OneCoin

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…

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…

Following an ongoing investigation into OneCoin by the Antitrust and Consumer Protection Authority, promotion of OneCoin across Italy was banned in late 2016.OneCoin’s response to the injunction saw the company claim one OneCoin shell company was not related to another, despite being owned and operated in tandem by the same people.The AGCM concluded their investigation into OneCoin in mid 2017.The regulator formally banned OneCoin, declared it a “deceitful Ponzi scheme” and issued a 2.5 million EUR fine.Once again OneCoin tried to get out of it by again asserting its use of shell companies protected it from regulation.While OneCoin’s public response to…

An internal investigation by Germany’s top financial regulator revealed OneCoin had received around 360 million euros into German bank accounts.The funds were deposited and transferred through OneCoin’s international money laundering network between December 2015 to 2016.Unfortunately by the time BaFin was in a position to seize the funds, only 29 million EUR remained in the accounts.Nevertheless the 29 million euros were frozen and remain so pending the outcome of an ongoing investigation.OneCoin appears to have petitioned for the release of 3 million EUR, through a complaint filed against BaFin’s freeze order.As I understand it OneCoin, through the shell company, tried to…

When exactly OneCoin began to run out of money is unclear.By January, 2017, however, affiliate withdrawals exceeded new investment such that the internal exchange had to be shut down.Despite promises of an exploding coin value for over two years, effective January, 2017, OneCoin severed affiliates from their invested funds.Over 2017 OneCoin continued to solicit new investment, however without ROI withdrawals the business tanked.By the end of 2017 OneCoin had all but collapsed, with only a handful of extremely desperate affiliates left to toe the company line.Minus recruitment commissions, which were paid out directly, it is believed the majority of funds invested into…