Tuesday, 12 February 2019

Miner One follow-up – An operation safe to fail

Time to review what has happened since my last post about Miner One.

Initially the company was supposed to start a mining farm in Luleå, Sweden. The marketing of Miner One was painting a picture of certain future success as "The World's Biggest Crowdfunded Crypto Mining Operation" that was going to operate in Sweden. According to Miner One's marketing pitches and white paper the location in Sweden was somewhat ideal for Bitcoin mining because of the moderately cool climate and cheap electricity available in Luleå.

To further build up its credibility Miner One published videos and other material to make it seem that the company really was about to start a mining farm in Sweden.

A letter of intent of renting facilities in Luleå.

Sweden, Sweden, Sweden. A screencap of Google search results of Miner One's Sweden related material.

Despite Miner One continuously used the location in Sweden in its marketing pitches prior the launch of ICO and even during it, the mining never started in Luleå.

Despite not operating in Sweden, Miner One had this on its web page for months, also while it was already operating in Lithuania. The label was removed only recently from the website.

Criticism not accepted

I had already found out that Miner One was not willing to answer any questions about using a blatant lie in its marketing. This was something that a legitimate business simply wouldn't do so I didn't find Miner One trustworthy at all to begin with.

In order to follow what's happening and to get the latest news I had joined the official Telegram group of Miner One. However, I was soon banned from there for no good reason. Apparently the company doesn't handle criticism too well, which alone should be considered a major red flag – in addition to all the false marketing (which also went as far as blatantly lying).

However, I managed to find an unofficial Telegram group of Miner One investors, which was actually a much better channel to get proper information about what was going on.

Mining started but failed – investors dismayed

I was actually surprised when Miner One eventually really did set up a mining farm of some sorts.

Instead of Sweden a location in Lithuania was selected. All the speeches about green energy and the ideal location in Sweden were forgotten in an instant.

Instead of proper facilities for a mining farm, shipping containers were chosen.

Anyway, there must have been great anticipation in the air among the investors of Miner One. – At last money was going to start pouring in!

According to the original plan the mining operation was supposed to start in July 2018, instead mining began in late August. A payout was made on Aug 31 from 770 miners operating for 10 days. There were also payouts for September and October. In total, these payouts came to about a 0.1% return. Mining ceased around November 20 due to the costs to mine exceeding the value of BTC mined. (This chapter was edited on 15 February according to the post in the comments section of this blog post.)

Miner One's white paper was pretty much guaranteeing incomes due a "cushion effect" the company had planned. That means that even in the case that the value of BTC drops, investment in Miner One can still generate returns. What could go wrong?

In reality there was no cushion effect and the income generated to the investors was a fraction of the sums they had been expecting. They were dismayed to find out that by the rate the mining was generating return of invest it would take even tens of years to get the invested sum back. I guess at that point most of the investors considered their money lost.

Considering the lousy ROI the miners were able to generate per investor, I don't think it wouldn't matter much even if the value of Bitcoin would double. At the best it would maybe just double the sum of pennies made earlier. – So no lambo!

The World's Crappiest Crowdfunded Crypto Mining Operation?

The mining operation might have been profitable at least for the company to get it going for a month or two. However, according to the information I have received via Telegram, Miner One was forced to shut down its miners soon after starting them due the huge decrease of Bitcoin value in the late 2018.

During these recent two months the investors have been more and more agitated about the situation and demanding proofs that the alleged mining equipment actually exist and presenting criticism towards the company. From what I have read from the unofficial Miner One Telegram group, there are many people who have invested thousands of euros to this scheme and understandably worried about their investment. Many of them already consider their investment lost.

There also doesn't seem to be much trust left towards the company. It doesn't help that even the most trustworthy supporter of Miner One among the investors has been kicked out from the official Miner One Telegram group. I guess he was just asking too many questions and presenting criticism while the company refused to show requested transparency and to share information.

