution, to this point, have pressured them to shut their accounts on compliance and suspicious exercise issues, comparable to Cash Laundering. Extra protection on what the same ponzi scheme, Zeek Rewards, is going through HERE.

Regarding the financial institution adjustments, it seems that the IMS Account arrange with Deutsche Financial institution is owned by Frank Rickets, former CEO of OPN/ SiteTalk, a identified ponzi which misplaced everybody’s cash. This could appear to be the very definition of Cash Laundering, since it’s not even in certainly one of Onecoin’s many Shell Corporations (nice article overlaying the shell firms and Actual Property investments from a current Bulgarian Newspaper. hyperlinks and a lot extra might be discovered on this Finnish Weblog, which has effectively over eight,00zero feedback on the rip-off: MuROBBS). It was new buddies from this weblog who contacted me, claiming to know household and buddies there and in neighboring nations who’ve actually mortgaged their properties or sunken their whole 40 years value of Life Financial savings into this “get-rich-quick rip-off, which is able to change Bitcoin because the #1 cryptocurrency.

BC: Onecoin says it’s second largest cryptocurrency behind Bitcoin in market cap. But it surely doesn’t present it on coinmarketcap.com or anyplace else. Why is that? 

TT: Onecoin isn’t traded on the open market. If it had been, it could crash. No change will listing an unfungible alt-coin, notably one with no identified builders, expertise, safety or profit. So, Onecoin quietly created their very own. Nevertheless, like in a lot of their scammy efforts, Onecoin has proven themselves extraordinarily lazy in even making their pseudo coin go any actual scrutiny, in anyway. They created what they known as a “cryptocurrency change,”  xcoinx. However xcoinx doesn’t operate at al, although it has been over a yr since its Could 2015 launch. 100% of their FAQ’s are  plagiarized, verbatim, from BitStamp, in addition to plagiarizing the UI largely from CoinMarketCap (and putting Onecoin because the #2 in market capitalization, instantly under bitcoin and above Ethereum), as evidenced and might be in contrast under:

Onecoin has marketed this as an unbiased third celebration web site, which is simply one other lie. One in every of their Prime Crew Leaders within the UK, Joby Boughey (previously a Crew Chief with one other big ponzi rip-off known as “U-Enjoyable/ U-Token”), accidently revealed the reality in his weblog, that xcoinx is, actually, Onecoin’s privately owned web site SEE HERE. (He later contradicted himself, however the cat is already out of the bag). In a brief, however hilarious excerpt from the four ½ hour debate I used to be filibustered on, on April ninth, Ken Labine is caught arguing in opposition to Onecoin CEO and Founder, Ruja Ignatova about whether or not or not it’s even an “Trade” HERE.

Onecoin is obsessive about Bitcoin. A Onecoin Press Launch not too long ago declare that individuals had been leaving Bitcoin because of “the worth plummeting” and because of its “current speedy decline.” NOTE: Bitcoin is up almost 30% because the day that got here out. HERE IS THE OFFICIAL PRESS RELEASE. Examine this to a 12-month bitcoin chart from the day the Press Launch got here out HERE.

BC: Is Onecoin a cryptocurrency in any respect?

TT: Effectively, a former onecoin member says THIS. Onecoin CLAIMS to point out Onecoin’s blockchain of their again workplace, however let’s analyze this. I will stroll you thru the proof that the blockchain displaying within the again workplace is bogus, step-by-step! Take a have a look at this.

You all acknowledge this display screen.

So, let’s all observe alongside now.

1.) Backside Proper TITLE: “Present Block is Mining From” Right here is you pretend “blockchain” as seen in your again workplace. That is merely a looped counter (banner) VIDEO pasted over a looped video supply.

So, the above-looped video with the counter inserted over of it for “blocks mined” that flashes each ten minutes, which you all see, solely provides the “look” of one thing technical occurring, however after all, it’s all simply smoke and mirrors.

BUT WAIT! THERE’S MORE!

2.) TOP LEFT, COLUMN ONE “Block Top” – nothing mistaken right here. That is merely the block rely because the alleged Genesis block.

three.) COLUMN TWO: AGE – There’s little deviation from 10 minute block occasions.

onecoin-moneta  One Coin - Uncovered as Ponzi Scheme onecoin monetaThis doesn’t make sense FOR TWO REASONS: a. There’s zero “issue” inside a closed loop system – REASON: a closed system doesn’t “compete” with others. It’s a self-satisfying reward EVERY TIME. b. If it weren’t a closed system than there WOULD be competitors. As such, whereas the block occasions ought to AVERAGE 10 minutes, it is just a mean. You’d positively see three minutes, in addition to 15-20 minute block occasions sometimes as a result of computer systems are actually “guessing” options, and USUALLY the quantity of peta-hashes in search of such options can be just like the quantity of coin flips it could take to land on heads 10x in a row. After about ten minutes, one of many consecutive flips would possibly do it. Nevertheless, it’s unlikely, however potential it might take 20 minutes or one minute. So, such little deviation is certainly “faked” and I’ve checked out MANY examples within the again workplace of block occasions and have by no means personally seen greater than a minute of distinction.

four.) COLUMN THREE: TRANSACTIONS – Simply Lol for quite a few causes: a.) I’ve by no means seen multiple transaction posted right here.

