OneCoin @ BehindMLM

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?

Well, that didn’t take long. Two days ago BehindMLM reported Germany’s Federal Financial Supervisory Authority (BaFin) was investigating OneCoin. Today OneCoin informed their affiliates they have stopped accepting payments through the German bank, Commerzbank AG.

Regulatory investigations of OneCoin are spreading across Europe, with Germany the latest country to launch an investigation into the suspected Ponzi scheme.

Following the creation of an English OneCoin Wikipedia entry back in March, no less than one hundred and eight edits have been made. A large number of these have been broad revisions to the original article, which remove information critical of OneCoin and replace it with uncited marketing material. Since May 20th twenty-eight edits have been made. [Continue reading…]