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OneCoin Scam. All about the OneCoin Ponzi Scheme



One of the largest Ponzi scheme OneCoin by OneLife that the world has ever experienced has been taken down.

One of the largest Ponzi scheme that the world has ever experienced has been taken down


Opening thoughts

The cryptocurrency space is highly vulnerable and is continuously being attacked by a number of hackers, as well as many other, Ponzi schemes in the form of cryptocurrencies. Which is emerging out and especially targeting the newcomers in the cryptocurrency field, as they do not have much experience in the domain? Playing a safe game in the cryptocurrency market is like gambling, but if the investors undertake immense precautionary measures and calculated risks, then it is very certain that the input and as well as output from the cryptocurrency market can be optimized.


The OneCoin scam

OneCoin scam was one of the Ponzi schemes which the cryptocurrency community witnessed. The OneCoin scam was primarily promoted as a cryptocurrency blockchain project in order to attract investors from various countries throughout the world. It was primarily considered as a scam as due to its architectural functionalities as well as the members involved with it. However, on January 17th, the Bulgarian police raided the offices of the blockchain project in Sofia and ceased all its operations including the servers.


History of OneCoin scam

The Founder of OneCoin company is actually a Bulgarian businesswoman, Ruja Ignatova. The OneCoin scam promoted itself to be as a cryptocurrency blockchain project but on the contrary, it deemed itself to be one of the centralized platforms where the cryptocurrency funds are stored in a highly secure manner. It is highly astonishing to know the fact that the Blockchain project was neither open source nor decentralized in nature. Yet, the marketers were able to lure massive investments in the project. The OneCoin scam had also ensured to implement the Anti Money Laundering procedures so as to avoid the cryptocurrency losses.


Seizures of OneCoin scam across the world

The company is actually registered under the jurisdiction of the Government of United Arab Emirates, with the name, OneCoin Ltd. but according to the police investigations, it has been revealed that the organization actually works through hundreds of its subordinate companies, spread throughout different continents, across the world. In May 2017, the Government of Kazakhstan levied strict regulations on the company and termed it to be one of the Ponzi schemes. Further, in July 2017, the Government of India also arrested 23 people involved with the OneCoin scam. Even the Italian government noticed the Ponzi scheme and it’s Italian Antitrust and Consumer Protection Authority (AGCM), imposed a fine on the company of almost 2.5 million euros.  


Company’s thoughts on the allegations

However, the people involved with the OneCoin scam are constantly being denying all the allegations. According to the members, the confiscation of various technical pieces of equipment has led to the closure of all the business operations, which would indirectly lead to huge amount of losses and ultimately bankruptcy as well. According to them, they were always ready for any clarification of doubts or speculations regarding the OneCoin scam, but none of the media outlets approached them, in order to get them clarified. They mark this as a lack of journalistic integrity and ethics.


The OneCoin scam was spread across the world

Various countries across the world have realized that the OneCoin project is actually OneCoin scam. various countries around the world like England Italy Ireland the United Kingdom Ukraine China India, etc have taken strict measures against the OneCoin scam. The Government of China, in fact, has confiscated $260 million in OneCoin and has also prosecuted 98 members involved with the project in China.


Closing thoughts

Also, the incorporation of cryptocurrencies for the illegal activities is on rising which automatically directs the attention of the various governments as well as financial regulators of countries. The intervention of various financial regulators has given certain kind of confidence to the newcomers in the field who were a bit hesitant due to its unregulated nature. One must be very speculative and thoughtful when it comes to cryptocurrency investments, as many people, disguised as entrepreneurs and business persons are eagerly looking forward to an opportunity to get rich as quick as possible.

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  1. Pingback: OneCoin Scam. All about the OneCoin Ponzi Scheme – The Coinage Times

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  3. TimTayshun

    September 7, 2018 at 6:26 pm

    Unfortunately, although eradicated from most of the westernized world, Onecoin is still scammingin the poorest countries on earth.
    They’re also trying to pull off a scam ICO.

  4. juan pinto

    September 7, 2018 at 7:45 pm

    sos un verdadero Hijo de puta no estas informado de nada

  5. Jviettin Jimmy

    September 8, 2018 at 3:10 am

    You don’t have no new allegations other than try to report the same old boring accused which Onecoin have been cleared.

    Good luck to your intention to divert the smart investors a away from the good Samaritan like onecoin.

  6. Floy

    December 10, 2018 at 8:54 am

    Enjoy these or not predicated on their value, not the fact that the tiny icons lookalike.

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  8. Pingback: You are on Candid ‘Scamera’: Top-3 Recent Crypto Scams that Shook the World – Blog

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Alert: Bitcoin Core Developer Accuses HitBTC of Scam



Luke Dashjr, a Bitcoin core developer is claiming that the cryptocurrency exchange HitBTC is a scam and the company is stealing money from the customers.