This was recently posted on the unofficial Telegram channel. Word "hater" mentioned there at the end. Funny thing, I don't remember legitimate businesses ever talking about haters. What comes to FUD (Fear, Uncertainty, Doubt), I believe Miner One has always been all about uncertainties and doubts. Fear? I think fear is only a natural reaction of an investor who finds out that he has invested in uncertainties and doubts.

There hasn't been much news what is going to happen next. Pranas Slušnys has been implying about moving his shipping containers to another location where cheaper electricity would be available. Apparently Ukraine is the next target. 

The latest newsletter of Miner One tells us: 
“I take the relocation process very seriously, as the equipment has to be transported in unfavorable weather conditions, and there is no room for doing a show. I am going to the Kharkiv region in Ukraine myself to oversee the assembly process. The relocation was critical, as the electricity prices in the Baltics have increased since January, 2019, and our current supplier was unable to fulfill his obligations to deliver us the price that we have agreed earlier in 2018” – says Pranas Slusnys, CEO of the Miner One project.

Meanwhile the useless miners are kept in the shipping containers – or is there only one container? Who knows? The life span of a Bitcoin miner is relatively short so each month is like equal to one year in dog years, and 12 months equals a dead dog, so to speak. Hence it shouldn't take long before all the alleged miners would be scrap metal.

I personally think that this was already the end of the operation. No point dragging this on. From what I have found out just recently the official Telegram channel doesn't respond anymore to inquiries. Strangely Miner One has also deleted all posts from the official Facebook page that were posted this year. Among other things those posts were somewhat related to the issue of moving the mining farm to another location.

So Miner One became Minor One just as I predicted and now it's about to vanish.

Monday, 7 January 2019

The new DealShaker is a new DealShitter

OneCoin has been crumbling since the end of 2016 and from thereafter most of the top scammers have already left the sinking ship.

Suffering from a serious investment drought in its old market areas OneCoin and the remaining scammers have turned their focus on Africa and Latin America. To support the pillaging of people living in developing countries OneCoin introduced new remarkably cheaper education packages referred as "Legal Courses".

It's funny though that they forgot to include any education to those packages. – So much for the "we are only selling education" ruse.

OneCoin's new uneducation packages. Click to enlarge.

A member concerned about the missing education.

Still no exchange

The members of the scam have been desperately waiting for an exchange to cash out their imaginary possessions from OneCoin. Of course the company has no interest in setting up an exchange for reasons that should be obvious for anyone with even basic knowledge of economics and a half of a brain.

As an effort to divert the attention from the missing exchange OneCoin has introduced various sideshow schemes such as MAB (Mobile App Builder), IPO, ICO and a merchant platform called DealShaker.

I believe most of you readers already know what DealShaker is about, but for those who don't; in a nutshell it's a merchant platform designed to strengthen misbeliefs of delusional victims of the scam and to attract more gullible people to invest to the ponzi.

In reality the platform has turned out to be an awkward and even somewhat hilarious effort by OneCoin to build up credibility.

As OneCoin's pseudo currency has no real value there hasn't been any genuine interest towards DealShaker and the platform practically only succeeds to underline that the coin is in fact worthless. The tragicomic BMW auction speaks for itself.

To make the site appear more vital OneCoin has had fake deals manufactured to the platform. Hence there has been masses of fake deals on the platform. Usually these pre-marketed deals are systematically deleted right before they should become actually available for any customers.

I guess the failure of the merchant platform became too obvious so OneCoin's Chief Head of the Scammers decided that it was time to renew the site. So let's move on to our main course, the new DealShaker!


Yeah, that's really the URL of the new version of DealShaker (aka DealShitter). Instead of having the new version of the platform replacing the old one there are now two DealShitters running separately. According to a newsletter 4th December by OneCoin scampany the reason for running those two domains is this:

"Both the old and the new platform will be operating in parallel with each for a certain period of time for your convenience. This is made to give the DealShaker users enough time to get familiar with the new features and move their current deal from the old platform to the new one. Their accounts and coins will be moved automatically."

