Truth about the OneCoin scam exposed with supporting documents. Please read and share this information on social media. Too many people have been fleeced of their money by these Scammers.

in onecoin •  8 years ago  (edited)

I have gotten my hands on some attestation files which OneCoin shills use to hoodwink people into investing into what is quickly becoming one of the largest Ponzi schemes in recent history.  Of course the documents state that they should not be distributed without permission because they are such blatant examples of lying and scamming that anyone with even a slightly discerning mindset can pick up on it right away.  


I believe that its growing so fast because suckers who already bought in are rewarded with a 10% payment for bringing new suckers in (10% of what new suckers invest) payable in Euros of course and not OneCoin LOL. Not a bad compensation plan if you can set your morals aside in order to scam your friends and your family.

OneCoin is not traded on any exchange and if you want to buy some of this snake oil you need to send a wire transfer in Euros to these scammers.  No way to sell it once you have acquired it.  There have been promises about exchange listing but its always postponed for some "great" reason. 

In the linked Archive of their attestation and promotional material are files which according to OneCoin are the pillars of their legitimacy.  

They are:

1. AUDIT_REPORT_APRIL_2016

2. Merchants_Mobile_App_Builder_London_11_June_2016

3. OneLife_Legal_Opinion_Sweden_July2016

4. RujaIgnatovaResearch

(Click on Clearnet Download button to download the archive.)

 https://s2.obscuredfiles.com/?file=vHeVf8yi 


The Audit report (AUDIT_REPORT_APRIL_2016) made me laugh out loud.  First of all this audit has been performed by some obscure firm (and I use the term firm loosely) called "S Systems LTD." (S must stand for Scam) which has no executives reported publicly as can be seen by following this link: http://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=261419004 

Seems pretty shady for an audit company but this is just the start.

The report reads as if it was written by a kid and all it states is that there were no coins created outside of OneCoin schedule which with almost any other crypto currency can be determined with a blockchain explorer such as blockchain.info.  Basically the audit report is totally useless but I've heard it mentioned numerous times by OneCoin shills and also uneducated victims of this scam as proof of their legitimacy.

 

The other hilarious artifact included is the document titled (RujaIgnatovaResearch) which is a background document on their cult leader, Dr. Ruja.  In the pdf it states she is international business woman of the year.   One of the two links is broken, the other points to a pdf hosted at OneCoin and no longer does it call her international businesswoman of the year but rather just businesswoman of the year.

If anyone takes time to actually read that short write up it says that she was nominated for such an award and not received it.  If even that is true, who knows its hosted on the OneCoin site, anyone can put anything up there.  If she was really nominated for some business woman of the year award there would be a link to supporting artifact or article hosted by the organization which nominated her for the award rather than on a OneCoin site.


The document titled (OneLife_Legal_Opinion_Sweden_July2016) is also a joke.  Its an opinion given by someone that under Swedish law the OneCoin compensation plan is not illegal.  Another weak effort to legitimize this Ponzi scheme.  They are selling this scam to people world wide.  Who cares that someone rendered an opinion in Sweden, are they even qualified to make that assessment?  What are their credentials?


Unfortunately the OneCoin scam targets people who have no experience with crypto currencies or who are simply very gullible.  What perpetuates this scam is cognitive dissonance.  Basically once you are invested financially in OneCoin it is painful to allow yourself to admit that its a scam so you tune out all information which so blatantly illustrates the lies on which OneCoin is founded on.  I have even seen this first hand from someone I know who touted the audit report mentioned above as proof of legitimacy.  This is a person who has many years of audit experience themselves in the IT sector.  People simply cannot accept the fact that they've been duped into such an obvious scam.

Please share this information to prevent innocent people from losing their hard earned money.  We have enough scams in the crypto currency sphere already, we don't need another one.  Especially one so monumental.  If you are one of the people who already invested take a step back and have a sober objective look at this and all other material put out by the OneCoin cult.  Don't be responsible for other people getting scammed simply because you have made a mistake.

There is even a petition circulating to get their cult leader, "Dr." Ruja arrested.  There are a tonne of other accusations in that petition.  Check it out for yourself, I did not mention them because I did not verify them.  What I wrote here is based on my assessment on actual OneCoin documents used to shill.

Petition:  https://www.change.org/p/london-house-of-commons-arrest-ruja-ignatova-of-onelife-onecoin-along-with-her-co-mobsters 







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Great article - I've mirrored the downloads in case OneCoin try to have them removed.

http://go4up.com/dl/4eca41d9c740ba/onecoininformation.zip
http://multimirrorupload.com/fniti0vk7y23/onecoininformation.zip

Great idea.

Thank you @wpalczynski for this article to expose this scam.
First time I got to know about onecoin was through a friend of mine who had invested 1000 euros into it cause his friend recruited him. As soon as he told me, and this was at a point where I had taken a break from cryptos, it took me 5 minutes to figure out it was a scam and nothing like other altcoins.
I went ahead to go to one of their "conferences" and spammed them with questions. All they did was come up with some lame excuses about their lack of open-source and kept interrupting me and talking about bonuses. Least to say it was a waste of time, at least I made an effort to make it an even bigger waste of time for them so they could'nt recruit people well enough after my unanswered and reasonable questions.

