$45.7 million recovered from Chinese OneCoin scammers
A few weeks back BehindMLM reported on the arrest of three Chinese OneCoin affiliates.
Specifics surrounding the arrests were sketchy, but we do know that three affiliates were apprehended and $30.8 million USD in assets recovered.
Now in a followup article from ZSBTV, additional details about the arrests have emerged.
OneCoin is known in China as “维卡币” (literal translation: “Vicat Credits”).
The Chinese investigation into OneCoin was part of operation “Hurricane 2016”, a joint effort by police in Guandong.
Through operation Hurricane 2016, authorities in the East District of Zhongshan city targeted drug and theft crimes, as well as telephonic and financial fraud.
The investigation into OneCoin fell into the latter, with police announcing they have taken down a “major” OneCoin team.
The investigation by Zhongshan East District police began in March, after it was reported “a gang of criminals” were earning large sums of money by soliciting investment into OneCoin.
On March 16th, police moved in and arrested Ms. Liao (40), Ms. Lin (39) and Mr. Cao (45). Police also seized computers, cell phones and bank cards as criminal evidence.
Liao was the top investor “in charge” of this particular downline, which contained both Chinese and foreign nationals.
The team widely promoted OneCoin as a second generation virtual currency, which has enormous potential for its value to increase.
Naturally there was no mention of “educational packages”, with OneCoin investors in China largely ignoring the pseudo-compliance affiliates elsewhere have adopted.
Victims Liao’s OneCoin team recruited into the scheme paid funds directly into her and Mr. Cao’s bank accounts. In exchange, victims were given worthless OneCoin points generated via printed out barcodes.
With the OneCoin exchange blocking most withdrawal requests for months, OneCoin investors instead make most of their money through recruitment.
Following the arrests, it was initially reported that police had seized $30.8 million USD. Additional asset-freezes on real-estate and bank accounts has seen that figure rise to $45.7 million USD.
Authorities in China estimate that thousands of Chinese OneCoin affiliates have invested around $91.4 million USD into the scheme.
What impact of the loss of over $45 million dollars and a major source of investment from China will have on OneCoin remains to be seen.
Following news breaking of the arrests, OneCoin quietly cancelled a scheduled mainland event in Harbin.
A hastily put together event in Macau was announced a few weeks later.
With authorities in China actively investigating the scheme and arresting top investors, promotion of OneCoin in China is expected to grind to a halt.
Well, go figure!
A Chinese Government doing a good righteous job, protecting their people from extortion. I approve.
This is a GOOD thing, and not BAD. This will HELP people, instead of hurting them deeper and more.
This is what SHOULD be done – E V E N when OneCoiners don’t understand, are in denial, don’t believe we are doing the right thing, and don’t have a clue which way is up! . ..
Thanks, Ozzie-O!
Thanks, buddy. . .
Well done yet again.
Best & God Bless!
xo~A
Ken Labine got some ‘splaining to do!
Why do you countinue to BS, we both know this was due to some fundraising thing they have been doing for 4 years,
Dave keep drinking OZ koolaid!
You’re quoting the first half of the original news article from a few weeks ago that mentioned another scam? Yeah, I got the whole thing translated, I know exactly what the full article contained.
You do know that the second half of that article only talked about OneCoin right? As does this new article from the Zhongshan city local broadcaster.
Bloody hell, get a load of Ken “I don’t speak a word of Chinese” Labine here.
More like Ken “I don’t drink koolaid” Labine.
Hey, Kennie, you gotta make up some cool explanation on that matter. Last time we spoke on your FB page, after couple uncomfortable questions you called me a hater and black me listed.
Why don’t you try to do something like that here? They’al just HATERS, aren’t they?
Labine Live now nolink://youtu.be/Hqe-O5njNe8
It actually tastes pretty good. You ought to try some.
Its getting hot with One Con. Excuse me, One Coin.
Ken, I am looking forward to seeing your response video on the following recent reports by Oz:
https://behindmlm.com/companies/onecoin/onecoin-literally-a-relaunch-of-bigcoin/
https://behindmlm.com/companies/onecoin/onecoin-legal-opinion-authored-by-director-of-the-company/
BTW, any sign of those 150,000+ merchants? You DO have egg on your face: nolink://https://youtu.be/e6G0S9e6vM8
I put up a REWARD/ BOUNTY of between 100 mBTC for ANYONE who could prove wrong ANYTHING that behind MLM has EVER reported about Onecoin being “false,” “misleading,” or a “lie.”
I also put together several statements about some of Onecoins most egregious lies and deceptions (fraud), using multiple sources, including original source links to documents you, OzDelphi, Been Zmith, Tyra CPA, MuroBBs, and so many others have heroes source; and offered 0.25 BTC to prove them wrong.
Looks like no one will be collecting. LOL.
This just makes our Journey to Coin Rush, London SO MUCH MORE EXCITING!!
AMAZING JOB, EVERYONE! THANK YOU ALL FOR YOUR AMAZING WORK!!
“ICEBERG! DEAD AHEAD!!!”
One thing is clear. As long as Ken Labine is wasting time with his pointless videos, he cannot con his friends into investing in OneCoin.
I was hoping to hear Ken Labine explain the issue with the Educational Packages being rewritten (plagiarize) material. Ken and the other non-licensed security reps have been selling these “Educational Packages” for between 110 EUR and 27500 EUR.