The real reason why they ("they" because there's really no information who is running these scam things nowadays) chose to have a new domain is that the team working on the platform couldn't manage to import the old shitty deals to the new platform. So now OneCoin must have also the old version of DealShaker running. Any merchant-victim of OneCoin stupid enough to continue with this charade must move their deals manually to the new site.

The old domain (dealshaker.com) was set to expire last Friday on 4th January 2019. That should be alarming to anyone making purchases from there. But then again, who in their right mind would.

The new domain has been set to expire in November 2019. I suppose that they don't have any long term plans for the new platform then, which is only reasonable while we are talking about a crumbling ponzi scam.

Initially the new version of the platform was meant to be launched already in September. However, it was first postponed to October only to be postponed yet again and finally launched in November. Well, you shouldn't expect anything other from OneCoin – the future of delayments.

The registrar of the new domain is an Irish company Dantir Dilela Limited. The company was set up only recently on 2nd of November 2018 so there isn't much more to say about it.

Whose in charge?

The man giving his face as the "Project Lead" to the new version of the DealShaker is Duncan Arthur. According to his LinkedIn profile he has been serving as the Project Lead since October 2016. As far as I know he doesn't have any previous experience in ponzi business. Nevertheless, he doesn't seem to have a problem providing his services to a notorious ponzi-pyramid scam that has been labeled as an international criminal organisation.

Duncan Arthur, the Project Lead of DealShaker.

According to Duncan Arthur's LindkedIn profile he has been providing his services to OneCoin ponzi scheme since October 2016.

Duncan Arthur is not only a Project Lead, he has also been speaker in OneCoin related events promoting DealShaker and attending webinars organised by OneCoin's independent marketing associates.

Duncan Arthur, DealShaker "Project Manger" featuring in OneCoin's Mastermind Pro 2019 event in Singapore.

The subtitle refers to attacks to the DealShaker domain. According to Duncan those attacks were caused by"haters". – While those attacks might be totally unrelated to OneCoin being a ponzi scam, I guess Duncan is referring to people who just don't like about an international criminal organisation scamming money from gullible people.

He certainly seems to taken in the ponzi vibe. As soon as anyone involved in a ponzi starts talking about "haters" you know that they are neck-deep serious about the shit they are in.

The new site

The new version of the DealShaker (aka DealShitter) has been built on a platform apparently provided by BigStep Technologies Pvt. Ltd. As a reference BigStep has SocialEngineAddOns demo site marketing different kind of packages and the platform itself.

You really don't need to be an expert to see that the new version of DealShaker has been built on the same platform than SocialEngineAddOns. So basically a ready-to-go package was bought and modified according to the needs of the scam.


What comes to the professionalism of Duncan Arthur and his chosen provider of the platform it really seems that they suit the low standards of a ponzi very well.

Respectable companies don't usually use unlicensed photos without permission, not even when a mockup is presented to a customer let alone to a larger audience. BigStep Technologies certainly doesn't seem to be afraid to take the step to misuse photos from internet. The same applies to the published version of the new DealShaker platform.

For instance, both NewDealShaker and SociaEngineAddOns demo page hold this same fake personality as "a member" of the community:

If it was a licensed stock photo the usage of the picture would be fine. However, the person in the picture is an U.S. politician Sharon R. Bock. She hasn't given her consent on using her picture on commercial use let alone on a ponzi scam related platform. How do I know? Well, I asked her – not that I didn't already know what would the answer be:

There are probably also dozens of other unlicensed photos used. For example this picture of a woman who seems to be a Korean actress:

The photo of "Kate Wilson" has been stolen from Amber Bock's Twitter profile

This is not "Gemma Weber" but Libby Robinson. I'm pretty sure her picture isn't available for commercial usage.

