OneCoin @ BehindMLM

The latest regulator to issue a warning against investing in OneCoin is the Central Bank of Curaçao and Sint Maarten. The warning, issued on May 23rd, applies to OneCoin, OneLife and the “OneLife Banking System” (believed to be the closed xCoinx exchange).

The interrogation of Indian OneCoin affiliates in custody continues to pay off, with a continuing investigation by the Mumbai EOW leading to two more arrests. While OneCoin is notorious for laundering money through shell companies at a corporate level, the Indian investigation is revealing how things work on the ground.

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Early last year Austria’s Federal Ministry of Labour, Social Affairs and Consumer Protection issued a warning against OneCoin. Some point after it appears the Austrian Financial Market Authority (FMA) opened their own investigation, the conclusion of which has now prompted a criminal investigation.

Reeling from the realization among affiliates that OneCoin currently doesn’t have blockchain, newly appointed CEO Pierre Arens has rushed out a press-release. The May 10th publication seeks to reassure affiliates that he is “wholly satisfied” with OneCoin’s current SQL database “blockchain”.

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by Indian OneCoin affiliates have hit a roadblock, following the revelation that 75 crore ($11.6 million USD) has been withdrawn from bank accounts used to accept invested funds.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