Luke Dashjr, a core developer of the original Bitcoin is claiming that the infamous cryptocurrency exchange HitBTC is a scam and the company is stealing money from the customers by not letting them withdraw their cryptocurrencies from the exchange.


Is HitBTC a Scam?

According to Luke Dashjr, HitBTC is surely a scam as the exchange is not letting him withdraw his funds from the exchange. The issue initiated when the exchange suddenly started to ask for personal information from Luke which according to him was not supposed to concern the exchange at any cost. The bitcoin core developer is also advising other people in the cryptocurrency space to withdraw their funds from Hitbtc.


HitBTC is shutting down the exchange accounts of people who are not complying to their KYC requirements, however, earlier the exchange did not have any KYC requirement. The exchange had earlier pledged to give a notification to the traders if there are any changes in the rules and policies of the company, however, Luke said that the company never sent any kind of notification at all.


Reply by HitBTC:

HitBTC replied back to the allegations very quickly stating that the withdrawal issue was due to the token swap of KIN which was going on at that particular time. They also asked Luke to send them over his details so it’s easy for them to find a solution for him.


Other Allegations:

HitBTC has been accused of scam and fraud by many people in the past including John Mcafee, one of the most famous personalities in the crypto space who called the company a fraud because of the withdrawal issues with MTC token.

Also, a complaint was recently made by a cryptocurrency trader and investor Trace Mayer who said that the company had frozen his exchange account while the Proof of Keys event was going on which was organized especially to expose cryptocurrency exchanges like HitBTC.

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Bitcoin ATM Fraud: Four Canadian Men Declared Wanted



Four men have been suspected and declared wanted by the police in connection with the Bitcoin ATM double-spending attacks.

According to a report published by the CBC. four men have been suspected and declared wanted by the police in connection with the double-spending attacks at Bitcoin ATMs. According to the report, a hundred and twelve transactions took place in just September 2018 out of which around sixty-six (half) of these took place in Calgary and others in Hamilton, Toronto, Winnipeg, Montreal, Ottawa, and Sherwood Park. However, the men that are suspected have unknown identities and the local police are seeking the help of the public in order to identify them.


Bitcoin ATM: Double Spend Fraud

Bitcoin ATMs installed in these areas had a zero-confirmation transaction which means that even without a single confirmation, the bitcoin atm allowed the withdrawals which made it possible for the suspects to perform double-spending in these ATMs.

The alleged persons performed a hundred and twelve transaction averaging to around $1800 per transaction in just ten days of time and made more than $200,000 out of it.


How does Double-Spending Work?

Double spend is made possible due to tools developed by Peter Todd, a bitcoin core developer who resides in Canada. The tool called replace-by-fee-tools allows the user to ‘unstuck’ and ‘stuck’ transaction by paying extra fees. However, the tools were not developed or endorsed for performing such criminal activity at a bitcoin atm.

According to Peter Todd, the double spend tool creates two transactions in sequence out of which the 1st transaction makes the stated payment to the stated address and the 2nd transaction double spends the same transaction with a transaction which has a greater amount of mining fee, making the payment only to the change address. Also, the user can choose to state that the 1st transaction additional OP-Return, Multisig as well as Blacklisted address outputs. As many bitcoin miners would not accept the transactions that have these kinds of outputs, instead they will accept the 2nd transaction that is a double-spend transaction which indeed assists the user to double spend.

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OneCoin Founders Arrested: Charged Billions for Fraud



Konstantin Ignatov and Ruja Ignatova, the founders of OneCoin Ponzi Scheme were arrested in Los Angeles airport on Wednesday, 6th March.

Konstantin Ignatov and Ruja Ignatova, the founders of OneCoin Ponzi Scheme were arrested in Los Angeles airport on Wednesday, 6th March. As per the announcement made by the US Attorney Office of the Southern District of New York, a US district attorney has charged the founders who are accused of securities fraud, wire fraud and money laundering by tempting people to invest billions in the cryptocurrency scam.


OneCoin was founded in Bulgaria in 2014 as a multi-level marketing project. The members of the project received a commission for attracting more and more investors to buy the OneCoin cryptocurrency. The network of the company grew massively and had already attracted more than 3 million investors globally.


According to the investigation, OneCoin made more than $3.77 billion in sales revenue and around $2.25 billion in profits between the 4th quarter of 2014 and 3rd quarter of 2016.


The district court attorney said that the founders performed an old-school pyramid scheme on a new-school program which compromised the probity of the financial system of New York and extracting billions from people in the form of investments.

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