OneCoin faces international scrutiny, called Ponzi scheme

PHILIPSBURG–The warning from the Central Bank of Curaçao and St. Maarten about the risk of buying, holding or trading virtual currencies or other digital value units from One Coin, One Life, One Life Banking System, and related entities has sparked interest in what exactly is this online money scheme.

The Central Bank’s warning stemmed from the entities dealing in virtual currencies not being under the supervision of the bank. This means consumers are not protected when using virtual currencies and may be at a higher risk of losing their money.

OneCoin is widely considered a Ponzi scheme. It is promoted by OneCoin Ltd, an offshore Dubai company, and OneLife Network Ltd (Belize), both led by Bulgarian Ruja Ignatova, according to Wikipedia.

OneCoin has been described as a Ponzi scheme, both because of how it has been set up and because many of the people who are central to OneCoin having previously been involved in other such schemes.

In Hungary, the Central Bank has issued a warning that OneCoin is a pyramid scheme and in China, several members and investors of OneCoin were arrested in 2016 and US $30.8 million of assets were seized.

In February, German Federal Financial Services Supervisory Authority BaFin froze all the remaining active bank accounts that were used laundering money for OneCoin network. A total of 29 million euros remains frozen on these accounts. Also, BaFin ordered IMS International Marketing Services GmbH to cease all unauthorized money transactions related to OneCoin and to return the most recent money transactions to their investors. On April 18, BaFin ordered OneCoin Ltd to cease all the business in Germany banned trading on April 27. OneLife Network Ltd and One Network Services Ltd were ordered to cease their business in Germany.

   On May 9, Bielefeld Prosecutor’s Office started investigations against seven people in power of International Marketing Services GmbH (IMS) in Greven, Germany, for organized fraud and money laundering. According to the prosecutors, IMS had received 360 million Euros from German investors during the time period December 2015 to December 2016, of which 29 million were still in bank accounts that were frozen.

On April 23, Indian police arrested 18 people in Navi, Mumbai, for organizing an OneCoin recruitment event. The police attended the event undercover to judge the accusations before they decided to act. Further investigation has been started to reveal the higher levels of the pyramid.

In December 2016, Italian Antitrust Authority adopted an interim injunction against the company One Network Services Ltd., active in the promotion and dissemination of cryptocurrency OneCoin and its representatives in Italy, describing their activities as an “illegal pyramid sales system,” and ordering them to cease promoting and selling OneCoin in Italy. On February 27, after concluding its investigation, AGCM banned all activity on OneCoin until further notice. has given detailed evidence that OneCoin is an extensive Ponzi scheme scam.

The company and the scheme is on the observation lists of many authorities, among them are authorities in Bulgaria, Finland, Sweden, Norway and Latvia.

According to OneCoin, its main business is selling educational material for trading. Members are able to buy educational packages ranging from 100 euros to 118,000 euros. Each package includes “tokens” which can be assigned to “mine” OneCoins.

OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. Each level (except six and seven) or package gives new educational material. The company and its recruiters claim that OneCoin doesn’t sell cryptocurrency, but only educational material.

Currently there is no way to exchange OneCoins to any other currency. Previous to January 2017 the only way to exchange OneCoins to any other currency was OneCoin Exchange, xcoinx, an internal marketplace for members who had invested in more than just a starter package. This service was shut down without warning in January.

Source: The Daily Herald


  1. @Vincent – your source is immediately discredited as it states that this is some type of hate campaign. The facts are that Onecoin is BANNED in Germany, BANNED in Italy (with threats of fines by AGCM of up to €5.000.000 for ANYONE printing the scheme within its borders), there have been over 30arrests already of Onecoin promoters in 5countries and €10’s of MILLIONS of euros seized in various Onecoin bank accounts (at least 22which have been shit down around the world). Not to mention, Criminal Investigations against the scheme continue to flourish, most prominently in U.K., Germany, Austria, Hungary, Italy, India, Thailand, China, Vietnam, and many many more which have NOT been officially announced to the general public.

    Onecoin, by the way, had so-called “legal opinions” in Germany, Italy, Sweden (who reopened their own case just 3days after having closed it, citing new information and evidence). So Onecoin “Legal Opinions” aren’t worth the paper they’re written in, being that 2 of those countries have banned it completely now and are building their legal cases against it further, with aims of prosecuting those involved.

    • You say this is not campaign yet you and your buddies are all over the internet, you comment every article that has your smelly signature attached to it. It is visible from the distance and you prove it your self by always being ready to comment. Who are you fooling.
      Won’t even mention ton of fake facebook account trolling where they can.

      Italy and Germany cases are well known, nothing to do with any BAN, just precautionary measures until dispute is finished. You just lie.

      Legal opinions are written by decades old law firms that can be sued by people who enter business based on those papers if they lie. They state Onelife compensation plan is legal network marketing, not pyramid scheme.

      Invetigations and arrests are made against Onelife IMAs who do not obey company rules and they go sell onecoins and promise high returns. That is illegal and should be punished. Nothing to do with Onelife being scam.

      Onecoin is simply private cryptocurrency with private blockchain that you do not understand since your proof of blockchain is not being able to see all transactions where company states that not all transactions were seen because they are not obligated to show them until public. you see only transactions cumulated in treasury account. you know private blockchain can afford to have one. Other “proof” is lier Bjorn Bjerke who was inconsistent with his lies. And you no longer disgrace yourself by mentioning excell sheets, former Onelife IMA ave you better idea by inventing claim that onecoin has blockchain on SQL server

      Every response to your lies remains ignored by you, you just go on and on…

      • If you’re dumb enough to believe that a COMPANY can simply go into “the money printing business,” than you have a few things to learn in life still.

        Step up to the plate and get your ass handed to you: #TheOnecoinChallenge
        Frustrated by #Onecoin half-truths & non-transparency? If you Can’t handle it, ask UR Leaders to step up!