I reviewed the hundreds of marketing videos about OneCoin and not ONE of them focused on the Educational aspect of their business.
Hmmmmmmm….that seems rather odd. Unless of course, in reality, the focus IS on the MONEY (fast cars, expensive wines, watches, houses, vacations etc) baby. Yeah!
I look forward to seeing Ken’s youtube video on this topic.
The Heat is on, keep on pushing!
Why don’t you continue you to talk to yourself in your little bubble world there. You must enjoy the echoes.
*Sssssshhhhhh* Don’t tell him that! 😀
Re: the hapless Latrine, another thing not to tell him is that his obsession with critics is excellent free publicity for the hater bloggers.
I guess he’s a bit miffed about not going to London: real money a bit short probably.
One of the most astonishing things about these events is that none of the believers seem to question the absurdity of having to pay real money for their tickets.
@ tmfp
They could have been the first Merchant to accept OneCoin.
It appears OneCoin (you know….the Future of All Payments) doesn’t place much value on their own currency AT THIS TIME. 🙂
BTW, this fiasco (known as OneCoin) has become such a joke at this point that it almost seems unfair. All we are doing at this point is pointing out the OBVIOUS.
Well, unless you happen to be OBLIVIOUS.
This can not be focus anymore since “Dr” Ruja said in her latest video that “Oncoin, unlike Bitcoin, is not for investors”. More or less the meaning of her words.
So, what’s it now for? Education? Building a happy family? Giving people “internet banking”? Last I heard it was around 2 billion people that would “need” it. Haha, very funny.
In serious note:
Event – how on earth could one not pay for it with Onecoin? I mean, if it had any REAL value, it would be accepted as payment for their OWN event. Irony at its best.
Anyone once thought about people that have more than sufficient income? Why don’t they invest in schemes like this? (with few exceptions) Are they really that stupid? The way I see it, it’s people that have low-end income that invest in these ponzi points, trying to make a fortune out of it. Who’s stupid here? Anyone?
Why people can’t just see how bad this whole thing is, is out of my imagination.
Interesting point here.
@ l2rr
A lot of people have suggested that the typical investor in OneCoin is rather slow on the uptake.
I have to disagree.
Take Ken Labine, for example. In his attempt to prove that OneCoin was NOT an investment and all about Education, he purchased one of the Educational Packages for Milo the Cat.
Since Milo the Cat can’t spend the money, it should be clear to everyone that Ken did it to EDUCATE Milo the Cat on the world of Cryptocurrency.
To my knowledge, Milo the Cat is the only certified cryptocurrency CAT in the world.
Sadly, I also hear Milo the Cat is currently looking for a new home.
When did Ken get any friends?
@oz
I agree OZ, and as you see in my updates it was pointed out Vicat is onecoin but as you also confirm above you agree this arrest was not due to onecoin but due to the first part and now im wondering if they using onecoin to rip people off too.
BUT we both know they were not arrested due to onecoin and we both know the investigation into these people go back to 2012 even you know onecoin goes back to late 2014 so they were being investigated for fraud way before they decided to either be honest or dishonest onecoin reps this not sure there angle with onecoin but we both know these were crooks who if anything used and abused onecoin similar to others I know …
@ ksp7653
Yes you are correct I dont drink koolaid 🙂
@Passing by
Passing by, look your name here sums you up well enough see one would think i can narrow you down but i have so many of you PPP coming to me daily i cant keep track, so yes i have no time for people with your simple mind 🙁 sorry if i hurt your feelings but not my fault your drinking the koolaid!
@OzDelphi miss ya brother 🙂 You still got the sand in your toes pic up? Love knowing your still hating from the sides I know you successful in life you have the time, I pity the others though who dont live the life you do, listening to your BS! 🙁
@Tim Tayshun
REALLY???? So for every flaw i get that … How many mini bitcoins you have… How much is this value? If its enough value il gladly prove your not smartness and take the less of a bitcoin you already have 🙂
Hey maybe you can talk to me again even we both knwo how much you miss me :-p lol I so pity you Tim no life Tim … Very sad, well atleast onecoin gave you purpose 🙂
@MLM Broken Brain
You have a odd facination with my cat lol
Do know this L1 is in my name as our onecoin back office is our bank account but I did this account as it was a marketing gimmick that has been VERY successful to just so you know, I spent 130 to prove anyone can be successful when part of a innovation… BUT you love talking about it and thank people like you help 🙂
You think we doing all this wrong, again il ask you simple mind… Then why no one in cuffs, Im loud and proud, hell there police very close to me within family ties… NO one warning me, well besides you simple minded f… not smart guys 🙂
(Ozedit: schoolyard abuse removed)
@Ir22
I understand this confusion but allow me to educate you!
Dr Ruja did not charge me for my coins I got them free from her when i purchased my education package, its silly to expect her to allow me to give the coins back i got free to her, I have these coins cause we trying to start a currency and im one of the almost 2million miners trying to create this.
