OneCoin @ BehindMLM

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…]

The Steinkeller brothers are currently the second biggest earners in the OneCoin Ponzi scheme. Second only to Juha Parhiala, the brothers head up “One Dream Team” and are routinely trotted out at OneCoin events. Hailing from South Tyrol, a province in northern Italy, the Steinkeller brothers are purportedly well-known to local authorities. According to the [Continue reading…]

The news of Germany’s top financial regulator deeming OneCoin illegal has sent shock waves through the OneCoin affiliate base. This has OneCoin management spooked, with the latest ploy a desperate bid to have independent coverage of the ban removed from the internet.

The trouble with running a Ponzi scheme is you attract all manner of seedy people. When OneCoin told affiliates it was suspending withdrawal requests earlier this year, their less than scrupulous investors had to come up with new ways to withdraw money. For affiliates in India, that meant creating new accounts for unsuspecting victims and [Continue reading…]

Following an investor warning from the Bank of Thailand, it has emerged OneCoin is under criminal investigation in Thailand.

Update 8th May 2017 – Despite two articles from the Gerlach Report claiming otherwise, OneCoin’s May 7th Macau event went ahead as planned. The original claims as reported by the Gerlach Report are covered below. Full coverage of the “fake news” story tomorrow. /end update   Update 8th May 2017 #2 – I’ve now covered the shortcomings of Gerlach [Continue reading…]

Building on an earlier cease and desist issued to OneCoin Ltd (Dubai), Germany’s top financial regulator BaFin has strengthened the order to essentially cover all of OneCoin’s German operations.

Developments on the Indian OneCoin bust continue to surface, in addition to the President of Thailands primary financial regulator claiming OneCoin is run by “gang of criminals”.

Authorities in Navi, Mumbai continue to investigate OneCoin, following the arrest of eighteen affiliates last Sunday. The latest has seen police book four more OneCoin affiliates, who they believe hold “senior positions in OneCoin”.