OneCoin wastes almost 2 yrs chasing Coinspondent, achieves nothing.
The “bitcoin vs. OneCoin” lawsuit that has been playing out in Germany has come to an end.
The final judgement wasn’t an outright win for the defendants, but equally not an outcome OneCoin was hoping for.
Coming off OneCoin’s ban in Germany, the Ponzi scheme decided that factual reporting of the ban was a legal matter.
Instead of targeting major German publications that covered the ban however, OneCoin decided to pick on Coinspondent, an independent publisher.
To that end OneCoin demanded Coinspondent remove coverage of their German ban and pay the company a €1440.40 EUR extortion fee.
Coinspondent decided not to pay the fee and so OneCoin filed for an injunction against the website.
The injunction was denied.
In the meantime Coinspondent raised over €10,000 EUR and filed a “negative declatory” action against OneCoin and a German investor.
As I understand it Coinspondent’s lawsuit is or is similar to filing of a counterclaim.
The aim of the filing was to legally clarify that OneCoin’s and its investor’s lawsuit against Coinspondent was baseless.
In a February 4th update, Coinspondent reveals that last August their “negative declaratory action” was heard before the Berlin District Court.
As summarized by Coinspondent, the court found as follows;
Claims by the German OneCoin affiliate that she’d they’d been personally harmed by reporting of the regulatory ban were unfounded.
This was based on the fact that the affiliate was not named in Coinspondent’s reporting.
With respect to covering OneCoin’s regulatory ban, at the time Coinspondent published their article German authorities had only banned IMS International Marketing Services.
IMS, owned by former OneCoin executive Frank Ricketts, is/was a shell company used by OneCoin to launder investor funds.
German authorities have estimated that some 25,000 German OneCoin victims have together lost over $425 million dollars.
BaFin’s clarification that OneCoin itself was banned in Germany came a few days after Coinspondent’s initial article.
That IMS is/was OneCoin or that BaFin intended to ban OneCoin after formally banning IMS, or alternatively that IMS was OneCoin’s payment processor and not the company itself as it had argued, wasn’t enough to sway the court either way.
In the end the court decided to settle the matter by requiring Coinspondent to add an update to their initial article.
The update clarifies that it was IMS that was initially banned, whilst acknowledging that a few days later BaFin banned OneCoin itself.
Seriously, that’s what almost two years in court got OneCoin.
Both parties legal costs are to be covered by OneCoin, although Coinspondent is doubtful he’ll be reimbursed.
Even then, Coinspondent’s author states he’s
very satisfied with this result of the dispute, even if there has been no real judgment.
As to the donated funds, donors will be given the option to request a refund – even if that means Coinspondent will have to cover the balance.
I also see myself as having a moral responsibility. Because if there is only one donor who currently needs this money and is desperately waiting for a refund, I can not delay the payout with a clear conscience.
Therefore, despite the financial risk, I am now starting to liquidate the fund and hope to be able to compensate for the possible shortfall through a voluntary solidarity solution.
OneCoin collapsed in January 2017. Only the pyramid recruitment side of the business still operates, and barely at that.
BaFin, Germany’s top financial regulator, has stated the Ponzi scheme is “one of the most dangerous money games of recent years”.
As at the time of publication, OneCoin remains banned in Germany.
IMS …. is the accounting company and money collection account of the international crook Frank Ricketts.
Here is the money of those who invested in SiteTalk.
Way to go OneCoin and Schulenberg & Schenk. That went well again. 😀
Can you ponzi criminals and dirty lawyers be any more pathetic? Haha 😀
how can a ponzi scheme be allowed to continue collecting money from its would be investors for all this time when the authorites and everyone are watching like this? Are we bewitched?
In case you haven’t noticed, the Ponzi side of OneCoin collapsed in Jan 2017.
It’s only the pyramid scheme running now. Much easier to pay people because you can pay recruitment commissions and then just hoard invested funds.
As for being allowed to do anything, European regulation of scams is shit. Not much more to it.
Absolutely right! Corruption in government and business is still widespread in Bulgaria.
This is also statistically proven:
share-your-photo.com/2ce4026ad6
You have to understand criminal investigations take time, especially when you have a company that operates in as many countries as OneCoin. When you are investigating money laundering you have to follow the money trail.
OC has had so many bank accounts in so many different countries under so many shell company names it is not an easy task.
To make matters worse, OC had money in banks in countries that refuse to release any information, thus making the trail of money to be found even more difficult.
All you have to do is read the Bond Hearing transcript in the Mark Scott case here in the US and you can see how many companies he used to launder money, and that is just one person in the group of people involved in money laundering for OC.
The investigation that kicked all of this off is a multi-national investigation. Multiple countries working together in an investigation makes the task even longer due to laws in each country depending on what crimes have been committed in their respective countries.
They have to find the common set of laws that OC has broken in all the countries involved in the investigation. That’s why the money laundering portion of the investigation is so critical, as they are the same set of rules and laws in every country in this investigation.
The US fired the first salvo in OC and the money laundering charges. Sebastian Greenwood may be the second salvo in the OC saga.
Hopefully we will soon learn just what charges Sebastian Greenwood is facing here in the US since his extradition to the US. My bet is money laundering for sure and then it will be interesting to see if any other charges are included.
Considering that many of the principal players in OC are now believed to be in countries with no extradition treaties will make filing charges and trials even more difficult.
I have no doubt that Ruja has been paying off the Bulgarian Authorities to keep her safe from criminal charges. There is little doubt that she was tipped off about the raid by the multi-national investigators that took the hard drives, other files and records. She disappeared from public view about 6 months after this raid.
Toss in that the vast majority of OC members do not realize they are a victim yet, and in most investigations if there are no victims there isn’t any crime. This “promised” trading of OneCoins on an exchange is going to be the catalyst that wakes up the majority of the members they have been had and are victims.
They are all expecting OneCoins will be traded on a public exchange when it will be on a private exchange; and there is no guarantee that will even happen. A lot of talk, but no walk. They haven’t finished bleeding the public dry of their money yet.
And just think, this is only the tip of the iceberg that is involved in the criminal investigation. Now I hope you can understand why this investigation is taking so long.
Onecoin is a serious and excellent company that will realize the world’s first global currency and that has the greatest expendability through the platform deal shaker.
Onecoin will never go into exchange because it is not a currency of speculation like Bitcoin. If the whole network speaks badly of Onecoin, it is certain that it is a very strong company, which bothers to too many hidden powers, but above all to the losing bitcoiners.
Onecoin will be the Bitcoin killer.
Obvious troll is obvious. 1/10.
@Lyndell – *correction* – (Ruja) disappeared exactly 3 months and 1 week BEFORE the international raids on Onecoin’s Sofia Headquarters. So, she was (likely) tipped off then.
Not dissimilar to how the StinkyLiar brothers, seeing the Bank of Tanzania freeze Onecoin funds 2 weeks prior (to the tune of €10MM’s) “fell sick” at the planned Dar as Saalem Event on December 16th, 2016 – which resulted in the arrest of Diamond Leaders, Daniel Grenon and Judicate Greatness, and the ensuing fiasco/ exodus of leadership which that sparked.
I just remembered that she was “conveniently not there” when the raid took place, but thought the raid happened earlier than it did. For some reason I thought the raid was Jan of 2017 not 2018.
@Francesco, Thanks for stopping by and enlightening all of us naysayers, haters, lovers of bitcoin, bankers scared of competition (I hope I didn’t leave anyone out) how we are all wrong.
But be careful, if Igor Krnic finds out you posted here, you might get banned at his blog; or at least get a strong admonition from him not to do it again.