OneCoin declared just $3.8 million in revenue last year
OneCoin represent themselves as a billion dollar company.
Earlier this year in March, OneCoin claimed it’s Ponzi points had a market cap of $3.34 billion USD.
Another marketing spiel routinely trotted out is the claim that OneCoin is the fastest company in history to reach one billion dollars in revenue.
A new report from the Bulgarian media outlet Capital suggests otherwise.
Yesterday saw the UK’s FCA reveal that London police had opened up an investigation into OneCoin.
Capital reported on this earlier today and included previously undisclosed information about OneCoin’s finances.
According to Capital, OneCoin operate in Bulgaria through the shell company “One Network Services LTD”.
Ruja Ignatova claims One Network Services LTD is ‘a service company that oversees the OneCoin business‘. Corporate filings reveal the company claims to have over sixty employees.
The same filings reveal that last year One Network Services LTD declared only 6.7 million BGN ($3.8 million USD) in revenue. Of that just 500,000 BGN ($286,310 USD) is recorded as net-profit.
165 million BGN ($94.4 million USD) is declared as “cash flow from operating activities”, with no further explanation provided.
41 million BGN ($23.4 million USD) was purportedly used to extend loans to undisclosed parties.
Total assets recorded for One Network Services LTD is 43 million BGN ($24.6 million USD), of which 10 million BGN ($5.7 million USD) is cash and 12 million BGN ($6.8 million USD) is held in bank accounts.
No matter how you go over the figures, what OneCoin is legally declaring in Bulgaria is certainly a far cry from the billion dollar success story it claims to be.
I suspect that the “Wang Network Services” means One Network Services.
In the bulgarian news article the name is “Уан нетуърк сървисес”.
Doing bulgarian cyrillic -> latin conversion results “Uan netuărk sărvises”
Doing a separate Google translate translates it to “Wan Network sarvises”
Doing the whole page translataion in Google Chrome transtales it to “Wang Network sarvises” which I think is the worst translation, making it sound like some chinese company. 😀
I suspect what is meant is just One Network Services, but in bulgarian cyrillic.
Here is further clarification:
“Уан нетуърк сървисес” is One Network Services LTD: imgur.com/a/IRuBi
Please correct this in the article.
Thanks for the catch WhistleBlowerFin.
If Bulgarians write like the Serbians, then they write sort of phonetically “write as you speak”. For example they would write Nju Jork for New York.
Hope the UK investigators remember to talk to Wembley.
Wembley was warned repeatedly about what OneCoin was, as it’s documented here on BehindMlm in real time. Yet, they still accepted the scammers stolen money which in fact belongs to the members.
Kind of makes you wonder how Ruja bought all those properties doesn’t it. Wait, maybe that’s why they only reported $$3.8 Million in profit! LOL!
One good possibility…
Not at all unusual for a company to lend money to an entity (often owned or contolled by an officer of the company,) and then forgive the debt.
This technique is almost amateurish in it simplicity which is why when the walls come tumbling down the ruse is quickly uncovered, but even still, who in Bulgaria is going to recover money for the company and its creditors?
It’s $3.8M in revenue. Only $286k in profit. My only question is, how many different companies are there that makes up the Oneife network? What is their business structure?
None of the revenue from the OneCoin side of the business makes it to One Network Services. The money goes to some bank account of a business not named One Network Services.
Sorry guys I was being sarcastic with my comment, but I should have said revenue not profit.
We know of at least two other company names they use because they used them to open bank accounts in their name. At last count I think it was said that OneCoin was using six different company names.
Sorry people…. Actually the amount of the Scam raises 200millions of €…. we had to talk in €… because this Scam started in 2014 with a Froud in Germany, Ignatova’s father compliance…. she has a very good teacher in family too.
Actually we found her in Mexico… exactly the latest movements says she’s near Brasil…why Brasil? As a famous Italian terrorist teach: EU can’t request extradation for her in Brasil… even Interpol.
As one of the most corrupted nations in the world (20 times than Italy…and trust me..it’s hard to beat Italy, as I’m Italian and WE have invented the first money and also the first Scams…Ponzi teach again)… Where can you store in a cold server 75billions in 3 values??
Very simple: Before the thailand summit she makes an accord with the owners of the most tall tower in the world… All electronic eyes confirm that…
So when Interpol entering in Sofia Headquarters they found 12 machines without anything new for us… but they found the banking coordinates (Why at the beginning a German bank, in a second moment in Dubai.. and now in Singapore…
If you think to made a well-dressed scam you need before a safehouse, what’s better than: a government in Eur where taxes are minimum…second: what’s better than a state where the only interest is gas….and third: what’s better than Singapore, when HSBC and many other bank offer anonimous and safe accounts ready for capital exportations without any rules…
in €zone it’s impossible to export istantly 20 millions in € (actually € is welcomed as dollar everywhere… and € itself is one of the greatest bank and governments scam ever… an unique money… BUT the found is in Germany or Benelux, I want to remind people that Germany has to pay the debt for the second world war at Greece and many other states… and actually also Deutsche bank is totally involved in VW scandal as they sold toxic futures and stocks).
Sorry for my bad english… hope to read numbers more… well analized. put some zero over theese numbers… If the game it’s hard.. need to be played hard. And I’m Italian enough to see this because here, Onecoin opens an hundred of accounts everyday…
If only in Italy we had losses for more than 900k €…. make some calculation before posting…. So actually we are in contact with a new person in US and waiting to give him full docs and bank reports but in safe places on the net.
Me and my family are well defended against east europe mafia… Since the best one remains here in Ita. But me, and my wife, my childs… want to have the freedom of continuing our lifes in peace… as before 2015.
Hope someone can understand as my contact in US. THIS SCAM IS IN FISRT, A DAMAGE FOR ALL CRYPTOS. NOT ONLY 1COIN.. PEOPLE MAKE NOW ASSOCIATION TO BITCOIN ONLY FOR THE SIMILAR NAME…. It’s hard to believe.
Waiting for many questions, I’m exposed very much by writing this. Because I’m not into Crypto directly… my wife more. I’m only a watchdog part of one largest and totally inconsistent entity that everyone knows.
Y’all gonna be sorry when those dollars…. i mean points double and you miss out again!
Real hard to miss the value of something that has no true value. I mean How do you double a zero?
With all the members not getting withdrawals or the trading not working a simple trick to double some digits in the backoffice means nothing.
I guess you will be sorry when you see you can’t withdraw or it gets frozen.
Have fun pretending you are in a winner!
Can you explain the mechanics behind that magic money-double trick? If that really works, why don’t you use it to all your money, hah?
Interesting since ponzi pimp Wilt is claiming he’s worth $200 million. Oh wait, that’s from selling “education packages.”
Open letter from Bruce Fenton, former president of Bitcoin Foundation and long time enthusiast and activist in the cryptocurrency space (posted 30 minutes ago in GitHub):
(Note: anyone may use and fwd to any authority):
SOURCE: github.com/BruceFenton/letter-crypto/blob/master/Draft.md