I dont expect Dr Ruja to take it back as my fee, WILL SAY!!! I have sold coins over last few weeks as way to indirectly get that money back 🙂
@Terrence B
My friend, im not seeking friends, im seeking family 🙂 I dont expect you to understand 🙂
@tmfp
See, this just a sign of your ignorance…
A. I talk about in my videos all the time how i use and abuse these people to build my business and dont need to know more …
B.I am going to London, Paris too actually 🙂
C. This is the best year of my life financially
BUT you keep talking your smack being the sideline cheerleaders you all are 🙂
Have great day guys I do pity your mind but you just keep thinking im the one out to lunch 🙂
@Ken
What part of there were two different crimes reported in that article are you not understanding?
The first half of that article covers the arrest your referencing. The second half covers the OneCoin arrests. It was obviously a summation of some of the operation Hurricane 2016 busts.
This latest article from ZSBTV provides more information about the OneCoin arrests in March, it doesn’t talk about anything else.
Anyone can click on the ZSBTV link and see for themselves and if you’re keen enough, get it independently translated.
(Ozedit: Offtopic waffle removed)
Is this fair oz? If not il reword again but your family wants to say my name he will get a reply or we both know the direction i take 🙂
Stop going offtopic. People mentioning your name in connection with recent OneCoin news does not mean you have to turn this into a schoolyard insult match.
Grow up.
What part of there were two different crimes reported in that article are you not understanding?
OZ, ive had this read very clearly by other chinese team leaders who speak the langauge im very clear to what its saying… and its saying they were arrested after a 4 year investigation …
AND YES!!! It mentions how they were also involved with onecoin now leglly or illegally im not sure im waiting to hear back my self on this but dont assume im confused or try to twist things we on same page!
Go read the blog yourself my friend, i dont say i know how to read it but i trust the people translating it way more then you… I hope you can see where my lack of trust lies with you, just like i assume you dont trust me, but i think you do … I think you secretly like me a bit to be honest
(Ozedit: Offtopic waffle and insults removed)
You are talking out of your arse, or your leaders are lying to you.
The article discusses two groups of arrests, the first is the one you’re referencing, the second group of three arrests was OneCoin affiliates. Vicat credits isn’t discussed until halfway down the article.
The second ZSBTV article goes into more detail about the OneCoin arrests. You can see the images that clearly show OneCoin. Even auto-translate gives you the gist of the news (unlike the first round of news articles).
The fact of the matter is the Chinese government has cracked down on OneCoin and almost $50 million USD has been seized. Independently verify this yourself by having the articles translated yourself.
Or continue to live in denial… your choice.
Can you please give me the link again OZ, i would love to relook into it then 🙂
I see this OZ, like i said i dont question this dishonest people were using onecoin while ripping others off for somthing else too…
BUT OZ, you know we good to go in China, explain how we part of China Union Pay card otherwise…
Even you reported think back in Dec about how we being investigated well guess what 🙂
We part of union pay and that was investigation if onecoin can link to that card for Chinese citizens!!!HUGE 🙂 Whats your “opinion” on this?
The original story is here: news.qoos.com/%E7%B2%B5%E8%AD%A6%E6%8B%86%E8%A7%A3%E7%BD%AA%E7%8A%AF%E9%9B%86%E8%B3%87%E6%8B%9B%E6%95%B8-2043698.html
Do not rely on Google Translate for it though because Google Translate does not work accurately on Chinese-language content. I’ve had these articles independently translated before I reported on them for a reason.
That said, if you auto-translate you can see where the OneCoin arrests begin getting mentioned with this sentence: ” Second, invest virtual currency in the name of illegal fund-raising, pyramid schemes crime. ”
Everything before that is talking about unrelated arrests in the scam you’re talking about. Everything after that sentence references the separate OneCoin arrests. Again, don’t rely on Google Translate for specifics, go and get it translated.
They weren’t, they were arrested for ripping people off by recruiting them into OneCoin.
Which is why “Vicat credits” in Chinese or “OneCoin” itself doesn’t appear on the UnionPay card, right?
Look you and I both know OneCoin has dozens of shell companies at their disposal. Hoodwinking a bank by using one of those companies (One Net) doesn’t equal “good to go in China”, it just means the account will get shut down once the bank associates it with OneCoin.
Same as how the bank accounts elsewhere in the world have been shut down one by one despite OneCoin opening them up in shell company names.
And what does a UnionPay card in a shell company name that can only be used in China matter when Chinese authorities are arresting OneCoin affiliates who promote the scheme?
The facts as they stand are Chinese authorities have arrested Chinese OneCoin affiliates and seized almost $50 million in stolen Ponzi funds.
Anything outside of that is speculation and/or OneCoin investors raising strawman arguments because they don’t want to address the facts.
OZ, were they arrested cause of onecoin, or how they were promoting onecoin, tell me were they promoting it saying garantee returns blah blah, were they in violation of there own laws about talking about investments and securities is this why they got in trouble?
I’Il have this more looked into…
How about this, you me and the chinese team leader do video and translate it together 🙂 I appreciate your help with this its not like your identity much a secret anymore anyway 🙂
I love how you say, they will get shut down lol it doesnt say onecoin lol aih ya,
OZ you dont get it, OneCoin is a crypto currency, OneAcdemmy is our sales of education OneNetwork is our network OneNet well that is the name of our card… BUT come on,
Dont be foolish OZ, They not getting shut down and it was not due to legality we switch banks its due to fact we so huge and people like your sheeple bombard anyone who puts there name to us.. BUT your very wrong OZ,
I got your opinion thanks for sharing but my opinion is yours is so out to lunch 🙂
BUT I agree with your advice, i dont want to rely on google, can you help me with the help of a local chinese person hey we can have 4 you can have a local il have a local and we get this cleared up live in video rather then bickering about how we cant trust google translate 🙂
As for this comment
OZ, if these people got arrested it was for how they were promoting onecoin not for fact they promoting onecoin 🙂
There many team leaders in Asia who are making this sound like its a ponzi hence why like ive said live i know longer hate you the way i did before, i understand its team leaders and lack of education causing this and your help stir the pot and cash in … I get it 😉
BUT Can we get to bottom of this , can you help me and come live with me?
