OneCoin @ BehindMLM

Despite OneCoin ceasing business operations in the US last October, a group of investors continue to openly promote the scheme to US citizens. For all their claims of Know Your Customer and compliance, and as long as new investor money flows in, OneCoin appear to have no problem with turning a blind eye.

Belgium’s Financial Services and Markets Authority (FSMA) is one of the country’s top financial regulators, the other being the Bank of Belgium. As per the FSMA website, the regulator is responsible ‘for the integrity of the financial markets and fair treatment of financial consumers‘ in Belgium. Earlier today the FSMA issued a warning against OneCoin.

Back in March OneCoin lost their Mastercard merchant issuer. Turns out being part of a million dollar drug gang is bad for business. Mastercard have since denounced OneCoin, effectively announcing they want nothing to do with the company. Given Mastercard are watching for links between merchants and OneCoin’s many shell companies, we’re probably not going to see [Continue reading…]

Following an investigation by the Dhaka Metropolitan Police (DMP) Counter Terrorism Unit, two OneCoin investors have been arrested in Bangladesh.

One of the big selling points for OneCoin up until March was the issuing of OneCoin branded Mastercard debit cards. For the short time they were available, OneCoin affiliates could transfer withdrawal requests to the card and spend the money wherever MasterCard was accepted. On March 17th OneCoin abruptly announced card approval and use of [Continue reading…]

Bonofa launched in mid 2013 an MLM opportunity attached to the Cube7 social network. Cube7 failed to take off, with Bonofa by and large functioning as a chain-recruitment pyramid scheme. Bonofa affiliates paid up to 2490.90 EUR to join the company and were paid to recruit others who did the same. Regulatory troubles for Bonofa [Continue reading…]

OneCoin are currently representing to affiliates in their backoffice that the value of OneCoin is €6.23 EUR. If you’ve bought into the fantasy that centralized Ponzi points will ever be publicly traded, you’d expect one OneCoin to publicly trade for €6.23 EUR. Right? Unfortunately, you’d be wrong. 1,411% wrong.

According to the OneCoin website, the company pitches its transparency as a major selling point. We are open and honest in our dealings. OneCoin wants to make cryptocurrency transparent, and part of our financial culture and everyday life. By working proactively with governments and policymakers, OneCoin will help the industry achieve better regulation. As more and [Continue reading…]

BNG International rose to prominence in early 2015, following the collapse of the Wish Club Ponzi scheme. Modeled on the $1.8 billion dollar Ponzi scheme TelexFree, Wish Club itself was a reboot of the notorious Brazilian pyramid scheme, Blackdever. By the time Brazilian authorities moved to shut Blackdever, only R$200,000 ($57,472) out of an estimated R$36.4 million [Continue reading…]

Unlike OneCoin affiliates, I wasn’t expecting much to be announced at their London CoinRush event. My thinking was if they had the merchants (100,000 “ready to go” or otherwise), they’d have gone live with them back in May as originally promised. So, what did happen at the CoinRush event?