OneCoin promotion prohibited by injunction in Italy

Dec.30, 2016 in OneCoin, regulation

Earlier this month the Italian Antitrust and Consumer Protection Authority (AGCM) had issued cease and desists against local OneCoin affiliates.

Yesterday the AGCM issued an interim injunction against One Network Services, effectively banning the promotion of OneCoin in Italy.

Following a request for information from Italian OneCoin affiliates, along with information received from the Italian Securities and Exchange Commission and the Consumer Protection Center, AGCM has initiated a preliminary investigation into OneCoin.

AGCM claim the injunction is a “precautionary measure” to ‘limit the damage to consumers pending the conclusion of the investigation‘.

OneCoin in Italy is promoted as an investment scheme returning €2800 EUR on a €140 EUR investment after two years.

Three Italian OneCoin websites have been targeted as a result of the injunction; onecoinsuedtirol.it, onecoinitaliaofficial.it and onecoinitalia.com.

OneCoin Suedtirol is disabled, the OneCoin Italia Official domain is parked and OneCoin Italia has been taken offline.

According to AGCM;

the evidence gathered so far shows that the representation of the advantages in OneCoin, as well as being extremely random, are designed to attract and sign up a large number of consumers, who are required to provide significant economic investment.

This resembles a pyramid sales system which is prohibited by law.

When local OneCoin affiliates were questioned about the company’s business model, none of them were able to provide a legitimate explanation for the two year ROI or why OneCoin isn’t a pyramid scheme.

AGCM have not provided a timeline as to when they expect to conclude their investigation.

Stay tuned…

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31 Comments on “OneCoin promotion prohibited by injunction in Italy”

MikeR

Dec 30th, 2016 at 11:22 pm (Q)

Very good news.

This is the original news item on the website of the AGCM (in Italian): agcm.it/stampa/comunicati/8516-ps10550-vendite-piramidali-sospesa-in-via-cautelare-la-promozione-della-criptomoneta-onecoin.html

TimTayshun

Dec 31st, 2016 at 12:35 am (Q)

oneteamitalia.it

Not Found

The requested URL / was not found on this server.

🙂

TimTayshun

Dec 31st, 2016 at 3:54 am (Q)

This is even more detailed:

the document signed by the Secretary General Roberto Chieppa and President John Pitruzzella:

Download pdf: blog.comprarebitcoin.info/media/PS10550_adoz_mis_caut.pdf

The COMPETITION AUTHORITY AND MARKET

At its meeting on 21 December 2016;

HEARD the Supervisor Dr. Gabriella Muscle;

VIEW Part II, Title III, and Part III, Title III, of Legislative Decree……

(Goes on to describe Onecoin’s stated claims, deceptive practices, pyramid structure, false marketing, investment expectations and absurd ROI, etc., in greater detail).

MOI

Dec 31st, 2016 at 5:26 am (Q)

Fantastico! Spread it out.

Hope more countries will follow. Ban OneCoin Promotion….

MikeR

Jan 1st, 2017 at 2:09 pm (Q)

First of all: Happy New Year everybody!

From flashback.org (flashback.org/sp59457100)

This news from Italy has frightened some people. Ken Labine has posted this message on Facebook (facebook.com/photo.php?fbid=10153960711226829&set=a.10151494945136829.1073741826.733381828&type=3&theater)

URGENT SHARE!!! Share this post to your groups/chats

Dont be the person to wreck this opportunity for your country! We have many legal opinions from many countries and they all state the same thing… This is a legitimate educational sales opportunity.

HOWEVER, they also all state that if your speaking words like “investment” “ROI” turn 140-2800 shit like this!!! Your being illegal!

CUT THE CRAP!!! (Sorry for language but im annoyed as i type this)

We are educated miners, helping to educate others and show them how easy it is to mine there own digital currency… If your saying things like “Investment” “ROI” your nothing more then a Monday pay chaser, who at the least is gonna lose your account with one life, and at most wreck this opportunity for your country.
[…]

I am preparing a nice article with quotes from OneLife/OneCoin top shots who have given investment advice in the past. (By the way, I could use some help with that, please share quotes with hyperlinks to articles and videos.)

Preview, from the Mastermind event in Bangkok, 1 October 2016.

Sebastian Greenwood, youtube.com/watch?v=lKJ5cjBKCJE&t=4m25s

The three areas where Ed wants me to talk about, (if you could move a bit, I can see the screen), you need more coins than ever before.