(BUT if you say no dont be a smartass please lol and do know OZ, im past bickering with you,)
(Ozedit: Offtopic waffle removed)
Don’t tell me Ken Labine lower his standards and actually commented here on Oz’s blogg!!! For someone who considers Oz to be a loser blogger, Labine spends an awful lot of time trolling the blog doesnt he…lol….LMAO…
Just watched his response to this news…he blames his obsession with behindmlm on OZ… stating that he was being picked on and that Oz started it.. still a damn crybaby!..
Never really gives a comment on the article… just keeps calling everyone his favorite word… loser.
Chinese news coverage about the arrests (video footage): gdtv.cn/v/zj/jrgz/2016-05-26/358219.html
OneCoin website and marketing material features prominently in the report.
RIP OneCoin China.
Ken, the news has been reported – what on Earth is there left to discuss?
OneCoin affiliates in China were arrested for promoting a Ponzi scheme. There’s no wiggle-room, that’s what happened. I’ve already had the articles I’ve referenced independently translated. I know exactly what is in them and I’ve reported the facts.
There’s a video report now and the original ZSBTV report has been syndicated, along with multiple other Chinese news agencies picking up the story and doing their own report (check Google News).
By all means do what you want with your Chinese OneCoin leaders, but as far as I’m concerned the facts are already out there. There’s nothing further to discuss.
It’s like watching history repeat itself. Banks don’t shut down the accounts of legitimate clients. More transactions = more money for them.
Banks shut down client accounts when they trigger money laundering filters. We’ve seen this in Achieve Community, TelexFree and Zeek Rewards – all of which played the “we’re too big” card at the time.
SEC complaints revealed the real reason after the fact, it was because they were all Ponzi schemes.
OneCoin are just dealing with the same problems MLM Ponzi schemes before it have. Nothing more, nothing less.
That is centrally issued by a company generating set points a day, not able to be used for anything and the value of which is arbitrarily determined by the sole issuer of the points.
Yeah, just like any other legitimate cryptocurrency. Not.
You can’t make using newly invested funds to pay off existing investors doesn’t “sound like a Ponzi”, It is a Ponzi scheme.
And just as a sidenote: Dismissing facts as opinion doesn’t change what they are – facts.
@Jodi
Jodi, you are not worth my time or my reply you yourself are (Ozedit: schoolyard insults that have nothing to do with OneCoin removed)
@OZ
Thanks for that link, but now i have a chinese blog and a chinese video, This no good to me… (Ozedit: Not my problem. Offtopic derail attempts removed.)
@ken Labine
What do you see coming in your near future?
@Ken
A translation for the Qoos News report has already been provided here: behindmlm.com/companies/onecoin/chinese-authorities-investigating-onecoin-investors-arrested/
The video report is brand new and simply covers the content of the article you’re leaving comments on. Read the article again and then watch the video, it’s pretty self-explanatory.
Didnt think my comments to Jodi make the cut, I apologize oz, your right “school yard insult” Il just not reply to her though cause its so hard when it comes to her.
lots of hate i have for her but fair comment this is your thread and i will respect your wishes to keep this OneCoin not my dislike for Jodi or bring up her history 🙂
@OZ
Well then answer this as you have translation magic 🙂 Where they arrest for the way they were promoting onecoin?
Why exactly were they can you tranlate this one sentnce as i said im sure they not acutal reps and just people using our name and you twisting this, but help me clear this up 🙂
It’s like watching history repeat itself. Banks don’t shut down the accounts of legitimate clients. More transactions = more money for them.
You proved above your knowledge on banks and how money really works needs more due dillegence but we deal with this a different day not enough time and like you say keep it to onecoin 🙂
SEC complaints revealed the real reason after the fact, it was because they were all Ponzi schemes.
You love talking sec, again il ask, why has there been no action against onecoin besides you all saying its a scam? Why have SEC in other countries any of them jumped in to stop? why is onecoin good worldwide in over 200 countries?
We both know you been doing this since Sept 24, 2014 how long these things go on after doing 3.5 billion in business you really think we still not shut down if not legit,
And you avoid the finland topic… Real investigation against onecoin not reps who doing other stuff too I assume using onecoin name in vain but i dont know…
You can’t make using newly invested funds to pay off existing investors doesn’t “sound like a Ponzi”, It is a Ponzi scheme.
OZ This is business! Man, come on you love this line but it does not apply to all in life like you seem so convinced also!!!
