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.