WHAT DOES THAT IMPLY? Effectively, as you understand, there are an alleged 1.85MM individuals who have traded tokens for mining. The distribution of these tokens would come from the blockchain (except they’ve created in Excel Spreadsheets [which they seem to be]). So, there must be NUMEROUS, MAYBE HUNDREDS of transactions per block!

b.) S-Programs (Onecoin’s pretend auditor [similar to your fake exchange, xcoinx, and operated by Onecoin themselves] who has not revealed an audit for this “clear” firm since January) acknowledged of their joke of an Audit (which has ZERO TECHNICAL DATA (- WHICH IS WHAT AN “AUDIT” IS!), which reads extra like a Letter of Reccomendation to oneself, “There are not any transactions not included within the Blockchain.” – effectively, as I simply demonstrated, it is a lie AGAIN, FOR TWO REASONS:

#1 This can be a “logical fallacy” as a result of if a transaction occurred outdoors the blockchain, HOW WOULD THEY KNOW!?! ANSWER: THEY WOULDN’T.

and #2 if it had been true, which it clearly is NOT, than transactions from every block solved can be registered within the blockchain as transferring into your again workplace. Each time somebody will get cash from mining they might be capable to see the coin distribution from every block.

5.) COLUMN FOUR: TOTAL SENT – that is solely “cash created” and it’s known as hyper-inflation. Apart from that, nothing to level out right here.

6.) COLUMN FIVE: SIZE (KB) – that is hilarious, additionally AGAIN, FOR A FEW REASONS! All sizes are proven as 188KB (though not too long ago they present as 189KB).

#1 this means that there’s solely a single transaction as proven in column three. Nevertheless, the scale of a single bitcoin transaction is about 1-2KB, so this is senseless.

Moreover, #2 if there have been any “issue” within the mining course of and if computer systems had been batching transactions for cash created and distributed, than each single block would differ in KB enormously.

7.) BOTTOM LEFT: LATEST TRANSACTIONS – The PURPOSE of a “block explorer/ blockchain” is to have the ability to “FIND” transactions and transactional historical past. That is nothing “proprietary” that might should be hidden. It merely doesn’t exist with Onecon. You CANNOT “click on” a transaction and discover the historical past of it. Neither are you able to view any blocks or transactions over an hour and a few change outdated.

THIS, AGAIN, PROVES THAT THIS IS NOT A BLOCKCHAIN. JUST NUMBERS ON A SCREEN TIED TO A “COUNTER” USED TO DECEIVE.

Moreover, (technical) the alphanumeric hashes proven as “transactions” make no cryptographic sense! They’re NOT math based mostly in a cryptographic vogue, which might hyperlink any inputs and outputs collectively algorithmically. It’s a full farce!

BC: Do you assume Onecoin will fail and can harm buyers?

TT: In fact it’ll. The corporate was Based by an array and profession con-artists who make their cash tricking and defrauding individuals. I used to be not too long ago invited to take part in a small panel dialogue between one other MLM Skilled and Onecoin “Defector” and a moderator of the dialogue, to recap Onecoin’s historical past. I used to be excited to see your complete podcast picked up by “Web Crime Fighters Group (ICFO)”, in its entirety, which you’ll see right here: http://internetcrimefightersorg.com/onecoin-review/ in only one month, regardless of its poor audio at occasions, its seemingly obscure subject material (Onecoin), and its size of simply over 2 hours, it already has almost 5,00zero views!

Regardless that Ponzi schemes typically start as a professional enterprise, Onecoin isn’t even shut! It’s Founders have ALL been concerned in earlier scandals, monetary crimes, and ponzi/ pyramid schemes; most are profession fraudsters, others convicted felons. Followers will say that “the previous is the previous,” however fail to acknowledge that there was completely no change in these “leaders” habits! Look: Onecoin and Ruja Ignatova have lied about. “Enterprise Alternative,” which solicits funding on the premise of marketed ROI’s and is utilizing newly invested funds to repay present buyers, can’t succeed.

The centralized nature of Onecoin creates a single Level-of-Failure, which Ruja has already exploited a number of occasions: As evidenced HERE, Onecoin has already defrauded certainly one of its members, Chris Stone, of $200,00zero value of “ponzi factors” by direct theft! Ruja has REPEATED this theft not too long ago with Onecoiners who’re not too long ago defecting because of most of these revelations that are popping out. One other Prime Crew Chief, who made a video complaining about their very own current theft. HERE: Message to Dr. Ruja Ignatova Onecoin from X Onecoin Prime Chief & host Imi Shah.

