Addition October 8,2021: Attorney Johannes Bender who represents OneCoin victims in the secondary suit in the Münster OneCoin trial in Germany which starter on September 18, 2021, wrote about the OneCoin blockchain and fraud questions covered in court. MUST READ FOR ALL ONECOIN MEMBERS!
OneCoin company is a Bulgarian scam company operating without any regulatory financial or virtual currency licenses.
OneCoin virtual currency is a fake-value coupon point coin existing only on OneCoin's OneEcosystem MLM website. Its fake "value" is announced by anonymous Bulgarians on exactly this 1 MLM website. This virtual coin is claimed to be a cryptocurrency by its marketing, but Onecoin has no cryptocurrency properties what so ever; no secure wallets, no public/private keys, no valid blockchain for users to verify their transactions.
"Mining" of coins in the OneCoin fraud scheme means just an exchange of intermediary tokens from MLM packages (tokens are multiplied in numerous "splits", Wonder Wheel etc. promotions) to Onecoins using a certain ratio called "difficulty factor" by doing a division calculation. This is not the concept of a real cryptocurrency mining. OneCoin uses lexicon from the real cryptocurrency space in order to defraud members making them falsely believe that they are profitably "mining" a crypto coin.. An expert witness said at the German Münster trial in October 2021 :"OneCoin does not consist of tokens and is not created with the help of tokens". The members have been lied to from the beginning.
All assets are totally at the mercy of the anonymous Bulgarian scam operators, who can freeze member accounts any time they want, which they have done numerous times to members who critisized Onecoin.. OneCoin and all its related companies operate completely unregulated and unlicensed. OneCoin recently appointed a new Bulgarian CEO, Ventsislav Zlatkov.
Marketing and promotion of the scam is operated by OneEcosystem/OneLife MLM network, which is led by convicted criminal robber Cordel "KingJayms" James from Trinidad & Tobago.
Contrary to any legit European financial or virtual currency service company, OneCoin operates totally unlicensed and unregulated and is warned by countless financial regulatory agencies around the world. OneCoin is stated to be a "massive international fraud scheme" by the United States Department of Justice. Ex-head of OneCoin, Konstantin Ignatov, has testified in US court, testifying that OneCoin is worthless and a fraud scheme.
The Bulgarian OneCoin scam operators announce OneCoin fake value as 42.5€ and a fake market-cap of (ridiculous) Trillions of Euros on their MLM Portal, promoters claiming it to be bigger project than Apple.
In reality, OneCoin doesn't have a market defined value, there's no exchange where OneCoin could be exchanged to any real currency. Thus OneCoin has no real market-capitalization. It has Trillions of euros of fake value supply as virtual coins on member accounts, but practically no demand, which means the coin is generally worthless, just as Konstantin Ignatov testified.
This makes OneCoin also an already collapsed ponzi, which still has some active promoters left who try to attract gullible people with MLM packages claiming to create a huge value in Dealshaker, or even claiming that OneCoin will become a world currency. Despite continuing efforts OneCoin recruiting has collapsed compared to the levels what it was 3-4 years ago.
Unsurprisingly OneCoin company doesn't accept its own coin for service fee payments, but accepts euros and bitcoins. A large percentage of members have account problems, and the company is collecting service fees from them, but still many members can't access their accounts since around September 2020.
Dealshaker is OneCoin's low traffic badly working "e-commerce" website. Most deals are hybrid Euro+One deals, where the Euro part already covers or exceeds the actual value of the product. The promoters advertise it having over 134,000 merchants, while in reality only a small fraction are active as the counter never decreases when a merchant becomes inactive. The platform itself is full of expired, and zero coupons sold deals. As OneCoin has no real value, by far the most deals are not attractive and requiring euros as well. The result is, according to Dealshaker's own counter, less than 20% of the alleged 3.7 million OneLife members have ever logged in to Dealshaker. Dealshaker has been plagued with fake deals, especially fake car and real estate scam deals, where people have lost a lot of money.
A pseudo-compliancy of the OneCoin fraud scheme's "business model" is claimed with the usual education package explanation. Of course the real reason people have been lured to pay big money for the MLM packages, are the multiplying tokens, and the claimed fake value of Onecoin and its "amazing future" which is always "coming soon". Hardly anybody visits the fraud scheme's OneAcademy as traffic is so low it barely registers in web traffic analysis services.
There's an active indictment against Ruja Ignatova by the US Department of Justice. Ruja faces 85 years in prison. There MOST CERTAINLY is an active search warrant for her, just the same as there was for Sebastian Greenwood when Greenwood was arrested in Thailand.
"Manhattan U.S. Attorney Announces Charges Against Leaders Of “OneCoin,” A Multibillion-Dollar Pyramid Scheme Involving The Sale Of A Fraudulent Cryptocurrency.
Current Leader Konstantin Ignatov Arrested at Los Angeles International Airport":
Konstantin Ignatov (brother of Ruja) acted as the head of OneCoin after Ruja disappeared in October 2017, and was arrested on March 6, 2019, has pleaded guilty on 4 charges in United States Southern District New York :
1. Count 1 - Conspiracy to Commit Wire fraud
2. Count 2 - Wire Fraud
3. Count 3 - Conspiracy to Commit Money Laundering
4. Count 4 - Conspiracy to Commit Bank Fraud
Konstantin pleaded guilty on these charges by signing a plea agreement letter on October 4, 2019.
The letter (Government Exhibit 901) can be seen here:
or here: https://imgur.com/a/noD3dBA
After that, Konstantin became an active Government witness against OneCoin, which he still today is.
On November 5,6 and 7 of 2019, Konstantin testified in Mark Scott trial during 3 days against OneCoin, admitting and confirming in great detail that OneCoin is a scam, the coin is worthless, and there's no valid blockchain.
The transcripts of the Mark Scott trial where Konstantin was testifying are freely available for all to read here:
November 5,2019: https://www.courtlistener.com/docket/7829201/187/united-states-v-scott/
(starting from PDF page 95)
November 6,2019: https://www.courtlistener.com/docket/7829201/189/united-states-v-scott/
(starting from PDF page 14)
November 7,2019: https://www.courtlistener.com/docket/7829201/191/united-states-v-scott/
(starting from PDF page 23)
At the end of February 2021, after sitting nearly 2 years in different detention centers, Konstantin was able to get to home arrest while waiting for his witness cooperation to end, and eventually his sentencing to take place.
Now that Konstantin is in house arrest and can use Internet, he has deleted all OneCoin material from his personal Facebook page https://www.facebook.com/konsti.keks
Coming significant OneCoin USA Federal Court Dates:
Mark Scott sentencing: Sentencing is adjourned pending the Court’s ruling of the post-trial motions.
David Pike sentencing: February 18, 2022
Sebastian Greenwood pre-trial status conference #5: February 24, 2022 at 3:30 pm
Gilbert Armenta sentencing: April 7, 2022 at 3:30pm
Konstantin Ignatov sentencing control (a check if his witness cooperation has been completed. If not, a new control date will be set): May 12, 2022 at 2:30 pm
Ruja Ignatova: remains at large
Follow real time OneCoin scam updates: https://twitter.com/CryptoXpose