We are not doing this… we are selling a product and being paid for that product… Have you not worked for commission before? Your too use to being a PCP my friend…
OZ what could you do with bitcoin in the first 1.5 years… dont be confused by fact we still growing maybe this your problem you expect a baby to be fully devolped think about this blog, how many times you change it up to make it better i remember your old logo lol
And there is things i can do with my onecoin and contray to what you say i can sell them, use them or exchange them…
(Ozedit: Attempt to take discussion offsite removed)
@Yo
If my gut and heart is leading me right in years from now this will be a sentence people say… “How many onecoins would that be” 🙂
Im part of this innovation hoping this is the future to come 🙂
They were arrested for promoting OneCoin, which upon investigation authorities determined was a Ponzi scheme. Ponzi schemes are illegal in China.
They were signing people up with those codes you lot were trading a while back. They kept the money and gave their recruits the appropriate amount of OneCoin points.
Because Ponzi regulation in EU and Asia is painfully slower than the US. That’s why OneCoin fled the US and now only operate there unofficially.
Take these Chinese arrests for example, OneCoin goes back to 2014 and only now are investors getting arrested. And that’s only because of the large sums of money involved.
Plenty of smaller Ponzi scams fly under the radar in China, unfortunately they’re not as efficient at busting MLM Ponzi schemes.
This is the “if weren’t legit we’d be shut down” Ponzi excuse. It’s routinely trotted out and doesn’t really mean anything.
A business model defines a Ponzi scheme, not whether or not it’s been shut down. It’s not a like a business model changes once a regulator shuts it down.
Effictively you’re arguing that TelexFree, Zeek Rewards et al were legitimate until they were shut down. Yet they were obviously Ponzi schemes from day 1.
Not being shut down just means the law hasn’t caught up with the scheme yet. That’s all.
Finland authorities are waiting to see what happens. The investigation is still open.
Unfortunately they know there’s only so much they can do, with OneCoin management and operations not based out of Finland. And there certainly hasn’t been $100 million invested like there has in China, so the authorities in Finland are doing what they can.
They’ve issued a warning and continue to monitor the situation.
I invest money in OneCoin, OneCoin give me points they claim are worth $x per point. I withdraw these points, with OneCoin paying me with newly invested funds.
That’s a Ponzi scheme and has nothing to do with selling products.
Convert it into real money based on public supply and demand. As opposed to be able to do nothing with OneCoin unrelated to the income opportunity.
All within the closed-loop of OneCoin itself. Outside of the business opportunity they are worthless.
This is why and and all comparisons between legitimate cryptocurrencies and OneCoin are null and void.
Ponzi points != cryptocurrency.
@OZ
k first you say this followed up with!
GOTCHA!!! So they were using onecoin to rip people off, glad they got arrested, and from what you have also let me know about these people they are far from trustworthy people, sad many people cashing in dirtly with onecoin, but this happens when things are as huge as onecoin OZ, people take advantage i deal with people trying to sell fake “discounted” gift codes.
i get this dishonesty and im glad some people were brought to justice, BUT these were not onecoin family, these were onecoin scammers so your right they were using onecoin to scam and they got arrested for this and im sure they wre pitching this as a st8 ponzi speal to there victims so im glad they got caught 🙂
Thanks for helping clear this up 🙂
(Ozedit: Paragraphs and paragraphs of Ponzi excuses that have nothing to do with OneCoin using newly invested funds to pay off existing investors removed)
What are you talking about? The gift codes were real and these three were recruiting people into OneCoin. In exchange they were given worthless OneCoin points via the backoffice.
There was nothing fake about it, this was a “major” Chinese downline in OneCoin.
You know how OneCoin management are always going on about China being their major market? These affiliates are those guys.
Hell, the “Chinese leaders” you claim to be in contact with are probably in the arrested affiliate’s downlines.
Stop trying to reinterpret what happened by mixing in your own brand of bullshit. The facts are as they stand.
Police in Guangdong, China investigated OneCoin and determined it to be a Ponzi scheme. They then went after the biggest promoters and arrested the top three.
How victims were recruited into OneCoin was only included in the reports as background information on how OneCoin works. The arrests were made for promotion of a Ponzi scheme (OneCoin).
Anything else is fictional rubbish you made up.
For those who haven’t been to a few Ponzi rodeos before, what Labine is trying to insert into the arrests is the “those guys had nothing to do with our scam” tactic.
It’s a common-enough ploy of Ponzi schemes when authorities shut them down in countries they aren’t based out of.
Basically the scheme (or in this case affiliates) claim those arrested for fraud were doing something other than recruiting affiliates into the scam.
The most recent example that comes to mind is EmGoldex in the Philippines.
EmGoldex investors were busy recruiting people into EmGoldex. When authorites busted local promoters for recruiting victims into a Ponzi scheme, EmGoldex turned around and claimed the investors were conducting some other business.
Not once, but twice.
Sound familiar? Labine’s trying to pull the same move from the same Ponzi excuses 101 play-book…
Who says history doesn’t repeat itself?
Sorry, but you don’t get to play “no true Scotsman” here.
You are trying to explain how is what you’re doing different than what they were doing. However, you don’t know what they are doing, so how can you claim you are doing something different?
I wonder if Ken Labine fully understands the importance of this conversation (butt kickin’) with Oz?
Truth or Consequences!
And it’s all here, on the record, for all to see.
Haha, now this is utter horse shit. Yes, she did not charge you for coins, but you got them for free?!? What a brilliant scheme. AMAZING.
Yes, you bought education, but are you selling it too word by word? Other than in paper? Or is it onecoin you talk about when you trying to join other people to this ponzi scheme? YES, it is onecoin you’re talking about.