I don't think these people would be happy knowing their faces have been plastered on a ponzi scam related web site.

Alleged 3.5 million members, only few hundreds seem to care

Although the company claims to have 3.5 million members and the misleaders of the scam have been touting that there would be a huge number of merchants lined up to register to DealShaker, there hasn't been any evidence of this kind of popularity in the new platform.

In fact the similar kind of sales pitches were already heard prior the launch of the old DealShaker. There was supposed to be even "hundreds of thousands" of merchants waiting eagerly for the launch. In reality the platform has been nothing but successful and the the vast majority of the merchants and deals appear to be fake.

The search engine of the new platform shows that there are only three Chinese members. The number includes the site admin. This is rather strange considering that OneCoin has been boasting about having way above one million Chinese members.

All in all the search engine gives the following member counts for all possible areas:
North America: 336 members
Central America: 291 members
South America: 348 members
Caribbean: 302 members
Europe: 890
Africa: 328 members
Asia: 591 members
Oceania: 271 members
However, each search result includes also several mockup profiles and also people from all other areas so those figures aren't exactly reliable.

The search for stores available shows 549 results. I randomly clicked about 20 store profiles and only a couple of them were offering products. Most of the store profiles have only 1–20 views registered.

Products section of the platform shows 570 products. Some of the products don't seem to be available for everyone though but set as private.

As I was writing this there was only about 50 members online.

Oh, I didn't mention yet that the platform works hideously slow.

The new platform has been running now about two months so the figures aren't flattering at all to the ponzi. These are hardly numbers expected from a "billion dollar company" that has millions of members. I guess most onecoiners just don't care much about shopping and are only in it for the education.

To attract more businesses to the merchant platform of the ponzi the required portion of onecoins of a price of a deal was reduced to 10 %. However, selling products on the platform isn't exactly cheap. Quoting the terms and conditions:
"You understand that all cash transactions being done for all sales in stores are subject to a commission fee of 25% of the cash value transaction. You understand that all posted auctions are subject to a 5€ publishing fee."

Live webinar featuring Duncan Arthur

A recent webinar made it clear that any existing merchants using the old platform would have to manually move their deals to the new platform. A disappointed OneCoin affiliate reveals his frustration by commenting: "That's a shame." Duncan quickly responds: "That's not a shame. Come on!" Then the OneCoin affiliate points out that it requires a lot of work from a merchant.

OneCoin's partner who is responsible for handling KYC applications to the new DealShaker is a company named Jumio. As far as I know, outside the new DealShaker all OneCoin related KYC applications have been handled by the company itself.

Whether a KYC application sent to the service by Jumio goes through or not there's a fee of 4 euros to pay. According to FAQ section of the new DealShaker:

"There is a small fee of 4€ for this service, but everything is made to ensure 100% true and verified members, shop, products and auctions on our site. You have 2 attempts to finish the KYC process and within 5 minutes of starting the same. Make sure you have a valid ID document before starting."

What comes to OneCoin's own KYC procedure they have been approving also fake ID's. This concerns also OneCoin's Coin Offering site. I know for a fact that fake documents were approved and an imaginary person was granted a pass to participate the CO. I'm puzzled though why on earth is a KYC approval required for this in the first place because according to the T&C the Coin Offering isn't about an investment and there isn't any currency involved. Quoting:
"The CO performed will not include or in any other way involve issuance of any currency, securities (whether equity securities or otherwise) or other kind of investment certificates and/or instruments."

Exchange opening... not!

According to Duncan Arthur there's supposed to be an exchange for OneCoin on January 8th 2019. I'm sure that won't ever happen because it would just kill the cult like belief to the imaginary value of the coin.

In fact OneCoin already had an exchange once, xcoinx.com, which was running only for a short while. It became soon too obvious that there was masses trying to sell coins and no one interested in buying. The situation led to some awkward lies by Ruja Ignatova and Juha Parhiala as they explained that the sale orders were expiring because of time differences of time zones despite the sale orders were in fact continuously active for several days waiting for buyers.

