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Well, at least a representation of the funds, as the actual money continues to be withdrawn out the top end.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.