There’s additional proof that Onecoin’s “non-profit charity,” One World Basis (CEO: Ruja Ignatova) is simply one other pretend shell firm used to lanuder cash, and to present the looks of an actual group set as much as legitimize Onecoin, itself HERE.

FORBES MAGAZINE COVER AND EDITORIAL LIE:

Onecoin paid not less than $300,00zero to promote in a advertising and marketing arm of Forbes, Bulgaria, known as Model Voice. Nevertheless, two separate Onecoin Crew Leaders right here within the U.S. claimed they’d paid $1MM (of investor/ ponzi earnings, after all).

Onecoin promoted the fraud on their official web site as an precise Forbes “cowl” (and article) in an effort to lure in new investor-victims cash HERE, however this was merely a paid commercial. See Model Voice Media Package: HERE

HERE IS THE ACTUAL FORBES COVER FOR THIS ISSUE (instantly from Forbes Bulgaria’s web site).

FINANCIAL IT COVER DECEPTION:

Cover_49  One Coin - Uncovered as Ponzi Scheme Cover 49The Monetary IT Feb. The difficulty with Ruja on the duvet is AN EXACT REPRINT of January. Onecoin PAID to easily reprint January and add a brand new cowl and insert one article. In any other case, each points are equivalent.

Video PROOF, which is a bit too lengthy, HERE

Right here is the January difficulty instantly from Monetary IT’s personal web site

Here’s a slideshow of the February difficulty with Ruja, instantly from Onecoin Norway’s web site

Ruja and associates have claimed to have purchased a number of banks, together with Hermes Financial institution (SEE DISCUSSION HERE) Sal Leto, Onecoin Ponzi Pimp and Crew Chief in USA claimed, “(OneCoin) has acquired 100 and eighty banking licenses, to legally personal their very own banks, their very own department and their very own workplace, inside all 100 and eighty nations that we function in.”

She and the Prime Conspirators have LIED about almost every part there’s to LIE about, together with that in 2012 and 2014 she was awarded Enterprise Lady of the 12 months in Bulgaria (Class Worldwide Enterprise). However this too was merely a paid publicity stunt perpetrated by a Skilled Picture Consultancy agency in her nation. The Title “Enterprise Lady of the 12 months, Bulgaria,” doesn’t formally exist!

CONCLUSION: That is ALL smoke and mirrors designed to deceive individuals and take their cash! Onecoin has no intention of doing in any other case, and it’s not now, nor will it ever be an precise and traded cryptocurrency (with a 120 BILLION coin cap), not to mention with ONE MILLION Retailers!

BC: What’s the aim of your mission right here by difficult Onecoin?

TT: Not everybody concerned in Onecoin are scammers, after all. However I’ve personally spoken with MANY IA’s and Crew Leaders who’ve ADMITTED that they’re utterly conscious of it being a fraud ….however they don’t care “so long as we’re earning money!”

Onecoin-ban  One Coin - Uncovered as Ponzi Scheme Onecoin banA part of my Purpose is to show as soon as and for all that Onecoin is based by unhealthy gamers and con-artists who know nothing in anyway about cryptocurrency. It’s based mostly on a perpetual sample of latest and convincing lies on this hybrid scheme, which is just meant to deceive and herald new buyers to repay the outdated. It’s to show that the corporate’s founders have established a sample of fraud and that the tip aim of that is no completely different: to complement themselves on the expense of others. It’s to display that you simply can’t belief these individuals, as they don’t have anybody however their very own finest pursuits in thoughts, and that they may do or say something to maintain the cash rolling in so long as potential. It’s to evangelise that Due Diligence is essential at any time when you might be contemplating entrusting your cash with startups or so-called “Enterprise Alternatives.”

My MISSION for difficult them is for widespread disclosure, exposing their numerous incidents of lies and deception, in order that they collapse sooner, somewhat than later. This cause is twofold: #1.) fewer individuals harm and financially destroyed, #2.) to mitigate the authorized and world legislative and regulatory ramifications of a second (or now third with the DAO) Mt. Gox.

Cryptocurrency and Blockchain Know-how can and WILL change the world! I’m hoping that Onecoiners will finally come to their senses now, somewhat than earlier than it’s too late, however both manner will come to grasp the good trade, market, alternatives, and freedom which an sincere and clear cryptocurrency might be

Closing be aware: There are many issues I used to be not even in a position to cowl, regardless of the size of this. Nevertheless, the hyperlinks herein will help anybody (or Authorities) investigating the topic to delve rather more deeply into this sinister world of pseudo-cryptocurrency/ ponzi/ pyramid fraud. Good luck!


Bitcoin.com want to thank Tim Tayshun for permitting our readers to view his analysis.

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