OneCoin @ BehindMLM

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…]

Following a low-key webconference launch in the US earlier this month, things have been rather quiet over at OneCoin. US affiliates have been holding sparsely populated events across the country and there was some media coverage, but for the most part OneCoin corporate have been publicly MIA. Now, emerging chatter from OneCoin affiliates might explain why.

For an event that has been hyped to no end over the past month or so, the delayed launch of OneCoin into the US heralded much of nothing. There was no live event or official OneCoin corporate presence in the US, with the event instead held via webinar. A somewhat bored-sounding gentlemen opened the call, with a [Continue reading…]

Often one of the casualties of the MLM underbelly is that of charity. With less than legitimate business models, MLM underbelly opportunities often seek to artificially create legitimacy through charitable association. Typically an MLM opportunity will either directly set up an organization themselves as a charity make donations to third-parties. OneCoin is one such example, having set [Continue reading…]

This one flew under the radar, but turns out back in April Finand’s National Bureau of Investigation launched an official investigation into OneCoin. According to media reports, the NBI began investigating OneCoin after “many citizens contacted police” about the scheme.

OneCoin have been making all sorts of announcements to their affiliates over the last few weeks, with their efforts not going unnoticed by regulators. Hungary appear to be the first country to have investigated the scheme, concluding that a public warning needed to be issued.