See, that is why this scheme is still alive. They are selling shady stuff like educational material, whereas everyone knows that in fact they are selling you mining right and onecoin tokens… THIS is why it’s still alive today.
In terms of laws they are doing fine because of that. If it were directly selling onecoin/these “mining tokens”, it would be totally different! And you know it.
Bitcoin was FIRST cryptocurrency. STOP comparing it to the fail coin.
Take Ethereum for example:
* Establishes in the beginning of 2014
* Mining started in mid 2015 for THE miners
* WORTH? $ 11.42 per piece. Second largest cryptocurrency.
What’s the fail coin doing?
* Established in the end of 2014
* Mining is supposedly in their servers, no real people mine it
* WORTH? 0. Not listed anywhere else than xcoincx and internally.
Irony? And now go and compare it to Bitcoin, the father of all cryptocurreny, once again.
@Ken Labine
Regarding the Finnish investigation. To understand it properly is to understand how Finnish laws work.
As imaginary example. Suppose company A is marketing “Pay us 100 euros today, and 3 years later we give you a brand new car!”
When Finnish police now does the light investigation as they did with OneCoin, they would look at that marketing text and they would look that someone is promising a brand new car for 100 euros three years later.
They dont think it sounds plausible, but since only 1 year have passed yet, they cant say for sure that it wouldn’t happen.
Hence as nothing proves that it isnt going to happen for sure, and no clear crime have happened yet, nor have anyone made criminal charges against that company A, result of their investigation would be “We advice caution in grabbing in to this offer, but no crime have happened so far and it is impossible to say if one will happen, until three years is up first”.
Now when three years is up, and people dont get their cars, and they start making criminal reports about that Company A for not having delivered them these cars, that is when the police can finally do something.
It is a weakness in law here that by default until a crime have happened (or at least someone claims of being a victim, and even then the victim needs to show some proof of being a victim, like not having got that car when promised), it cannot be investigated any deeper, even if there is strong reason to suspect there could be crime involved, like in Company As case.
Therefore, officially the investigation Finnish Police did regarding OneCoin, was mostly useless. It didnt prove, nor disprove OneCoin being a Scam.
And basically most important part of that investigation was public reporting where they commented “People should be cautious when investing to this”.
Which actually means that the investigating police is suspecting there might be something wrong here, but due to light scope of investigation, they couldnt go deep enough to find what they suspected they would find.
The Finnish NBI can’t do nothing but warn stupid people about sending money abroad to scammers. It goes along how Nigerian scammers work and can’t be prosecuted because the actual crime happens outside the Finnish borders.
It is not illegal to send money to scammers. However it is illegal to build up a domestic pyramid branch to support Onecoin’s cause.
Eventually when people who have spent thousands of euros to this realise they were scammed there will be criminal reports filed against Onecoin. Even then Ruja is very safe from the Finnish law but the domestic promoters will suffer the consequences.
whaaaat!! how incredibly Generous of rujamama to give you Free Coins. she’s really like your Mummy and all, y’know, seeing how she Cares about you!
i thought ruja was selfishly and scammily just buying up millions of euros worth of property and ballgowns and what not, but this altruistic MLM mummy is giving away coins for Free Free Free!!
all you oneconners should repay her kindness in full. you must insist and Absolutely Insist, that you will pay for your london tickets in onecoin.
listen people of oneoin! the value of onecoin is going Just One Way which is Up and Up, and you Have to Return some of ruja’s free coins back to her! don’t scam that fat little mama jus’ because she’s sooo Kind!!
set the ball rolling labine. WHOOT WHOOT and off you go!!
I’ve got the clip up on my YouTube account: nolink://youtu.be/ipfsB5Uy5OQ
Can anyone translate this to English?
that’s really really nice!
but the problem labine, is that many onecoiners are unable to sell their coins back to the company. it seems only a few um, ‘select’ account holders are able to regularly encash their coins.
but i’m sure [as you may well say] that the fault lies with the idiot suckers who are refused encashment of their coins. they must have not got KYC approval or must be doing something else wrong. bunch of idiots, what can you do!
if rujamama just accepts onecoins in payments for the london tickets, your london event will be attended by so many more onecoiners, and y’all will be able to preen and gloat Even More all over the net. imagine That!!
i’m sure any coins received by ruja, will easily be encashed by the company as she er, kind of owns it?
just around half an hour back you have posted on your FB page:
ruja is going to be sooo happy to receive her precious coins back, that she may just teeter off the stage with Glee, in the arena Wembley, o whatta sight that will Be, tee hee Hee.
[labine is so buttsilly, he deserves some in return]
tom mcmurrain, a convicted conman, who is now peddling onecoin, is not satisfied with the recruitment commissions and ponzi point returns he is getting from onecoin.
so, being a seasoned con artist, he has started his own little pyramid scheme within onecoin called the New Currency University.
now selling leads or lead systems is a good way to lure in onecoiners struggling to recruit, but whats with the Education?
how much more Education do onecoiners need? and how much more Jail Time does mcmurrain need?
It has been interesting to watch our favorite Coin Artists change their “marketing pitch” recently from blatantly pitching the Increasing Value, Profit, Return, Get Rich (GREED) angle to convince their friends to Invest in OneCoin to “We are selling Educational Packages.”
