OneCoin @ BehindMLM

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.

If I was sure of anything MLM this year it was that by the end of the year, we’d see at least one MLM cryptocurrency offering busted by regulators. That cryptocurrency was USFIA’s GemCoin, busted earlier this week by the SEC. As with the MLM penny auction craze sparked by Zeek Rewards a year back, [Continue reading…]

After OneCoin’s US launch flopped, the latest sees the Ponzi scheme claim to have “bought a bank”. First order of business? Register with the SEC and open up a bank in the US.

Founded in 2004, WellStar is based out of Germany and headed up by Founder and CEO, Christian Weisner. Utilizing his vast specific expertise, Christian founded WellStar in 2004 and has been heading the company since then as CEO and Chief Strategist. Kari Wahlroos joined WellStar in 2014. Rising to the rank of Crown Ambassador and [Continue reading…]

The key to a successful Ponzi scheme is getting people to invest, withdrawing their money and then leaving them in a lurch. Tons of a victims, a handful of early investors profiting – you know how it goes. One of the issues dampening efforts to rip people off is that with the traditional Ponzi schemes, ROIs [Continue reading…]