MAB is dead

In this webinar Duncan pronounces OneCoin's MAB (Mobile App Builder) practically dead as it isn't compatible with the DealShaker platform. Yet the company is still selling the app. 

Well, the application was a disaster to begin with so I don't think there has been many victims who actually purchased it.

This reminds me a bit about the silently buried CoinVegas. CoinVegas was supposed to be an online casino offering standard casino attractions besides sports betting etc. Needless to say but CoinVegas was a shitty platform that was missing pretty much all the elements promised in the linked event video. Eventually the website just disappeared after the domain expired.

Sebastian Greenwood arrested

These are old news but nevertheless worth mentioning in case someone hasn't spotted them. According to news from November 2018 Sebastian Greenwood was arrested in Thailand and extradited to US. The arrest of Greenwood might be connected to a money laundering case in US involving 400 million dollars of OneCoin related money

Bangkok Post tells us: 
"The CSD also worked with the US Federal Bureau of Investigation (FBI) to apprehend Sebastian Greenwood who was wanted on a US international arrest warrant and an Interpol red notice for operating a digital currency pyramid scheme."

There hasn't been yet any news giving further information about Greenwood's case.

Thursday, 15 November 2018

Initiative Q – Nonsense spreading like a virus

Lately there has been a lot of buzz about Initiative Q in social media. Even people who usually aren't gullible to promote these kind of chain-letter type of schemes have been sharing invite links luring more and more people to do the same.

So what is this initiative of spam all about then?

According to the webpage of Initiative Q the aim of the company/people behind the scheme is to create "the payment system of the future". 

Joining Initiative Q requires an invitation to sign up. You only have to give your name and email address, no payment is required – yet.

People signing up and sharing invite links are rewarded with the future currency. Like the webpage says: "To get millions to join, we are giving away our future currency". As I'm writing this the webpage claims that the estimated future value of next spot would be about 19.000 dollars. And get this: that fat stack of dollars will be yours free of charge! Don't mind that it's just an empty nonsensical promise based on nothing.

Is it worth signing up?

Although there's no money asked (for now), and you'll probably only get your email address contaminated, should you trust the sincerity of this initiative? – I know I wouldn't.

I did not sign up but read through texts and information available on the webpage of Initiative Q. I also made searches online to check whether the company and the people behind the program were real.

Initiative Q is marketed as an attempt by ex-PayPal guys to create a new payment system instead of credit cards. Surprisingly that seems to be somewhat accurate marketing pitch. However, only one man is named on the website, an Israelian Saar Wilf, who in fact has a history with PayPal. According to Saar's LinkedIn profile he was a director at PayPal between 2008 and April 2010. He has also publicly presented himself as the man behind the concept of Initiative Q.

Wilf Saar on the left. Besides being an "ex-PayPal guy" he is also a poker player.

The registrant of the website of Initiative Q is an Israelian company SW Ventures LTD owned by Saar Wilf. There isn't much to be found about the company online. The only thing I managed to find was a patent application dated July 2018 for "system and method for locating and eliminating insects". – I guess it's the future of killing insects as well.

A lot of hype

The webpage is pretty much full of hype about this payment system of the future, boosted with some claims that are in fact ridiculous. There really isn't any explanation how this Q currency would actually work. – Well, at least nothing that would make sense or be reasonable.

Like scams usually do also Initiative Q makes predictions based on nothing and threaten that you would miss a chance of your lifetime by choosing not to sign up.

"It's a self-fulfilling prophecy. Don't miss your chance!" 
– Yeah, that's a direct quote from the site.

The following chapter from the FAQ tries to explain what is the value of Q based on by explaining that there really isn't any base for the value. There's a certain resemblance to OneCoin ponzi scam.
"What is your estimate of the Q value based on?

