OneCoin’s blockchain lies exposed by GDPR

June 17, 2018 mlmdetective 0

As annoying as the GDPR might be, lo and behold some good has come of it.Before we get into that though, let’s revisit early 2017.
Blockchain developer Bjorn Bjercke had just dropped the “OneCoin has no blockchain” bombshell.
Through an executive job offered through Asenshia, Bjercke claimed OneCoin offered him the role of Chief Technology Officer.
As Chief Technology Officer, Bjercke would be paid $2.5 million annually to create a blockchain for OneCoin.
Seeing as OneCoin claimed to have had a blockchain since inception in 2014, this begged the question of what the company had been using for a year and a half.
Based on correspondence…

Chinese authorities differentiate OneCoin points from legitimate crypto

May 29, 2018 mlmdetective 0

We’ve been covering the Chinese investigation into OneCoin since April, 2016.Owing to Ruja Ignatova’s roots with BigCoin, a similar Ponzi points scheme that primarily targeted Asia, China initially emerged as a primary source of OneCoin investment.
Along with all but a few third-world countries, investor recruitment in China died early last year after OneCoin suspended ROI payments.
Last week Chinese regulatory action against OneCoin and its promoters concluded, following prosecution of the remaining four suspects.
In total some 98 Chinese OneCoin affiliate investors have been prosecuted for promoting the scam.
One particularly interesting aspect of the case emerged in its wake, relating to how Chinese…

119 OneCoin arrests in China, $7.1M of Greenwood’s funds frozen

May 16, 2018 mlmdetective 0

Putting to shame the endless parade of warnings issued elsewhere in the world, Chinese authorities have made another 119 OneCoin related arrests.Public court documents have also detailed the recovery of a large sum of money stolen from OneCoin victims, including $7.2 million stashed in a bank account belonging to Sebastian Greenwood.
Authorities in China’s Hunan province began investigating back in 2016. Yesterday authorities in Hunan released information pertaining to another one hundred and nineteen arrests.
Since their arrest, each of the arrested suspects have confessed to participation in OneCoin as an investor. Two of the arrested suspects have already been sentenced to more…

OneCoin a “pyramid game” for tax in Sweden, not a cryptocurrency

May 9, 2018 mlmdetective 0

Evidently OneCoin investment in Sweden has resulted in a few taxation issues popping up.While the level of investment into OneCoin from Sweden as a whole isn’t known, it’s significant enough for the Swedish Taxation Authority to add a OneCoin query to its cryptocurrency taxation FAQ.The fourth question on the Swedish Tax Authority’s FAQ list asks, “Does OneCoin count as a cryptocurrency?”The answer to which is “no”. The Swedish Tax Authority sees OneCoin as “basically a pyramid game”.The Swedish Tax Agency’s view is that onecoin is not a crypto currency. The Swedish Tax Agency’s view is instead that onecoin is basically a…

OneCoin a “high risk pyramid scheme” in Samoa, transactions banned

May 4, 2018 mlmdetective 0

OneCoin investment in Samoa has set off alarm bells, prompting the Central Bank to direct financial institutions to block investment into the scheme.As per a media release published on the Central Bank of Samoa’s website on May 3rd;It has come to our attention that there are still a large number of people wanting to remit or transfer money out of Samoa to invest in this Onecoin cryptocurrency promotion.This is despite warnings by CBS that there is a very high risk that Onecoin cryptocurrency promotion is a pyramid scheme (an illegal money making investment).As a result the CBS has decided to block…

Major crypto MLM bust in Pakistan (OneCoin, FirstCoin, Eagle Bit Trade)

May 3, 2018 mlmdetective 0

Authorities in Pakistan have “unearthed a huge business racket” in Pakistan, with those involved accused of promoting several dubious MLM opportunities.Agents of the Federal Investigative Agency Cyber Crime division have confirmed the suspects were promoting OneCoin, FirstCoin and Eagle Bit Trade.Through these Ponzi schemes, authorities allegethe accused involved in the gang were looting millions of hard earned money of citizens.So far three suspects have been arrested; Ahmad Butt, Malik Irfan and a woman surnamed Zammurd.Zammurd is believed to be one of Pakistan’s main Eagle Bit Trade promoters.FIA agents are continuing to investigate the case.Let’s block ads! (Why?)

OneCoin an “endless spiral” of black hole shell companies

April 30, 2018 mlmdetective 0

With OneCoin promotional activity dead in all but the most third-world’est of countries, one could easily gain the impression that nothing much going on at a corporate level.Not so.Just last month OneCoin corporate was busy setting up a new wave of shell companies to cover their tracks through.According to research by Capital, OneCoin’s use of shell companies to mask ownership is an “endless spiral”.Last month ownership of One Network Services was transferred over to One Forex, which in turn is owned by Artefix Europe, which is owned by, wait for it… One Network Services.The literal circle-jerk of shell company ownership was…

Chris Principe settles OneCoin defamation lawsuit

April 12, 2018 mlmdetective 0

With efforts to secure quick judgment knocked back and there not being much of a company left to fight for, it was pretty obvious Chris Principe’s OneCoin defamation lawsuit wasn’t going to trial.Following the denial of an entry for default and harassment injunction, Principe’s defamation lawsuit was sent to mediation back in January.On April 2nd a Mediation Report was filed, stating that ‘the case has been completely settled.‘According to the Mediation Report, Principe and defendant Timothy Curry settled the lawsuit in full on March 30th.On April 6th a joint Notice of Settlement was filed, which stated the parties ‘anticipate finalizing a…

OneCoin regulatory investigation confirmed in Samoa

April 8, 2018 mlmdetective 0

With OneCoin a laughing stock of cryptocurrency circles in larger countries, desperate investors hoping to recover their losses are targeting smaller markets.An emerging source of revenue for OneCoin investment is Samoa, but not if the Central Bank has anything to do with it.Speaking to the Sunday Samoan, Central Bank Governor Maiava Ainu’u-Enari confirmed a Samoan regulatory investigation into OneCoin.The Sunday Samoan suspect local church ministers are involved, however Maiava refused to name any suspects.The scheme is alleged to involve some people and organisation in Samoa who use local agents to collect people’s money in the hope of gigantic returns.As of today, the Central…

OneCoin still banned in Italy, claims Italian Consumer Center

April 4, 2018 mlmdetective 0

Last month we reported on the lift of a ban that prevented OneCoin from operating in Italy.That article was based on a 19th February published decision, which suggested that both the suspension and 2.5 million EUR issued fine had been rejected by the  Regional Administrative Court (Sixth Section).In an April 4th article titled, “OneCoin allowed again – hardly!”, the Consumer’s Center for South Tyrol (Vzs) now claims only the fine was suspended.Vzs’ article opens by quoting OneLife’s own article on the decision, titled “The Italian market is open again”.It then goes on provide a timeline of what happened after OneCoin was declared…