OneCoin @ BehindMLM

As it stands, OneCoin affiliates are waiting upwards of four weeks for withdrawals to be processed. Support are purportedly not responsive and messages regarding withdrawals are routinely deleted from OneCoin’s Facebook page. Now, in yet another move that distances OneCoin from legitimate cryptocurrencies, OneCoin are demanding identification documents before withdrawals are processed.

It’s the end of the year and traditionally for Ponzi schemes, that means a run on the bank. People who have been diligently compounding their invested funds year round want to cover holiday expenses, and that means a cash flow crisis for the MLM underbelly. To remedy the situation it’s common to see Ponzi schemes [Continue reading…]

There’s one aspect of our “community of entrepreneurs” that’s sadly lacking. We’ve got the marketing down pat, the self-promotion, the encouragement, personal development and training is available in abundance. But self-regulation? Not so much. Why exactly self-regulation lags so far behind the other aspects of the MLM community is debatable, but it’s certainly noticeable inside and [Continue reading…]

Back in June BehindMLM reported that OneCoin was under police investigation in Finland. The investigation, headed up by the National Bureau of Investigation (NBI), sought to establish whether or not OneCoin was operating in Finland as a pyramid scheme. After months of quiet it was announced last week that the results of the NBI investigation were to [Continue reading…]

Building on claims by US affiliates that OneCoin is going to open up 184 banks last month, a Finnish affiliate recently announced OneCoin’s acquisition of an actual bank. On the 13th of October the website “OneCoin-Finland”, quoting “country manager” Tommi Vuorinen, wrote: The Company (OneCoin) has acquired its own bank, see the Hermes Bank, hermesbankonline.com. This allows for [Continue reading…]

The evasion of US regulators by OneCoin continues, with the latest seeing the Ponzi scheme cancel it’s upcoming US event. To be attended by OneCoin management and seen by many to confirmation that the company was not worried about being shut down by regulators, turns out it was a sham all along. As per a [Continue reading…]

It hasn’t been a good for week for OneCoin. It started off with complaints from affiliates who hadn’t been paid for a month. Then came the abrupt announcement that OneCoin was changing its bank. It was later revealed that the change of banks occurred after the Bulgarian Financial Supervision Commission issued a warning against OneCoin investment. Almost [Continue reading…]

BehindMLM reader “Ben” has been recording statistical data pertaining to OneCoin accounts for some time now. Yesterday Ben shared an abnormality pertaining to OneCoin accounts in Bulgaria, in that during the month of September, the number of Bulgarian OneCoin accounts had been wiped to zero. Now a reason has emerged potentially explaining why.

Imagine you had hundreds of thousands of dollars in a cryptocurrency. After a month of trying to resolve issues converting the cryptocurrency into money you could actually use, you then raised the issue in public. Next thing you know your entire balance is gone and you’ve been banned from acquiring the digital coin. Does this sound like [Continue reading…]

As part of the comparison between OneCoin and USFIA yesterday, I opined that, seven months in, OneCoin is probably at the stage where a Ponzi scheme “comes off the rails”. Less than twenty-four hours after that article was published, we’ve now learnt that there are OneCoin affiliates who haven’t been paid for over a month.