The reasoning behind the estimated future value of the Q payment network can be summarized as follows: 
    1. The payment world is stuck with decades old technologies, since it is very difficult to get buyers to adopt a new technology that sellers don’t yet support and vice versa.
    2. Initiative Q solves this problem by compensating early adopters with future currency.
    3. This enables the building of a payment network that is far superior to current ones.
    4. A payment network that is both superior technologically, and widely adopted, would be preferred by both buyers and sellers.
    5. It is realistic to expect that such a network would eventually overtake credit cards, which account for $20 trillion in annual transactions.
    6. The total amount of money in the world is roughly half the world’s annual economic activity. The value of all Q currency could thus reach half of Q’s annual volume (i.e. $10 trillion).
    7. An alternative data point is the value of cryptocurrencies which peaked at nearly $1 trillion, despite hardly being used for real payments (nearly all activity is speculation).
    8. Therefore, the total future value of Qs could reach a few trillion dollars. Since there are currently 2 trillion Qs, the goal of one US dollar per Q is achievable."

As already said, Initiative Q asks no money for signing up. However, the future plans of the company seem to require astonishing piles of cash for the sheer existence of the payment system. 

An independent monetary committee will be chosen via voting by all members and stakeholders in the Q payment network (don't ask me how). The committee has a huge responsibility and also an option to issue new coins for the purpose of maintaining stability, and increasing adoption.

But why would anyone trust that Qs have any value? Well, the answer is to have "large reserves of USD" managed by the monetary committee. According to Initiative Q that huge reserve of dollars will be financed through selling Qs for USD and selling future grants of Q. 

I still don't understand why anyone in their right mind would exchange their dollars to those worthless Qs. There simply is no base for the value before there's a base for the value. Nevertheless, I have a pretty good guess who would be asked to contribute for the greater good to get that reserve of dollars piling up. – Wink, wink, give me your name and email address and I'll tell you.

Signing up is free and you'll be gifted with Qs, but the lunch doesn't seem to be free:

"As an additional means of instilling trust in the long-term purchasing power of Q, the monetary committee will continuously offer to buy Qs in exchange for USD (and other currencies) at the target rate of 1 Q per 1 USD. This will assure sellers they can confidently accept Q as a payment method.

This requires the monetary committee to hold large reserves of USD. The reserve balance will be publically available, assuring members that they can convert to USD at any time, thus supporting Q stability. As Q becomes a global standard, and trust in its long-term value increases, the reserve ratio can decrease.

These reserves are financed through two sources: 
    1. Selling Q for USD — Buyers looking to benefit from the advantages of the Q payment network need to add Qs in their account, which is done by buying them from the monetary committee.
    2. Selling future grants of Q — This option is available to accredited investors who believe in the long-term success of Initiative Q. They can purchase (at a significant discount) the right to receive Qs in the future, that will be released according to the network growth — similar to the new members rewards."

Furthermore, it seems evident that Q requires a worldwide heavy organisation to run its business. 

A chapter titled "Reversibility and dispute arbitration" describes how disputes need to be resolved by "trained representatives":

"The Q payment network can also include an automated dispute resolution process, with an easy to use interface that allows users to submit claims and upload evidence to support those claims.

Disputes that cannot be resolved automatically can be assigned to a trained representative, who investigates the claims to determine whether there has been a violation of the Q payment network regulations. If the agent finds that the seller was at fault, then the transaction can be reversed, while in cases where both sides acted appropriately (e.g. an unauthorized charge) the buyer can be reimbursed by Initiative Q. Such reimbursement can be paid from a global insurance pool financed from transaction fees."

Now, wait a minute, doesn't this all resemblance a lot how a credit card company or a bank would work. The only difference is that banks and credit card companies handle valuable assets whereas Initiative Q has nothing but worthless Qs to offer. All I see is future risks and lots of expenses to be covered and a massive capital to be raised.


