From banking to marketing to daily operations, OneCoin is a myriad of shell companies with one goal: to effectively launder as much money from as many people from as many locations as possible via Ponzi fraud.

As an added bonus, OneCoin can use their voluminous shell companies for plausible deniability if a regulator shuts them down.

Case in point, the recent suspension in Italy.

The Italian Antitrust and Consumer Protection Authority (AGCM) didn’t mince words when they suspended promotion of OneCoin in Italy last month.

The regulator had previous issued cease and desist to local OneCoin affiliates, with an injunction sought and granted to ‘limit the damage to consumers’.

The evidence gathered so far shows that the representation of the advantages in OneCoin, as well as being extremely random, are designed to attract and sign up a large number of consumers, who are required to provide significant economic investment.

This resembles a pyramid sales system which is prohibited by law.

OneCoin know this makes them look bad and in an effort to quell alarm bells among their affiliate-base, the company issued the following statement earlier today:

We received reports that on December 30th the Italian Antitrust Authority (i.e. A.G.C.M.) released a suspension measure against One Network Services Ltd. and two Italian IMAs, who are registrants of websites, which were reported to have promoted the OneCoin cryptocurrency.

Our Company is not subject or addressee of any measure of provision by the Italian Antitrust Authority, and it is imperative for us to focus on the following points:

The OneLife Network system is absolutely legal according to European and internal law.

All legal countermeasures will be taken where necessary in order to protect the Company’s name and activity.

One Network Services Ltd. has never promoted OneCoin and/or OneLife in Italy or other countries, it is a legal entity entirely different from our Company and OneCoin Ltd.

Furthermore, One Network Services Ltd. is a limited company providing administrative services as subject of declared activity, and it is not involved in any sales/distributing/marketing activity.

OneLife Network Ltd. is a network marketing company engaged in the sale of educational courses regarding the economic branch and cryptocurrencies.

Here’s the thing though, Italy is very much part of the European Union and subject to “European law”.

If an Italian regulator has suspended local promotion and all but declared OneCoin to be a pyramid scheme, there’s a good chance that investigation is going to lead to further sanctions later down the track.

A more accurate statement from OneCoin would have been:

“The OneLife Network system is absolutely legal according to the legal opinions we’ve paid for from lawyers who have financial interests in the company.”

As to the whole pathetic attempt at dissociation by claiming One Network Services is “entirely different” to OneCoin, let me illustrate the ridiculousness of this assertion with the domain registration details of the OneLife website domain:

Name: Albena Topalova
Organisation: One Network Services Ltd

So One Network Services owns the OneLife website domain but isn’t ‘involved in any sales/distributing/marketing activity‘?


Rather than, as per OneCoin’s request, they focus on whether OneCoin has set up enough shell companies to insulate Ruja Ignatova’s retirement fund, perhaps affiliates should instead be asking why OneCoin didn’t just clarify why they aren’t a pyramid scheme.

Just saying…