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 initiated when Pegaron Invest, formerly owned by Artefix Europe, sold One Network Services to One Forex for about $1.25.

Capital did approach OneCoin for comment but were stonewalled.

If you’re wondering how this hasn’t caught the attention of regulators, it’s because creating layers of circular shell companies to commit fraud through apparently isn’t illegal in Bulgaria.

Aside from the odd event headlined by Ruja Ignatova’s brother and former bodyguard, Konstantin, OneCoin executives, at least publicly, have been missing in action for almost a year.

After severing herself and her mother from OneCoin’s incorporation in late 2016, Ignatova abandoned OneCoin in mid 2017.

This cyclical corporate structure is not explicitly forbidden in the Bulgarian Commerce Act, and it is only possible to seek a legal problem with it in European law.

For their part Bulgarian authorities remain uninterested in pursuing the scammers behind OneCoin.

There is an ongoing investigation into OneCoin and Ignatova by German authorities.

Following raids on OneCoin’s offices in Bulgaria earlier this year however, we’ve heard nothing from German investigators.

After living it up L. Ron Hubbard style on a $15 million dollar yacht, Ignatova, earlier this year Ignatova dropped $2.5 million on a beach front mansion.

That’s on top of over $20 million in OneCoin funds Ignatova has already used to build her Bulgarian property empire.

Ignatova’s new sprawling estate features custom-made furniture imported from Germany and a playground.

A lavish pool toward the rear of the property is topped up with an endless supply of OneCoin investor tears.

OneCoin investors have been prohibited from withdrawing monopoly money payments since January, 2017.

In related news Ed Ludbrook, who had insider access to OneCoin as a former executive, claims Ignatova is a con-woman.

I was recruited into a business that had everything right except it was run by a con-woman.

Someone, who through her actions, was happy to create a scam as she stole the money.

Last year Ludbrook claimed Ignatova “misled” him.

Unfortunately in his latest article, Ludbrook doesn’t elaborate on how despite Ignatova, OneCoin, a Ponzi scheme from inception, “had everything right”.

To his credit, unlike his counterparts Ludbrook didn’t leave OneCoin only to take up residence in a similar scam.

Most of the top OneCoin promoters were quick to jump over to DagCoin, a clone Ponzi scheme set up by a former OneCoin investor.

Six days ago Kari Wahlroos, formerly the face of OneCoin, now the face of DagCoin, informed investors DagCoin was launching a new “9 billion coin” blockchain.

Existing DagCoin investors are being promised “ten times” their current DAG balances in the new blockchain.

Sound familiar?

Given the Ponzi points model between companies is as circular as OneCoin’s corporate structure, you’d think DagCoin’s gullible investors would have realized by now.