onecoin-logoAccording to the OneCoin website, the company pitches its transparency as a major selling point.

We are open and honest in our dealings.

OneCoin wants to make cryptocurrency transparent, and part of our financial culture and everyday life. By working proactively with governments and policymakers, OneCoin will help the industry achieve better regulation.

As more and more top investors are realizing however, OneCoin’s depiction of its own transparency is far from the truth.

Imran Shah describes himself as a former “lover of OneCoin”. Based out of the UK, Shah has previously hosted three company events with OneCoin executives.

The “top leader” in the company had built a sizeable downline and presumably a matching OneCoin points balance.

In a video uploaded to YouTube, Shah explains how his problems with OneCoin began.

[0:44] Something opened up to me. There were some reservations and I was not very happy about it.

Rather than making a scene about it, I have separated myself from OneCoin.

Because if you are not clear about something… why should you be promoting this kind of opportunity?

Shah doesn’t go into his problems with OneCoin, but does state that he was “tired and sick” of the company’s system.

This appears to have something to do with cross-promoting.

[3:09] So I was looking for (another) opportunity. I came across a company and saw their system was good.

I never made any ID (with the company) at that time. I think I made an ID later on after six days or so.

But at that time I was just looking into things.

So my upline who was in OneCoin, I invited him and he saw this opportunity as well.

He said to me “this is an amazing opportunity and if you’re not happy you can go ahead with it.

Shah’s upline went on to join the opportunity and “created three (affiliate) IDs” within the company.

Shah claims this motivated him to further promote his new opportunity within his OneCoin downline.

[3:59] I spoke (about) it with a few friends of mine. They’re Indians, living in the UK and they liked this business opportunity too.

imran-shah-investment-lost-onecoinThis is when Shah’s problems with OneCoin “leadership” began.

[4:18] Later on I was surprised to see that OneCoin leadership in (the) United Kingdom, the people who I used to work with … they wrote a letter, six or eight people, they have signed this paper that requested OneCoin cancel or freeze our (affiliate) IDs … to make us a negative or bad example.

OneCoin complied and froze the accounts of Shah and three other OneCoin affiliates.

The account freeze put a stop to recruitment commissions, as well as OneCoin seizing the OneCoin point balance Shah and his downline had invested in.

[5:03] I think that was totally, in my opinion, unfair.

This is the second known instance of OneCoin seizing affiliate accounts and OneCoin balances. Last year the company seized a OneCoin point balance representing $195,836, after an affiliate asked why they hadn’t been paid for a month.

Shah goes on to express frustration at being singled out, claiming that

[5:29] there are so many people in (the) United Kingdom, in London especially, they are part of other cryptocurrencies – and their IDs (have) not been cancelled.

They are part of other revenue-shares and their IDs (have) not been cancelled.

So why (have) myself and three other people … why have our IDs been cancelled by OneCoin.

This is the biggest question, which I want to ask OneCoin, its leadership and management.

Shah reasons that if OneCoin have listened to other affiliates (those that contacted OneCoin about Shah), then they should listen to him as well.

[6:07] They should also consult us from our side.

However they never consulted (with us) and they have frozen our IDs, which I think is absolutely disgusting.

OneCoin froze Shah’s account roughly two months ago.

[6:56] Later on I tried to resolve this issue with talks … I am not interested in OneCoin (any) more.

However I said if they can resolve this issue, unfreeze my ID, along with the other three people, and also … buy our coins.

There is an investment of a Tycoon package from my side. The other people they’ve got over 25,000 (EUR) investment in the system.

So give them back (their money).

And those coins (OneCoin) claim are (worth) over six or seven euros right now, just give us 2 EUR on each coin which are in the system.

I think that’s fair.

Shah’s predicament highlights a fundamental difference between OneCoin and legitimate cryptocurrencies.

[8:08] When we tried to contact (OneCoin) support … (they) were not answering back, or their answer was not very satisfactory for us.

And then we wrote to them saying “we are giving you 72 hours”, and they have said to us to contact our upline, which is in London.

So now we contacted out upline in London … they never answer our phone calls … we have made several attempts to contact them.

[9:47] Then I went to another (OneCoin) leader … and he has a table talk with me.

He was a bit sensible but he made another fake promise that he’s gunna resolve this issue by himself. But he never, never resolved this issue.

In the last meeting he was trying to bribe me. He was giving me a Diamond group, like a membership or something, a rank. And he said, “You can start with me and I can cover your finances”…

But look bro, it’s not a banana republic, this is the United Kingdom and I will fight for my rights.

In a legitimate cryptocurrency, funds are exchanged for the currency and stored in a wallet.

The only person who has access to the funds is the holder of the wallet. There is no central authority that is able to access funds stored in the wallet.

OneCoin on the other hand is touted as a legitimate cryptocurrency however, as Shah has learnt the hard way, the company can confiscate OneCoins for any reason at any time.

This confirms OneCoin have absolute control over OneCoin wallets held by their affiliates, differentiating itself from a legitimate cryptocurrency.

Despite this fundamental difference, OneCoin are currently claiming their ‘goal is to reach 10 million people and 1 million merchants within the next 2 years‘.

If you were a merchant running an independent business, would you accept OneCoin knowing that the company could seize your funds for any reason at any time?

Of course not. Because that’s not how a legitimate financial environment works – and in the business world anything less is not an option.

[12:40] If they cancel my investment and other people’s investment, what can in future they not do with you? (sic)

They can do any single thing with you.

On the MLM side of things, Shah may have very well breached his OneCoin affiliate agreement. OneCoin as an MLM company would be well within their rights to terminate his affiliate account.

That would put a stop to Shah’s recruitment commissions and sever him from his OneCoin downline, however his OneCoin cryptocurrency balance would remain his to do with as he sees fit.

That OneCoin attach an affiliate’s OneCoin balance to their OneCoin affiliate account only confirms our conclusion that OneCoin sell Ponzi points.

OneCoin and its affiliates maintain and continue to market the scheme as a legitimate cryptocurrency.

OneCoin could pay out Imran Shah his initial investment but what happens to his actual OneCoin point balance?

What happens to the coins? Where do they go? Who are they transferred to? Do OneCoin break into Shah’s wallet to transfer the coins? How is this rectified on OneCoin’s supposedly audited blockchain?

These unanswered questions drive home the fallacy of OneCoin’s purported transparency. Simultaneously they also reaffirm OneCoin is selling unregistered securities in a Ponzi points scheme they are able to wholly manipulate at whim.

Imran Shah claims OneCoin affiliates have been threatened with account closure if they talk to him.

[11:56] I have stories of how you guys are robbing other people.

I’ve got stories of how you guys are doing wrongdoings, how you guys are doing everything … because I lived among you, I saw you and that disgusted me.

[15:05] If something happens to me, or something happens to my team … like a life-threat or anything, or any problem (that) comes up in the future, they people (OneCoin) are responsible.

I’m telling you live in the camera, not only the OneCoin international leaders, but also those people who are in London.

I will tell you in this video to hold them accountable for it.

Imran Shah is currently promoting CoinSpace, another centrally-controlled Ponzi points MLM business. Promotional material the Traffic Monsoon Ponzi scheme also appears on his YouTube channel.

Shah maintains he is a “law-abiding citizen of the United Kingdom”.