OneCoin under investigation in Vietnam
If you thought OneCoin’s quarter of a million Euro investment packages sounded dodgy enough on their own, get a load of how OneCoin is marketed in Vietnam.
In Vietnam the top investor goes by the alias “Bamboo”. Publicly, nobody in OneCoin seems to know who Bamboo is.
Members of the Bamboo Network, as it’s known in Vietnam, pitch OneCoin by asking people to purchase their coins for the going rate of about €0.6 EUR a coin.
New investors are told OneCoins will “skyrocket” after a year.
For instance, by the second quarter of next year, the virtual currency will have fetched €20 (US$22.15).
In the fourth quarter of 2017, according to the scheme, OneCoin’s value will continue to surge to €30.
This is of course based on baloney.
OneCoin haven’t been able to pay investors for months at the current internal value €6.95 EUR. Where they’re going to find funds to pay out €30 EUR or even €20 EUR a coin is not disclosed.
The current estimate is that OneCoin has around 65,000 affiliates in Vietnam.
One of them, L.M.T., who joined the scheme with an initial investment of VND66 million ($2,946) in January this year, said that making money has never been so easy.
“By the end of 2017, I can sit at home, log onto the OneCoin forum to trade my currencies, and [real] money will start flooding into my bank account,” he said.
In an effort to sustain the never-ending recruitment OneCoin needs to survive, Bamboo has come up with his own fraudulent investment scheme.
A Ponzi within a Ponzi, if you will.
OneCoin Vietnam invites members to join its cash-based financial investment scheme, where an investment of VND5 million ($223) will result in a dividend of VND6.5 million ($290) after only ten days.
For all the talk of pseudo-compliance among OneCoin’s top brass, both written and at their rahrah galas, it seems OneCoin has no problem with how OneCoin is marketed in Vietnam.
Here’s the kicker though, Bamboo
has stopped paying interest to its investors since September, with some members lamenting that they had no way of contacting any responsible person behind the scheme.
This is in line with Alexa traffic estimates to the OneCoin and OneLife website domains, which suggest affiliate recruitment has plateaued.
In an investigative report into OneCoin, Tuoitre News sought comment from the Banking Academy of Vietnam, a university in Hanoi.
Tran Thi Linh Dung, dean of the banking department under the Phu Yen branch of the Banking Academy labelled OneCoin a “credit fraud that targets people’s greed”.
Tuoitre News also sought comment from the Ministry of Industry and Trade.
Trinh Anh Tuan, deputy head of the competition authority, revealed the Ministry had completed their own investigation into OneCoin.
All information regarding the OneCoin scheme and Bamboo (has been handed) to the Ministry of Public Security for investigation.
Whether anything comes of the investigation remains to be seen.
@Oz
Current internal value of OneCoin is 6.95 EUR, not 0.6 EUR.
Thanks I fixed that.
Interesting to note that outside of OneCoin’s own inflated value, the actual trading value is around 0.6 EUR. That’s nowhere near the 6.95 EUR internal value.
And that’s with the attached business opportunity. Imagine what the public value of OneCoin would be without the attached investment opportunity.
This probably means that they victims were asked to buy some package.
For example with Starter+Tycoon Combo with 2 normal splits and 1 supersplit, 1 coin will cost about 0.4€: youtube.com/watch?v=5KgyHrD1yBo&t=240
get ready for nutcases like ken labine/joby boughey to run around claiming that this ‘bamboo’ character was selling onecoin through his own personal ponzi scheme and that’s the problem and not onecoin itself.
this is the kind of excuse they made to explain the investigations into onecoin by regulators in china and bangladesh too.
on the other hand expect big onecoin leaders to stop going into vietnam for a while now.
Darn it. I was booted from Ruja’s “Official Page” for being a grammar nazi, apparently. I was kind enough to notify each and every commentator who had congratulated the “Crypto Queen” that they had spelled #KleptoQueen and #KleptoCurrency wrong 🙁
uh, muhammad zafar top onecoin recruiter from the UK Finally says it as it is [bolding mine]:
well said, well said!!
Legit? Oh dear lol…
OneCoin it’s hosting an event in Bogota, Colombia tomorrow. The problem is that Colombia is a country where OneCoin had been ruled illegal BY NAME.
allevents.in/bogotá/colombia-bogotá-presentación-de-onelife-onecoin/1300489956648256
I wonder If authorities will enforce the law in their own country?
Oh, yeah. Just CC the president and general palomino of national police on Twitter. 😉
any person can tell me how onecoin is crypto currency. it is not a crypto currency it is only scam and hype and onecoin is not a coin.
when you have any currency you can use it freely. but onecoin is not a currency because you cannot use it with your own will.