OneCoin gobbling up failed Euro scams
Running a scam out of Europe that’s about to collapse?
Before you do a runner and make off with everyone’s money, you might want to get in contact with OneCoin and see if they’ll buy you out.
In what we hope isn’t the emergence of a disturbing trend, OneCoin appears to have acquired OPN and SiteTalk.
SiteTalk first appeared on BehindMLM’s radar back in 2011 as part of Unaico. Through SiteTalk, Unaico affiliates invested thousands of Euros in virtual shares.
By late 2013 the scheme had collapsed, with Unaico rebooting itself as The Opportunity Network (OPN).
OPN saw affiliates paid to recruit new affiliates, with Unaico’s failed virtual share program re-imagined as a failed public listing on the Cyprus stock exchange.
Last we heard OPN were stringing affiliates along with promises of breaking into the US, but that never eventuated.
Alexa statistics for the OPN website show a steady decline, suggesting the opportunity was in decline.
A few days ago OPN affiliates were presented with the following message upon logging into their backoffices:
We wish to inform you that we have, after great consideration made a decision to merge our OPN structure into the company OneCoin.
At the same time a long-term exclusive co-operation agreement has been made between SiteTalk and OneCoin similar to the one, which was in place with OPN.
Due to this merge of OPN with OneCoin, there is now limited access within your back office.
Any funds in your OPN ONLINE & EARNING account you will find consolidated along with a 100% refund of Marketing Pool units you may have purchased since introduction in the “CASH Account” of your new OneCoin back office.
Any funds in your MANDATORY Account, you will find in your new OneCoin MANDATORY Account.
Long story short, after year of losses OPN affiliates with funds trapped in the system now have funds trapped in OneCoin. The obvious hope is that OPN affiliates will invest these trapped funds, along with new money, in OneCoin and hope for the best.
How many OPN accounts OneCoin purchased and for how much is not disclosed. At the time of publication there is no information about the OPN SiteTalk acquisition on either the SiteTalk, OPN or OneCoin websites.
The OneCoin Facebook website meanwhile boasts of passing a 1.3 million affiliate milestone as of yesterday. A photo of a recent OneCoin event suggests up to 470,000 of those investors were sourced from OPN.
The acquisition of OPN SiteTalk by OneCoin follows a similar acquisition of Conligus in mid 2015.
Conligus launched in mid 2014 and paired irrelevant penny auctions with recruitment commissions. Early 2015 saw the scheme collapse, with payment of commissions owed to affiliates suspended.
OneCoin announced its acquisition of Conligus in April.
The owners of Conligus, reported to be the Aron, Christian and Stephan Steinkeller (the Steinkeller brothers) now feature prominently as top investors in OneCoin marketing material.
BusinessForHome recently reported the brothers are making around $900,000 a month from victims of the scheme.
Frank Ricketts, owner of OPN SiteTalk, appeared on stage at a recent OneCoin event in Budapest to formally announce the acquisition. I suppose we’ll see marketing material advising he too is now making hundreds of thousands of dollars a month shortly.
Sebastian Greenwood, who owns multiple top positions in OneCoin with Juha Parhiala, was a Unaico SiteTalk affiliate prior to his involvement in OneCoin.
What a small world the MLM underbelly is.
As far as strategy goes, the acquisition of failed scams is pretty slimy. You’re looking at the purchase of affiliates who have likely already lost money, with promises of riches in a new scam pushed on them.
“Just invest a little bit more, your dreams of financial prosperity are right around the corner!”
The reality meanwhile is these people will fund the latest round of withdrawals the Steinkeller brothers, Sebastian Greenwood and Juha Parhiala make. OPN management (and perhaps a few top investors) get sweet new positions in OneCoin, and the scamming continues anew.
Existing OneCoin affiliates meanwhile are left hanging as KYC verification requests go unanswered for weeks. It’s all part of the plan you see, to ensure as much funds as possible remain in OneCoin for withdrawal by those at the top.
But that’s a story for another time…
examples of affiliate complaints:
the alexa ratings for onecoin show a slowing in the rate of growth and has plateaued. payouts to affiliates will start to get difficult, unless growth picks up:
Swedish OneCoin members claim that 400.000 OPN members were transfered and that OneCoin now has 1.300.000 members.
onecoin is ‘unofficially’ being promoted in the US.
carl wilt of tennessee, has been heavily promoting onecoin across the states with a series of meetings scheduled over the coming next weeks.
carl wilt is currently building himself a mansion and proudly proclaiming:
Since Jan1 Onecoin has got around 20000 new accounts.
The correct number is 730.000 counting flags.
The ticker grew exactly by 500.000 new members 16.1.
(the stats will be updated soon for 16.1)
SiteTalk member base has been sold or rented out to other companies as a fake asset, e.g. to Enwire AB, and CellPoint Connect AB = 2 Swedish companies in the same group.
Fake assets can be used to manipulate the stock price, and SiteTalk was also used for that purpose in 2013 May -2014
They just create one scam after another, just changing names.
700.000/25.000.000=0.028€ ->Somebody bought the first 25.000.000 shares? But there are 1.525.000.000 now
That made the first 25.000.000 worthless.
The shares was similar to Onecoins now. The Price was pumped up by new members and the “mandatory accounts”
They promised to list the stock on a public exchange and they did it eventually 1 year later than they told.
KYC was made as necessary as the do on Onecoin now.
Greenwood was “manager” since 2009
Ruja Ignatova started as a consult since 2013
Dream Team in action!
That’s what happens when you get on a “sucker list”… your name gets exposed to MOTS (more of the same).
I have updated the latest stats. (16.1)
OPN increased Onecoin Acoounts by around 475.250 (+-250)
I think anybody who believes OPN had 470,000 active affiliates is delusional.
