CoinSafe: OneCoin’s latest ploy to trap invested funds
With top OneCoin investors purportedly withdrawing millions of dollars from the scheme each month, new investors have little to no hope of recouping their own invested funds when the time comes.
That’s basic mathematics, but evidently evasive to the majority of OneCoin affiliates.
Nonetheless, OneCoin can’t payout funds it doesn’t have – and so now the race is on to trap what’s left and newly invested funds alike.
Well, at least a representation of the funds, as the actual money continues to be withdrawn out the top end.
OneCoin’s latest ploy sees them introduce “CoinSafe”, a ‘unique product, giving you the chance to earn from both the rising value of the coin and the earnings you accumulate‘.
Basically, in exchange for not making withdrawal requests, OneCoin are offering affiliates ROIs of 10 to 12 percent.
CoinSafe ROIs are paid out in OneCoins, so don’t actually cost the company anything. The maturity period of the CoinSafe contracts is however 12 to 24 months, giving top OneCoin investors plenty of time to continue withdrawing funds.
It also gives OneCoin some breathing room, as affiliates who participate in CoinSafe are barred from making withdrawal requests for up to two years.
Left unspoken is the question of whether OneCoin will even be around in two years, in addition to the fact that this is not something that would be able to be offered in a legitimate cryptocurrency.
With OneCoin arbitrarily determining the value of OneCoins and acting as the sole issuer though, they’re free to promise affiliates whatever they want – just so long as it’s in OneCoins (or tokens) and not actual money.
OneCoin’s other withdrawal restriction strategy, KYC, appears thus far to be a rip-roaring success.
OneCoin’s official Facebook page is flooded daily with complaints from affiliates, sharing the commonality of KYC submissions being ignored for nearly two months.
The following comments from OneCoin affiliates over the last few days reveal a snapshot of the current OneCoin withdrawal environment:
Onecoin said kyc authentication requires a month’s time, but now almost two months of how not passed?
@onecoin: PLEASE VERIFY MY ACCOUNT AND ALSO MY ONEPAY ACCOUNT! I SPONSORED MANY PEOPLE, BUT I AM ALREADY WAITING MONTHS FOR MY VERICATION!!!!
KYC certification for a long time did not pass. Hope to get the company’s attention. Let me have a stronger confidence to develop my team.
In addition withdrawal on November 15, 376 euro hasn’t been to the bill. Hope the company to help return the account. thank you.
Dear Onecoin Support Team, How much time you have require to clear my KYC.
I am very upset with delay in KYC clearence, I don’t Know what’s the reason behind for delay from onecoin company.
Why,why,why,company required 30 working days of KYC clearence.
My am not able to satisfy my team fordelay in KYC. Because i am not able to answer my team for delay in KYC Process. Pl try to understand & clarify me for Delay/that much time required for KYC clearence.
Also Upload/send KYC clearence procedure example Photo/Video etc so that everyone understand that how ducuments to be send in KYC.
kyc delayed but did not explain to the customer . But tell exciting news , but no news kyc .Face book onecoin should explain a pending state . Too long.
Hello…. We are from Belgium.My sons status is also still pending for nearly 2 months. May i ask the Support Team why it takes so long ??? In meantime unable to sale one coins :-(( This is unfair.
I manage to create OnePay account recently. However, I am unable to sale my one coin due to KYC profile and setting status showing “Pending”.
I have submitted the documents nearly 2 months ago and yet status is still pending. Appreciate your immediate action to solve the above.
I have 5 tycoon all split 2 times already. I do my KYC 7 week already but i always pending. Your KYC is too late. I AM ANXIOUS.
we are scamed? I am waiting for KYC since 05.12.2015
Despite the daily deluge of withdrawal complaints on Facebook, OneCoin continue to ignore the issue and instead promotes local recruitment events.
Just once I’d like to see our favorite OneCoin Pumpers take a leadership role and acknowledge the obvious issues with the company on their Social Media pages.
Tom McMurrain has all but stopped posting anything about OneCoin but has yet to post ONE COMMENT about these issues and customer complaints.
Mr. Egg-on-his-Face Ken Labine NEVER mentions the KYC issues and customer complaints on his Social Media Pages or in his childish video rants. Who is he really looking out for? The company? The Investors he brought to OneCoin? Or, his OWN pocket?
As the Top Pumpers of TelexFree and Zeek Rewards are now learning, the punishment can be a lot worse than just Egg-on-the-Face.
Question: Do they serve eggs in prison?
They (OneCoin Pimps) don’t give a **** about OTHER people’s problems.
The commenter from earlier who said that OneCoin may be prioritizing people who recruited to be KYC approved may be right… THOSE are the people who get paid. Everybody else’s money may be trapped.
Add this CoinSafe thing and you have what’s essentially a OneCoin Certificate of Deposit paying ROI. And they insist it’s not investment, eh?
Lee Oshea still promoting onecoin heavily. Warn people not to trust this ponzi sham.
in a conf call on jan 19th, 2016, hosted by ruja ignatova, she has now made it more difficult for onecoin investors to ‘mine’ their ‘tokens’ for onecoins.
investors with starter and trader packages will not get a ‘split’ [doubling] of their tokens if they choose to submit them for mining.
only investors with premium and festival packages will get a split on their tokens whether or not they submit for mining.
the ‘splitting of tokens’ is an ‘event’ which brings great excitement in the onecoin community, because they equate it with getting more ‘onecoins’ and hence getting ‘richer’.
with starter and trader packages now forced into a conundrum about whether to mine their tokens or opt for a split, they are being encouraged to upgrade to the premium or festival package, to get the best of both worlds.
this ^^ suits rujamama just fine as she seems desperate for more funds right now.
In other words, pseudo-compliance. You’re not really investing in OneCoin… You’re investing in this “token” that we may, at OneCoin’s discretion. to be turned into OneCoins at whatever ratio we say, for whatever amount we say, at whatever time we say.
And since we also say how much OneCoin is worth, and we will let you withdraw at the time we say…
“All you bases are belong to us.” (to quote that badly translated video game)
How about ELITE Trader package ??!! 100.000 Euro investment !!! If I understood correctly it’s available for those who got limited (capped) in the weekly network team bonus..
That to me is another way of OneCoin to keep you money trapped in their system..
Hope this is the final stage and this scam will collapse sooner rather than later..
How fast people can sell Onecoins at 4.35€.
I don’t know if it’s possible when you have less than 67 coins. 67>1.5%
That was announced a long time ago?
67 ONE 1.5% – ???
so… is there anybody who could sell any onecoins when there were 66 or less oncoins?
The OneCoin customer complaints continue to mount yet Top Pumpers like Ken Labine, Tom McMurrain, Glenn Smith, Lee Oshea, Carl Wilt, Mike DiGaetano, Bruce Townsend etc have yet to address this issue even ONCE.
What ever happened to Leadership and keeping the teams informed of the Good News AND the Bad News?
OneCoin members have made it clear they are not able to get their money from the system. Plus, OneCoin appears to ONLY be paying those Members who continue to bring in New Money.
At the same time, they are giving the stiff-arm to withdrawal requests from members who simple invested their funds with the company. It’s simply disingenuous at this point to ignore the obvious and just act as though it’s not going on.
Who is acting like Real leaders or who is proving they are just Ponzi Pumpers?
I was very intersected in joining but now until sure I no cription currancy is a good idea. (Ozedit: This is not the place to solicit investment advice)