If you don’t understand the power of having coins the door is over there.

Now to make sure we continue to produce coins, we need tokens, and tokens come from what? Packages, product packages.

Ed Ludbrook, youtube.com/watch?v=lKJ5cjBKCJE&t=13m51s

So our message is really simple and it’s all in this one graph that you need to learn, you need to understand and it’s so simple, we have pioneered for two years, we have proven that we are the strongest, most dominant cryptocurrency in the world, in the race, in the race to achieve and create the first global reserve cryptocurrency, we are winning.

Screenshot: 1.bp.blogspot.com/-0zlEEX_4kQQ/WGiYAe5LFuI/AAAAAAAAAaU/ddrkKQ1sXpcLMQxXu9TM5NuPPkY-E7rMQCLcB/s1600/MastermindEvent-Bangkok-1-Oct-2016-EdLudbrook-SebastianGreenwood-01-04_26.jpg

MikeR

Jan 1st, 2017 at 2:22 pm (Q)

I almost forgot the best one.

Ed Ludbrook, youtube.com/watch?v=lKJ5cjBKCJE&t=11m58s

So when we look at what is the goal of the OneLife network, it is to focus, to focus, to focus, to achieve the critical mass that will ensure that OneCoin becomes the most dominant only cryptocurrency in the world.

Jan 1st, 2017 at 2:31 pm (Q)

OneCoin affiliates could recruit millions of speculative investor affiliates, it doesn’t change the fact that nobody outside of the speculative investor network is interested in points with a manipulated value.

Could you imagine a merchant signing up, attaching their business to OneCoin, realizing they’ve been had and then publicly speaking out about it?

What then? Ruja cancels the merchant’s OneCoin account so she can buy another house? No legitimate third-party business is ever going to want to go anywhere near Ponzi points.

Oh and Happy New Year y’all. BehindMLM’s anniversary falls in April. I haven’t written a site status update for a few years so stay tuned for that.

fred

Jan 1st, 2017 at 5:26 pm (Q)

I know developers who continue to advertise it in meetings and despite the ban on facebook how do you report to get them put in jail?

TimTayshun

Jan 1st, 2017 at 6:49 pm (Q)

@Mike R – I’d like to help. Probably. I have more screen shots than seniors playing bingo have bingo cards.

#10

OzDelphi

Jan 1st, 2017 at 10:05 pm (Q)

Happy New Year y’all!

MikeR: I am preparing a nice article with quotes from OneLife/OneCoin top shots who have given investment advice in the past. (By the way, I could use some help with that, please share quotes with hyperlinks to articles and videos.)

Here is the “cryptoqueen” herself in Budapest, Hungary, on January 16, 2016.

(35:58) And as much as I love Juha, Udo, Kari, all the leaders here, but we are not a network marketing company. We actually are in financial services.

youtu.be/0J4FnPFn94g?t=35m58s. Note that the title of the video incorrectly states the event took place in 2015.

#11

MikeR

Jan 1st, 2017 at 11:49 pm (Q)

OzDelphi:
(35:58) And as much as I love Juha, Udo, Kari, all the leaders here, but we are not a network marketing company. We actually are in financial services.

Perfect, this is exactly what I need 🙂

#12

Chris Bailey

Jan 2nd, 2017 at 1:59 am (Q)

MikeR: I am preparing a nice article with quotes from OneLife/OneCoin top shots who have given investment advice in the past. (By the way, I could use some help with that, please share quotes with hyperlinks to articles and videos.)

I don’t know that the following can be considered “investment advice”, but a chat I had with old Ken illustrates the muddled thinking some people have.

This chat was towards the end of May, before the June 11, 2016 event where everyone (except haters) was expecting merchants to be announced. Naturally, there were no merchants.

I didn’t screenshot the chat on Ken’s YouTube video, but did copy the content of it. This was a video Ken claimed he wouldn’t delete comments on, but comments have been turned off and are now gone.. youtu.be/a-iFUdQnZFY

I don’t create YouTube videos so I don’t know if existing comments are automatically wiped out when you turn comments off or if he actually deleted them.

