OneCoin @ BehindMLM

Efforts to recover funds stolen by Indian OneCoin affiliates have hit a roadblock, following the revelation that 75 crore ($11.6 million USD) has been withdrawn from bank accounts used to accept invested funds.

Following regulatory bans in Germany and India, the latest country to confirm an investigation into OneCoin is now Slovenia.

In the aftermath of BaFin’s regulatory ban of OneCoin on April 28th, promotion of OneCoin in Germany has come to a screeching halt. Yesterday, top German affiliate Udo Deppisch was forced to cancel two OneCoin events in Germany that had been organized prior to the ban: Not content with having thwarted the scheme locally, now the [Continue reading…]

The bad news for OneCoin continues, with the Hungarian Central Bank today announcing a joint investigation with various police departments and tax authorities.

With the glitz of the Global Macau event come and gone, it’s back to reality for OneCoin affiliates. As authorities in India continue to investigate the scam, the latest development is another Rs. 240 million ($3.7 million USD) has been seized.

The problem with OneCoin affiliates getting excited about their blockchain whitepaper reveal earlier today, is it suggests that OneCoin are only now using a blockchain. Despite evidence to the contrary, OneCoin has maintained its Ponzi points have operated as a legitimate cryptocurrency since day one. At a training event earlier today it OneCoin’s whitepaper was [Continue reading…]

With affiliates unable to withdraw their Ponzi points, the stakes for OneCoin have never been higher. The 2018 date for going public has bought the company some time but alone isn’t enough to placate affiliates who’s invested and lost money. Enter the glitzy global event in Macau, which serve as a distraction from the predicament OneCoin [Continue reading…]

Chris Principe had a budding career going in to bat for MLM underbelly Ponzi schemes. Having already enjoyed exposure of his Financial IT magazine for running a cover story on OneCoin and speaking at a company event, Principe was cozying up to Skyway Capital for his next gig. Like OneCoin, Skyway Capital is also a Ponzi [Continue reading…]

Following the arrest of eighteen OneCoin affiliates in Mumbai, India last weekend, a Judicial Magistrate remanded the accused to judicial custody. As I understand this limits police access to the accused, Mumbai police filed a petition to have the scammers remitted to police custody.

Last year the mystery of why OneCoin were using stock video footage to represent their blockchain was solved. OneCoin had no blockchain and were simply recording script-generated Ponzi points allocation on a SQL database. The revelation was made public following a OneCoin blockchain development job offer to Bjorn Bjercke. Bjercke is a professional blockchain developer [Continue reading…]