In the wake of declining affiliate recruitment and continued silence from OneCoin management, Muhammad Zafar and his troop of top UK OneCoin investors descended on Sofia, Bulgaria for answers.

OneCoin founder Ruja Ignatova wasn’t there to meet them. Upon learning top investors were coming to Bulgaria to demand answers, Ignatova fled the country.

Explains Zafar;

We had a head-office meeting today. Initially it was planned with Dr. Ruja.

For some reason she couldn’t travel back to Sofia. She was out of (the) country.

Zafar’s troop were instead greeted by puppet CEO Pierre Arens, who revealed the much-hyped OneCoin IPO has been dropped.

For months now OneCoin management have been urging affiliates to trade in their worthless OneCoin Ponzi points for equally worthless OFC shares.

The marketing pitch saw OneCoin claim it was going to list itself on the public exchange of an undisclosed Asian market.

According to Muhammad Zafar, Pierre Arens told his group those plans have now been cancelled.

Unfortunately for OneCoin investors wondering what is going on, Zafar’s explanation is nonsensical at best.

(The) ICO is gunna happen (in) October, 2018.

Why the company changed from IPO to ICO? That’s what you want to know.

Because ICO has been popular and company can’t ignore the fact that the company has to protect the interest of all the leaders – all the members.

Huh?

As far as floating a Ponzi scheme publicly or converting Ponzi points into a publicly tradeable cryptocurrency goes, the end result is the same:

Be it OneCoin shares or OneCoin Ponzi points, if the company goes public the value crashes.

The public aren’t interested in Ponzi points with an inflated internal value so there’s no demand outside of OneCoin itself.

The key difference between an IPO and ICO though, with respect to protecting OneCoin’s “top leaders”, sorry “members”, is the regulatory requirements a public offering requires.

Even in the dodgiest third-world countries, a public listing opens up OneCoin management to far more liability and regulatory exposure than an internally controlled Ponzi scheme.

The way Zafar puts it, the IPO has been replaced by the ICO.

If 3.2 million members are looking for the company to make the best decision for them, and if ICO is so popular that it is giving so much to not only company and members, so company had to change from IPO to ICO.

Which is baloney, because from day 1 OneCoin’s marketing pitch has been “invest now, we’re gunna go public in 2015, 2016, 2017, 2018!”

Putting aside the fact OneCoin isn’t a genuine cryptocurrency, an altcoin going public is the ultimate end-goal of an ICO.

So OneCoin effectively launched their ICO when the company itself launched in late 2014.

Left unanswered by Zafar and his gang is what happens to OFC shares OneCoin affiliates have traded in their Ponzi points for.

I imagine the company will generate a script and, as per their database records, reassign the equivalent points affiliates who invested in OFC shares exchanged… but this not being clarified seems odd.

It’s also worth pointing out that earlier this year OneCoin suspended affiliate ROI withdrawals on  the pretext that the internal xCoinx exchange was being prepared for the IPO.

If there’s now no IPO, surely affiliates can resume converting their OneCoin Ponzi point into real money?

Like Chinese OneCoin affiliates who by law are required to be refunded, OneCoin affiliates who invested in OFC shares have been left in the dark.

And spare a thought for Chinese OneCoin affiliates who also invested in OFC shares; in less than 24 hours they’ve been double-Ruja’d.