October 19, 2021

One coin, and so many frauds: OneCoin as a global Ponzi scheme

OneCoin, declared as a cryptocurrency and simultaneously a trading company from Bulgaria, is suspected to be is a financial pyramid. No convincing rebuttals capable of supporting her business reputation were presented by her organizers.

For investments in the cryptoeconomics, some people are considering Cloud Mining. However, most of the companies involved in this area in reality turn out to be banal financial pyramids. The data obtained by CoinTelegraph, in addition to the reviews already published, indicate that OneCoin.eu and One World Foundation are involved in financial fraud.

The amount of evidence confirming the statusOneCoin as a financial pyramid, significantly. Its leaders were previously involved in other well-known financial frauds; her online resources do not contain any convincing evidence regarding her true intentions; the information posted on the site, designed to maintain their reputation, is largely contradictory.

In addition, the quality of the posted content, includingincluding the level of English and website design, are too low for the international activities that local business spill allegedly intend to conduct.

History of unseemly activity

Ruzha Ignatova, Founder, Owner and GeneralOneCoin CEO is trying to showcase his expertise and business skills. The information posted on the OneCoin.eu website indicates that she received degrees from Oxford and Constance [Germany] universities and previously served as CEO of the Bulgarian private equity firm CSIF.

If a resume is available on OneCoin.eu, positioned as official information, it should be noted that the statements found in other sources do not correspond to those indicated in its summary. Ignatova’s participation in Harvard University’s negotiating courses is only mentioned on the One World Foundation website and is not reflected in her resume.

Ignatova’s own website claims that sheshe graduated from Oxford with a master's degree in law in European law in 2004. The websites in question were created by WordPress, Blogspot and Weebly, the last two in German, claiming that in 2004 Ignatova began her career after graduating from Oxford. A diploma scanned and posted on OneCoin.eu indicates that she completed the training program in 2009; there is no mention of 2004.

CoinTelegraph contacted CSIF and asked to confirm data on Ignatova’s previous employment, but never received a response from her.

Sebastian Greenwood and Nigel Allan, both in OneCoin, have been seen in financial frauds in the past.

Greenwood previously worked in the defunctthe Unaico financial pyramid, whose activities have been criticized and warned by the Pakistan Securities and Exchange Commission. A notice sent to the company indicated “illegal network marketing” and encouraged consumers to “refrain from investing in and dealing with these so-called attractive business schemes practiced by the company.”

Allan, former president of OneCoin, formerlyorganized similar financial pyramids at OneCoin, namely, Crypto888 and Brilliant Carbon. Correspondence from January 2015 shows that Ignatova and Allan had discrepancies that led to a conflict, which Ignatieva described as “breach of trust” and called Allan “illoyal” (obviously meant “disloyal”, that is, disloyal).

Amateur cheating

Clearly, despite the visible leadership experience inWhen creating tools to trick consumers into investing in fraudulent ways, claims made by OneCoin are easily discovered as fabrications.

OneCoin work style takes advantage of prestige andpublicity to create an image of importance and legitimacy. The so-called ‘One-Bonuses’ are designed to reward successful traders who are invited to the awards ceremony organized by the organization. These ceremonies also serve as fundraising events for the “projects” of the One World Foundation.

“One-bonuses drive success stories. We award prizes like Black Diamond and Double Diamond. Belonging to this exclusive circle is rewarded with prizes, luxury items such as Rolex watches, cash prizes and luxury cruises. Other team members will be inspired by your accomplishments - and see what tremendous opportunities One offers them.

- OneCoin.eu

It was the last event in Dubai that promptedJames Dollahan to send us his message regarding the methods used by OneCoin. Dollehan, who works for the Worldwide Summit (Philippines), a Philippines-based consulting firm, confirmed in a comment sent to CoinTelegraph that a group of partners attended the event in Dubai, along with “approximately 3,000 other participants (obviously customers).” He explained:

“They met with owners and managersOneCoin, and, indeed, their behavior and what they said turned out to be exactly what I warned about. Not a single promise that could be verified or justified, with the exception of the arguments given on their own website [...]. Regarding technical questions, they were also not detailed in their answers, and many did not have any meaning or relation to real cryptocurrencies. ”

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According to OneCoin.eu, 650,000 Wankoins (OneCoin), as well as “50,000 cash” in unknown currency were donated to One World Foundation during the event.

Dolahan’s interest sparked a marketing gimmick,shown by Ignatova herself. The material presented as an interview with her was published on the front page of the Bulgarian Forbes magazine, published in May 2015, and this material OneCoin was subsequently posted on its website and distributed in print form at an event in Dubai.

While OneCoin passes it off as an “interview”,upon closer inspection, it becomes clear that the material is nothing more than paid advertising. The cover on the OneCoin.eu website does not match the cover on the Bulgarian Forbes website. Dollakhan distributed his correspondence by e-mail, where he asks Forbes for confirmation of the fact of the paid advertising campaign; at the time of writing this article, this fact was in the process of verification.

False friends

One World Foundation touted asThe main subsidiary (separated from OneCoin), claims to help dysfunctional children through donations raised through OneCoin activities and special events.

His website claims the fund is “supporting”various organizations, including One Laptop for Each Child, but does not report on how he does it. The ticker on the main page of the site informs at the time of writing this article that the fund “helped” 73 children, and again there is no supporting information.

The foundation also indicates that its mission is to“To enable children and youth to learn about today's economy, to make them responsible adults who are knowledgeable in finance and can build a prosperous life.” It is not clear how these goals are nevertheless achieved, thanks to the alleged support provided to them.

Meanwhile, another OneCoin partner is Aurum Coin- sharply decreased its activity since November 2014, since when the Bitcointalk forum drew attention to unfounded allegations and the availability of numerous reports of financial fraud.

Dazzling fine print

Each time, it is said differently that OneCoinregistered in Gibraltar, then in the alleged homeland of Ignatova - in Bulgaria. However, regardless of the location of his office, it is striking that the United States is listed on the site among the countries with which the company does not work with residents or works in a limited format:

“Applications for partnerships may be rejected if they come from residents of these territories, or available payment methods may be limited.”

In its OneCoin review, the resourceBehindMLM.com suggests that this is because “OneCoin would violate the Securities Commission (SEC) rules for offering unregistered securities to the market.”

That OneCoin Activities May Be Cleanfalsification, an obvious fact. There is no mention of OneCoin on any serious resource, including CoinMarketCap. There is also no information regarding its technical specifications, and the information posted on the site cannot be verified.

CoinTelegraph encourages readers not to joinbusiness relationships with OneCoin, its subsidiaries or partners. Similarly, any other projects related to the actors mentioned in this article should be avoided.

Posted by William Suberg

: cointelegraph

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