We have asked Ken Labine, Tom McMurrain and others to explain why anyone would spend up to 27500 EUR for, what turned out to be, plagiarized material.
To date, not one OneCoin Sales Representative has even attempted to explain it. Why? Obviously, they can’t.
So today, even though they have ALL been told to layoff the GREED ANGLE, they lite up the Social Media pages again with the REAL REASON why people are willing to send up to 27500 EUR to Romania.
GREED BABY!
So, here are a few posts from some of our favorite Coin Artists:
This character actually believes he has $625,000 that magically appeared in his account! Whoot! Whoot!
Ignorance + Arrogance = OneCoin Investors
Yep, it’s all about the Educational Packages. 🙂
Just wondering, does the 27500 EUR Educational Package explain whether or not an Investor can deduct their Ponzi Scheme losses from their ordinary income for tax purposes?
First you said you “got them (coins) free”, then you claim you are “one of the almost 2 million miners”.
Does your brain actually have COHERENT and CONSISTENT thoughts EVER? Or are there just too many lies to keep track of?
First of all, will someone tell Ken that if he’s going to use st8 instead of typing out “straight” at least do it correctly, str8.
Otherwise, what the readers see is st-eight (or state) and that’s just str8 stupid.
It appears that Ken Labine is finally going to do a Live Youtube Presentation and will attempt to explain why people are sending up to 27500 EUR to Romania for a plagiarized Educational Package.
From what I hear, after receiving that mega-butt kickin’ last night from Oz here at Behind(appropriate)MLM, Ken needs to save face with his fans.
Question: Now that Ken Labine knows OneCoin is a ponzi scheme (Oz took him to school – big time), how can he continue with this charade?
Knowing that his “education” by Oz is archived for the regulators to see anytime, is Ken aware of the risks involved if he continues to sell this investment to his Facebook contacts, family members and anyone who is stupid/greedy enough to listen?
Will it be a complete waste of time like the last 5-50 live presentations? Well, of course! But hey, it’s Friday and the other Soap Operas are all re-runs anyway.
What the hell…..
@K. Chang
dont split hair on that one. It is obvious what he meant even he said it contradictory.
I watched some of Ken Labine’s video presentation and came away with the realization of “who/what” we have been dealing with.
I will not post directly about Ken Labine again until OneCoin either crashes under its own Ponzi weight or is closed down by the regulators.
Why?
If anyone bothered to listen to his youtube presentation, the reason should be obvious.
Here is a humorous (or sad depending on how you look at it) Fbook post from a terribly misinformed Onecoin believer. The “education” they are spreading is like a cancer:
The fact that he can’t keep his story straight is the point. He needs to come up with more idiocy to cover up the prior goofs.
He’s done it a few times. Comes on here under the pretense of “wanting to start a dialogue”, gets destroyed, spits the dummy when I won’t let him rant, rave and abuse people and then goes and makes an echo-chamber YT video about it.
Nothing more than an attempt to take the discussion offsite, which is one of the reasons you’ll see I’ve had to edit numerous comments of his on here.
Labine’s repetitive behavior is pretty predictable at this point. Just ignore it, he’s able to comment on here the same as anyone else – minus the abuse and offtopic rants he provides in his YT videos.
Anything to avoid confronting the fact that OneCoin uses newly invested funds to pay off existing investors, making it a Ponzi scheme.
Why they compare onecoin with Bitcoin is out of my imagination. I mean, these are completely (yes completely!) two different things.
One is crypto currency and other one is ponzi points. Find me any other close sourced and widely used/praised crypto currency and I’ll take my words back.
Plus, stop talking about investing. It is not investment, it is education program. “Dr” ruja herself said that “it’s not an investment vehicle, unlike Bitcoin”.
It is built purposely like this so in the end they can simply say that coins were just addition to the main product and you can not argue with that.
They themselves? They will be free as ever and will get rich in the process. If you can not see this thru, you should seek for help.
But yet again, onecoiners go back to selling their investment plans…
This scheme is so wrong and leaking in so many corners that I don’t know where to start or where to end. Thanks for continuing articles by this site!
I wonder when someone will start to investigate where investors’ money disappeared from SiteTalk? the OPN? And there were many Chinese.
Good job Oz!
When Sitetalk collapsed in 2011 it had less then 8000 members, only 200 of them from China.
Their biggest market was Hungary with about 25 % of the members, then Slovenia, Romania, Belgium, Germany and Sweden. Sitetalk never had anything near 400.000 paying members.
Con man minds think alike.
Sounds like he might have stolen the idea off Bob Wood and Nexxus University? Not that that is very original either. It’s the Amway tools scam regurgitated yet again.
@ L2rr
Are you suggesting that by simply changing a couple of words (Investment to Education), Dr. Ruja can defraud people out of a hundred million dollars AND walk away “scot free?”
Really?
I, for one, would like for Ken to explain how the big London event that OneCoin says is going to be held at the SCC Arena, Wembly on June 11, has nothing booked for their site on June 11 for anyone, let alone OneCoin.
So Ken, is the good Dr keeping the venue a secret until the last possible moment to try and prevent people from showing up and exposing OneCoin for the Ponzi it is?
One thing is for sure it’s not going to be at the SCC Arena, Wembley. So where is it going to be held, or will the good Dr have to kill you if you tell?