The scheme had collapsed, they had perhaps a few thousand maybe at best (probably no more than the 50 to 100 who rocked up to Budapest).
Who are the main OneCoin “pumpers” in the USA/Canada other than Tom McMurrain (Atlanta), Ken Labine (Canada), Glenn Smith (California) and Carl Wilt (Tennessee)?
The recent “acquisitions” will only bring more attention of OneCoin by the Regulators who will eventually have to take action against the company and their Top Promoters, IMO.
OneCoin “Pumpers” like Tom McMurrain and Ken Labine hype OneCoin as the “future of payments.” They also claim OneCoin is “just like Bitcoin” except “we are in on the ground floor”.
Then, why did one of the prominent developers just cash out?
“The fundamentals are broken, and whatever happens to the price in the short term, the long-term trend should probably be downwards,” developer Mike Hearn wrote on the blogging platform Medium. “I will no longer be taking part in bitcoin development and have sold all my coins.”
Headline: Is bitcoin broken? Prominent developer cashes out
RUH ROH! 🙂
Man the world is weird sometimes.
I literally just finished reading Mike Hearn’s blog on the current status of BitCoin (like seriously, 30 seconds ago):
OneCoin affiliates will gloat that they are exempt from the problems Hearn brings up because OneCoin maintain sole control of their blockchain.
The irony of Hearn citing a limited number of individuals controlling BitCoin against the backdrop of a sole entity controlling OneCoin is lost on them.
And that’s if the Ponzi bubble doesn’t burst first. Does anyone really think millions of EUR being withdrawn on the backend and a monopoly money OneCoin value is truly sustainable?
I am Hungarian and I really ashamed that my country is one of the biggest ponzi paradise in the world.
My thoughts is that Ruha mama needs an other momentum just to live longer, and Conligus members were so easy to re-scam into this ,,opportunity”.
I really hope that this wont happen with Opn-Sitetalk members, and we can see this Ponzi collapse in the upcoming months.
Crypto-Currency Market Capitalizations
The list includes the Top 655 Crypto-Currencies, so surely, OneCoin is on the list. Right?
Well, actually, OneCoin is NOT on the list!
And just today, Mike Hearn (see post above) announced he views Bitcoin, which ranks #1, as a failed model.
Hearn views BigCoin as failure because his attempt to improve Bitcoin to “BitCoin XL” was not widely adopted, which is understandable, as miners don’t want a different standard.
Todays NEWS for onecoin’s members.
Tycoons+++ can also get 1% extra — 13% as most.
Sitetalk also talked about hundreds of thousands of members, but in reality they did not reach 10.000 paying members. OPN must have been much smaller, and I hardly believe there are more than 100 members taking the OneCoin bait.
Still Scandinavian OneCoin members claim that more than 400.000 members were transferred from OPN to OneCoin, and that they in total paid 500 millions (SEK?) to activate their OneCoin memberships.
Stupidity on steroids…
I have tried to calculate where from the OPN members came from
1 China 242540
2 Hong Kong 76351
3 Hungary 45290
4 Sweden 20391
5 Poland 10132
6 Slovenia 7801
7 Canada 7023
8 Pakistan 6414
9 Bangladesh 6301
10 Austria 5522
11 Bulgaria 2869
12 Italy 2655
13 Spain 2612
14 Romania 2520
15 United States 2209
16 United Kingdom 2006
17 Germany 1917
18 Denmark 1584
19 Belgium 1544
20 Slovakia 1498
so now onecoin wants you to keep your coins in the system and not cash out.
onecoin has already created a complicated KYC barrier making it difficult for investors to even withdraw their recruitment commissions. KYC applications of investors are not being cleared even months after they are sent to the company.
now onecoin has gobbled up OPN in the hope of fresh investor funds.
it appears that onecoin is running out of funds now and is in desperation mode.
in an article about crypotocurrency ponzi’s, MLM attorney kevin thompson clearly warns:
onecoin is encouraging investors to keep their coins in the coinsafe to get higher returns.
onecoin is not on any public exchange and its value is only internally manipulated by the company.
kevin thompson warns:
one coin is clearly a ponzi, and it is now showing signs of failing.
these complaints posted on onecoin’s official FB page, over the last two days, are an indication that all is not well in onecoin:
i am surprised that onecoin is not moderating comments on its FB page for days together.
is onecoin losing its grip?
This scares me, I need to know more.
Since a few weeks OC approved all KYC conditionally!
What does that even mean? KYC is a legal requirement… You either are, or not. There is no “kind of” i.e. “conditional”.
It means that OC at least temporarily gives up on the slow KYC-procedure (that in my and others’ opinion mainly was a means of not paying ‘investors’, I don’t think OC cares much about legal requirements).
Now incidentally people can get out some funds (not much).
To me, the above means that OC is on its guard in order to at least postpone intervention of the authorities and attract new ‘investors’ in the meantime.
So they’re ready to break the law (skip the KYC) because people are complaining… about they may be breaking the law.
The show must go on.
I mean they fake being in magazines.
Why not fake the KYC.
Keep the sheep calm let them withdraw pennies so they can tell others things are cool.
“Spice must flow”
Yes, and seriious companies do a KYC Before people invest their Money.
Plus that OCs KYC went further than what is legally obliged. So it probably was more meant as an obstacle than a serious KYC.
OneCoin > Conligus > SiteTalk/OPN > Univerteam
The next “merger” will be with Univerteam. (03/10/2016)
Thanks for the heads up!
The OneCoin gobbling up of failed Euro scams continues…
Scam or not am getting paid bitches.
I see you’ve yet to appreciate that numbers on a screen != getting paid.
How are those denied withdrawal requests working out for you?