A couple months later I prevented a friend from sending them 5k and instead invest in ethereum. It was the best decision he ever made. In another thread where @bravenewcoin was talking about Onecoin I made a comment about my try at exposing them, or atleast make people aware of how shady they are. But without much followers or reach to users you can't do much about it. In the comments is also a screenshot to @rogerkver who recently also joined Steemit recently.

https://steemit.com/money/@bravenewcoin/bravenewcoin-how-not-to-blockchain-a-look-at-onecoin

Here is someone making fun of onecoin 3 weeks ago on Steemit: https://steemit.com/funny/@satoshifpv/lol-one-coin-vs-ethereum-this-is-the-funniest-meme-of-the-week

Anyway. Good job, continue making people aware of that scam and point them to Steemit instead where they can make some real money. :)

  ·  8 years ago (edited)

Let me add some stuff that was brought up in the Finnish discussion forum that has been unraveling this scam in Finnish for quite some time:

  • The audit report is even bigger LOL than you'd think: it says (or at least used to say) that "no coins were mined outside the blockchain". And that's the entire message. They probably could add that no electricity was produced in a power plant without putting it to power grid and no Internet traffic was being transferred outside the Internet. The history of the audit is even bigger joke: originally the OneCoin leadership said there'll be audit made by Ernst&Young. Then later they said it'll be made by "Ernst&Young level company". Then it was supposed to come from Semper Fortis. Then from "SF Bulgaria" (where SF may or may not have stood for Semper Fortis). But even that did not happen but we have a desk drawer company called S-Systems, ran by one man and doing audits for OneCoin as their ONLY business. LOL.
  • Yes Ruja has received "the Bulgarian business woman of the year" award. You get the award by hosting the gala for the event, at least that's how I've come to understand it. Also mentionable is that it was years ago and so far we haven't heard of a single other "Bulgarian business woman of the year" - not before her or after her. (And no, she's not Dr. Ruja as she never made it to Doctor degree.) No global awards of any kind for her.
  • EDIT: there was mistaken data here: German legal opinion was from Onecoin affiliate: http://behindmlm.com/companies/onecoin/onecoin-legal-opinion-authored-by-director-of-the-company/ But the motives of the person who made the Swedish legal opinion (original topic here) remains a mystery.

(Finnish forum: http://murobbs.muropaketti.com/threads/onecoin-uusi-pyramidihuijaus-krp-rikosta-voidaan-arvioida-luotettavasti-vasta-myoehemmin.1197240/ )

Thank you for this, hope no one gets taken by this scam.

Way too many already have. Its in the hundreds of millions at least now if not billions of dollars.

Lets do everything we can to make sure its not.

Hmm their logo is a big zero...

Been following this scam for weeks now. Sad to see people are so blinded from the hype. I just shared your post on all my social media channels! Hope to get the word out! Great post!

Thanks. Lets spread the word.

A referral scam? Man.... these guys just never stop creating new scam projects because people in crypto have such big hopes.

The thing is I don't even think these are crypto people. I think they are a European group of scammers who simply jumped on the crypto bandwagon.

The crazy thing is many people know this and will still buy. i never understood why but many coins these days are scams and people will keep buying and making the scamming dev more and more money. I cant stand scammers and hackers in crypto they got me and wiped me out of what i worked many long hard years to make took them minutes to take it all

This is but ONE OF MILLIONS OF CRYPTO SCAMS - Mazacoin, Wankcoin etc etc...you've written a LOT of words for just one coin - dare I say it, I hope you never venture near the Dark web and see the Bitcoin wallet scams going on there...(just don't get me started on Shadow wallet!!!)

The difference here is the magnitude of this Ponzi. Most crypto scams take a modest amount from people into crypto currencies. This scam targets normal people who have no background in crypto. None of the other scams have been this wildly successful.

I disagree. Many were hurt over the pre-mined Mazacoin scandal and many others - I lost 15 BTC! Pump and dumpers will always remain with us as long as cryptos exist - I'm sorry to say it my friend. We need better transparency on ALL coin issues - STEEM included!!

This one has collected a billion dollars or more. Which one comes even close?

So many people are trying so hard to get me into Onecoin and I would say no thanks, if it's not listed on an exchange where I can buy and sell it I am not interested.

It likely never will be. It would be the end of the scam. People who bough have nowhere to sell right now, if it was listed on exchanges the ones who figured out its a scam would sell at a loss and the price would really tank. That is why they keep postponing exchange listing always coming up with a great reason for the delay.

Thank you for this post! Duly noted and upvoted, shared!

I can confidently say that onecoin project - scam. Onecoin - not cryptocurrency. Evidence: It is not a peer-to-peer network, operations are available only in an electronic personal account on the company website, full control over the database is in the issuing company, OneCoin was originally designed as a strictly centralized system, OneCoin does not publish the source code and does not announce the details of the technical system ( the size of blocks in blockchain, frequency of change complexity, how carried the proof of work, which algorithm of mining, what equipment is used for mining). Onecoin is kept afloat thanks to three factors: 1. The large time lag between the input and output of money, which is achieved by artificial restrictions on the internal Exchange ( in terms of withdrawal of funds for the period of time). 2. On the inside of the stock exchange price onecoin overstated , due to which the demand for onecoin - not while offer - great, making it more difficult to sell it. 3. An aggressive advertising campaign , PR- action for a set of neophytes do not know anything about cryptocurrency and no minimum financial knowledge.
My conclusion: onecoin - pyramid scheme of new generation. By law, a company is difficult to prosecute , but it is possible - nowhere on the website does not say that the person who bought the only starter package is not able to recover their money back, without additional financial investments and extra time.

Hi @wpalczynski I reposted your article, which I support, on Facebook and got this threat from this person, Nicole McNicholas, obviously connected to onecoin. The text is as follows and I would like to know your opinion. Thanks "You need to be very very careful about the information you are spreading and the statements you are making. You are entitled to your opinion but if you are spreading misinformation you can be open to law suit just like anyone else. Facebook is the public domain. I see you are very knowledgable about crypto currency and the blockchain technology but your statement, without verified and accurate information is clearly slander. You will find that these sites are slowly being brought to account and the misinformation is being removed but your words are not. How confident are you in your source? It won't be long before people spreading misinformation will be brought to account."