The full content of the chat is at docs.google.com/document/d/1YoElUhScv1YqylB9NvSQOnyGZXuEoGePO8NQo9lL14c/edit?usp=sharing

In it, I stated:

You and your business partner would not have bought that first Tycoon package if there weren’t OneCoins and what you believe will be a greater than 100% ROI attached to them.

Ken’s reply to this was:

THIS IS TRUE, IF I DID NOT UNDERSTAND HOW HUGE THIS IS YES TODAY I WOULD NOT OWN 7 PACKAGES WHATS YOUR POINT … AND NO DONT ASSUME YOU KNOW ME AND IF WE WANT TO GO OFF WHAT I HOPE IT MUCH HIGHER THEN 100% MY FRIEND IVE ALREADY 25X MY MONEY OVER 13 MONTHS LOL YOU TALKING 100% ROI HAHA.

ANYWAY BUT NO I WAS JOINING A INNOVATION WITH MY FINGERS CROSSED AND THANK GOSH I HAVE BIGGER BALLS THEN SOME YOU FEARFUL SIDELINE CHEERLEADERS IVE CHANGED MY LIFE CAUSE THIS OPPORTUNITY 🙂

I also asked him about merchants:

Please explain to me why the thousands of merchants you bragged about haven’t been introduced.

And his reply was:

RE ASK THIS JUNE 11, IF NOT HUGE ANNOUCMENT AT 2ND ANNUAL GLOBAL EVENT IL BE WORRIED FOR FIRST TIME EVER BE A SIDELINE CHEERLEADER TILL THEN IM SURE YOU JOIN AFTER OR IL BE VERY WORRIED MYSELF AFTER IVE SAID IN VIDEOS (YOU OBVS DONT WATCH) THAT JUNE 11 ONLY ONE OF TWO THINGS, ONE OF THE BEST DAYS OF MY LIFE… OR THE WORST DAY OF MY LIFE.

I DONT FEAR THIS I GET HOW WEAK PEOPLE DO THOUGH… BUT TO FURTHER ANSWER YOUR DR RUJA ABOUT TO MAKE A RECORD BREAKING ANNOUNCENT NOW 30% MINED APRIL 18 AND YOU HAVE YOUR 2ND ANNUAL EVENT WHERE OVER 10K TOP TEAM LEADERS WILL BE, YOU WAIT A FEW WEEKS OR RELEASE INFO EARLY?

THIS WHY IM OK WITH WAITING AND IM BEING RE ASSURED TO BIG THINGS ON JUNE 11 WE SEE IN 12 SLEEPS 🙂 YOU KEEP GOING RAH RAH RAH 🙂

Having followed scams for so many years, I told him he would further rationalize no merchants when it didn’t happen:

As for the announcement of merchants, you actually said you would be worried if an announcement wasn’t made after April 18 when 30% of the coins had been mined and now you are conveniently pushing it back to June 11.

If they give some excuse at the London event, you’ll probably rationalize that. Many scams always have great things coming in the future, but the future never seems to arrive.

So very predictable that he accepts whatever lines of BS OC feeds him in order to keep his income flowing.

The chat covers a few other things as well, like the supposed limit on number of packages available as well as the limit on coins(before they decided to increase the amount 100 fold), lol.

#13

MikeR

Jan 2nd, 2017 at 7:09 am (Q)

@Chris Bailey: thanks, Ken Labine will definitely be one of the happy few who will be mentioned.

#14

MikeR

Jan 2nd, 2017 at 4:48 pm (Q)

This is a graph of all Transaction data which are available in the “OneCoin Blockchain explorer” in the onelife.eu backend.

The past weeks I have been saving all these data with an automated tool. This graph contains the total number of transactions per day in the period from 1 October 2016 09:31 GMT/UTC (the “mining” of the genesis block) till 25 December 2016.

I’m still analyzing the meaning (if any) of these transactions, but at first sight it looks like the intern who generates fake transactions is getting bored. 😉

NOLINK://pbs.twimg.com/media/C08p0LFXcAIZpbn.jpg

#15

MOI

Jan 3rd, 2017 at 12:00 am (Q)

One Life Newsletter.Sooon all members of OL will be able to sign up as merchants and offer their products and services. Expected to be operational in Feb.

