OneCoin company is a Bulgarian scam company operating without any regulatory financial licenses.
OneCoin virtual currency is a fake-value coupon point coin on OneCoin's OneLife MLM website. Its fake "value" is announced by anonymous Bulgarians on exactly 1 MLM website. This virtual coin is claimed to be a cryptocurrency, 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". OneCoin uses lexicon from the real cryptocurrency space, but in OneCoin the meanings are totally different.
All assets are totally at the mercy of anonymous Bulgarian scam operators, who can freeze user accounts any time they want, which they have done numerous times to members who critisized Onecoin.. The company operates completely unregulated. OneCoin has no public CEO or a public spokesperson after Ruja Ignatova disappered in October 2017 and Konstantin Ignatov's arrest on March 6, 2019.
Marketing and promotion of the scam is operated by OneLife MLM network, which is led by ex-criminal robber Cordel "KingJayms" James from Trinidad & Tobago.
Contrary to any legit European financial company, OneCoin operates totally unlicensed, 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 users with MLM packages claiming to create a huge value in Dealshaker, or even claiming to gullible people 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 from 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 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 5K1 letter on October 4, 2019.
The letter (Government Exhibit 901) can be seen here:
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)
Approximately in 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:
David Pike plea hearing: September 8, 2021 at 10 am
Sebastian Greenwood pre-trial status conference #4: September 10, 2021, at 3:00 pm
Mark Scott sentencing: September 15 (requesting September 8), 2021
Gilbert Armenta sentencing: Oct 13, 2021, at 3:30 pm
Ignatov sentencing control (a check if his witness cooperation has been
completed. If not, a new control date will be set): November 12, 2021, at 3:00 pm
Follow real time OneCoin scam updates: https://twitter.com/CryptoXpose