@ Oz
Agreed. I totally ignore personal comments by folks like Ken. That’s the point of my post and why I will not be commenting on him PERSONALLY anymore.
Besides, he does have ONE point about most of us posting anonymously. But I don’t want to add that much “drama” to my life.
However, I will point out all LIES and attempts to CON people into investing their money into OneCoin. Hey, my little contribution and I appreciate having a place to vent my anger and frustration with these Ponzi Schemes and their Pumpers.
I know a lot of the OneCoin Pumpers by association with friends who are still trying to make money with MLM. Since I believe the MLM Model IS Broken, most of them are now working these Money-Games, Pyramid Schemes and Ponzi Programs.
The sad part is they ALL know the risks associated with working these “illegal programs” but have no other skills or talents….sorta stuck. They have bills to pay, a lifestyle to maintain and a “real-job” isn’t an option for them.
By the way, it looks like OneCoin is spiraling down fast and will probably be obvious to everyone after the London event – IMO.
We’ll see….only a couple of weeks away.
Note: Thanks for what you do here! Venting completed.
GUYS take a look at this video:
youtube.com/watch?v=X7FgOBnVJCM
looks like Igantova is wanted by the police in China ?? anyone can verify this from the subtitles ?
cheers
That’s a news report on the arrest of the OneCoin investors, don’t think there’s anything about Ignatova in the report.
I hope not, but it’s definitely going to help her in case of trial…
Unfortunately people don’t seem to figure why they pay for education and get something else in return.
@ l2rr
Sorry, but it doesn’t work that way. OneCoin is also responsible for the policing the marketing practices of their unlicensed security reps. We you aware of this?
And of course, they don’t even attempt to control the sales practices of their agents because they are bringing in the dough.
They even allow their unregistered reps in the USA to continue to sell their investments here even though they not legally allowed to market until registration is complete.
There are SO MANY issues with OneCoin at this point.
It’s a Ponzi Scheme. What remains how long will it last and who will go to jail.
I’d be surprised if it helped her at all.
The products offered by fraudulent schemes are only intended to fool prospective participants (aka “suckers”) into accepting the scheme as legit and enabling the fraud artists pushing the scheme to make the erroneous claim that so and so isn’t a (for example) pyramid scheme because a “product” is being sold.
Regulators and courts aren’t usually fooled by this type of nonsense, i.e. overpriced garbage that no one in their right mind would buy if not for the compensation plan.
it says recover, now tell me how they can recover that money? unless they collected the money themselves …….
theres over 800 000 one coin members in China , ….I can’t understand the video but at the beginning it says that people were making money to recrute…but again you say that for a long time you cannot withdraw money from your account in onecoin ? so tell me where’did the money come from??
Some of it’s money, some of its assets (property etc.).
The police investigated the top Chinese scammers and arrested them. They then seized $45.7 million in assets.
So they say. Nothing else in OneCoin adds up, don’t expect that figure to either.
Recruitment commissions. OneCoin are blocking most coin/point withdrawals, not recruitment commissions.
Milo the Cat is typically quiet about the OneCoin because he has no skin in the game.
However, Milo can be seen on today with CLAWS in the air and laying on his BACK.
Hmmmmmmmmm?!
Is Milo the Cat trying to send a message?
If you combine CLAW(s) with BACK, what do you get?
CLAWBACK?
Where have I heard that word before?
Is Milo the Cat (the only Cryptocurrency Educated Cat in the World) trying to send a signal?
Stay tuned!
Same Cat Channel. Same Cat Time.
Or, just wait until the London event. 🙂
Oz, we are being told that Onecoin is an acceptable currency and is being used in China right now. I am not a OC supporter.
Told by who? People trying to recruit you?
Facts are facts, Chinese police investigated OneCoin, seized $45.7 million USD and arrested top Chinese OneCoin investors.
Even before the arrests OneCoin wasn’t being used as a currency, in China or anywhere else in the world. All you can do is put in denied withdrawal requests and trade it internally with other OneCoin investors.
I know firsthand because my husband joined OC against my wishes.
This is private info by the way. His up line and the calls he listens to say that Onecoin is being used as currency now in China. Unfortunately, he will not believe any negative info about OC.
I cannot wait for the end of OC!! He has also been told there was just a hiccup in Finland but OC is good there now.
I know that I have trouble trying to sell the daily limit of 10 coins at around $6 a coin. Who will buy them when they supposedly become worth $100 a coin??
Print out some of the arrest and asset seizure articles from China’s biggest media outlets, spend a bit of coin to get them translated and stick them up on the fridge.
It is difficult to burst the Ponzi bubble world investors build around them but that’s the best you can do.
Have him look up the Chinese name for OneCoin… then give him this URL
NOLINK://news.sina.com.tw/article/20160527/17299270.html
They are lying. The only mention of OneCoin in Chinese news is a scam being smashed.
I actually read Chinese, unlike the posers passing on bogus info to your poor hubby (soon to be poorer).
@ Ken
If this statement had any truth then she could not take someones account with coins. She could only FREEZE the MLM side of it with the bonuses. The coins would be yours. Yours means if they take them back they would be stealing from you.
Being they have Froze accounts and taken multiple peoples Coins back. They would have stolen them because it came “the free tokens from your education package” and when mined they were placed into “your E-wallet”. Which is what your back office dash board with your coins in it is suppose to represent.
Your foolishness in these things seems very childlike.