Soo, 2017 will be the year of the merchants. Well Cleptoqueen, good luck with that….

us9.campaign-archive1.com/?u=cf9659fd672fe664d487e7e1b&id=a06e48ea2c&e=a0e0b3336a

#16

Lynndel "Lynn" Edgington

Jan 3rd, 2017 at 5:48 am (Q)

Mike R.,

If you go to Eagle Research Associates website (it is .org not .com), I have two articles about OneCoin in our Warnings, Alerts & Hot Topic Section; and they are under our Warnings header.

You can use any information there that applies to what you are doing. All the best with your piece.

#17

Jan 3rd, 2017 at 6:54 am (Q)

Sooon all members of OL will be able to sign up as merchants and offer their products and services.

Can’t sign up legitimate merchants (so much for “500,000 ready to go”), so they’re just letting affiliates accept coins.

All that will come of it are random businesses owned by OneCoin affiliates in places nobody cares about.

No legitimate third-party business is going anywhere near Ponzi points they can’t do anything with outside of the affiliate-base. Leave alone the fact OneCoin is controlled by scammers who can cancel accounts on whim.

Businesses need actual money to run, you can’t operate one on Ponzi points.

You don’t need to look any further than OneCoin itself for evidence of this. They don’t accept OneCoins for anything at a 1:1 ratio of the value displayed in the affiliate backoffice.

#18

Mark L

Jan 4th, 2017 at 1:43 am (Q)

Website on login has been under maintenance several days. Only total coins and tokens can be accessed and profile info. Now XcoinX is down too!

The End?

#19

MikeR

Jan 5th, 2017 at 1:33 am (Q)

Finally, the August & September 2016 Audit Reports are uploaded in the onelife.eu backend. At first sight, all documents seem to have an original stamp and the auditor’s authentic signature.

But on closer inspection all these stamps and signatures are pixel perfect copies since July 2015, so everybody can have made these reports.

pbs.twimg.com/media/C1V7jbeWEAAMmp0.jpg

pbs.twimg.com/media/C1V7l9KWgAAUJnp.jpg

pbs.twimg.com/media/C1V73eWWIAAv1Aa.jpg

pbs.twimg.com/media/C1V757cXAAAbMxy.jpg

#20

Robert

Jan 5th, 2017 at 5:05 am (Q)

1. S SYSTEMS LTD EOOD

ulitsa Simeon Veliki 8
5000 Veliko Tarnovo
Veliko Tarnovo – Severen Tsentralen – Bulgaria
02 811 6236
02 917 3928
It (Studies, Services, Consulting, Training)

A huge auditing Company!!!

#21

Jan 5th, 2017 at 5:36 am (Q)

^^ Can confirm, that signature is definitely copy and pasted.

#22

Jan 5th, 2017 at 4:04 pm (Q)

xcoinx.com

THE SITE IS CURRENTLY UNDER MAINTENANCE

Here we go!

#23

Jan 5th, 2017 at 4:23 pm (Q)

^^ I think this probably has something to do with their forex shtick.

#24

Otto

Jan 5th, 2017 at 4:30 pm (Q)

Robert: A huge auditing Company!!!

Yep. Let’s check their web page for a moment. I could go on talking about the poor English of “Solutions” tab but let’s instead focus on this page:

s-sys.eu/?page_id=104

S Systems perform systematic audits of block chains regarding their proper functioning and current status in terms of accountability of operations in conjunction with the “digging” of coins and transactions in individual blocks chain and services, including in themselves, without limitation, preparing independent reports, views and opinions on these issues.

This company very specifically states it offers one and only one type of “information service” and that is “audits of block chains”. Incredible brain fart considering that the entire point of a block chain is that it does not need any external audits done by anyone as the ledger is public and verifiable by anyone.

Coincidentally there is only one cryptocurrency on this planet that claims they use such a service – OneCoin. So “independent reports” my ass.

#25

loujiawei

Jan 5th, 2017 at 6:20 pm (Q)

China Central Television declared last week that more than 60 virtual currencies, including Onecoin, are illegal pyramid schemes.

(Ozedit: 404 link removed)

imgsrc.baidu.com/forum/w%3D580/sign=c0b6a55dbade9c82a665f9875c8080d2/b5cb5f67d0160924f9f6e37fdd0735fae7cd34bd.jpg

#26

OzDelphi

Jan 5th, 2017 at 9:23 pm (Q)

Robert: A huge auditing Company!!!

A little company owned and managed by a woman named Nikolinka Koleva, with its registered office in a residential apartment block in northern Bulgaria. imgur.com/a/r4wRt.