As long as no money is required there's little to no harm done to the people signing up. However, I guess those email addresses could be stored for a later use to market other shady schemes. A database of email addresses belonging to gullible people could be a valuable asset to any scam. 

Despite being seemingly harmless Initiative Q has many red flags waving already. Although no money is asked for now, I see likely that if the company were to proceed with the concept, it would start asking for money from the participants. 

Personally I wouldn't sign up to this and neither would I recommend Initiative Q to anyone. In poker terms: Initiative Q has dealt the worst hand ever and I would definitely fold it.

Friday, 26 October 2018

OneCoin – the D-day, 8th October 2018

Monday 8th October was the most highly anticipated day for onecoiners around the world. After years of waiting patiently, disappointment after disappointment, the coin was supposed to finally go public. Alleged 3.5 million members and billions of coins that they had not been hodling but instead forced to hold for years.

Well, of course nothing happened. The coin didn't go public and there still is no exchange to sell onecoins. Not that it really even matters because the coins are absolutely worthless and there's no point organizing an exchange for a certain failure. But there are still a lot of members who simply don't believe there's a smell until shit hits the fan.

In fact, the going-public date was already postponed a couple months back. As a custom of the company nothing was officially informed to the members and they were just left baffled without any information about the future of their possessed coins. For now there isn't any information available when the coin is going to go public. Of course dates don't even matter, because OneCoin can always continue postponing things.

On Monday there was also supposed to be the beginning of OneCoin's ICO – or "CO" to be exact. In an OneCoin event there was people celebrating and filming while a counter on the ICO webpage was closing zero. Little did they know that the ridiculous counter was ticking according to the time zone they were in, and most of the world was still hours away from the big moment. Well, the counter did go to zero accompanied by music, Europe's The Final Countdown, but nothing happened.

... Nope, it wasn't launched.

New DealShaker (aka DealShitter) platform was supposed to be launched during September. That didn't happen either. The latest information implies that the site would be launched at the end of October. But this is OneCoin we're talking about – the future of delays – so anything might not ever happen.

OneCoin ICO II

After never getting its first ICO started it was time for another effort. All began with an informational period, which I think was supposed to attract people outside the scheme to invest in OneCoin without participating the pyramid scam part of it.

OneCoin ICO – Informational Period
"Informational period (September 8– October 7, 2018)

Conducting an information campaign aimed at fully informing the participants about the project."

The awkward Informational Period ended on October 7. However, it was far from being informational, if anything it was just confusing and disinformational. – Not that we were expecting much else.

During this "information campaign" there has been some strange modifications to the ICO site. Suddenly almost all logos related to OneCoin were removed, probably just to make any visual connection to the mother scam barely visible. Strangely there still is a "project video" that includes OneCoin logo. The logo also appears as a favicon of the browser tab, and the website still has a link to OneCoin's YouTube channel. Throughout the website word "OneCoin" has been replaced with "ONE Coin".

Some information related to OFC token was removed. The Smart Contract of the ICO was deleted at the very beginning of this campaign. I guess it was a bit too embarrassing to reveal that 120 billion Ethereum based tokens were to be created for this coin offering – exactly the amount that is supposed to be the finite number of OneCoins issued.

On Friday 14 September the T&C and FAQ sections of the website were finally published.

According to the terms and conditions the company responsible of the ICO is an offshore company from Panama. To be exact:
AHS Latam S. A., reg. number 155655623-2-2017, with registered office address: 69 Street, P. H. Alfa Real Building, Suite 2, San Francisco, Panama City, Republic of Panama.

The resident agent behind the company is a panamanian law firm Robles and Robles. The directors of the company haven't had any known connections to OneCoin – up until now. 

The following names can be found connected to AHS Latam SA: Jorge Luis Herrera, Brendy Escalona, Irina Pilava, Christina Antonis Solomou and Andri Andreou.

Jorge Luis Herrera and Brendy Escalona are lawyers of Robles and Robles law firm.

Irina Pilava doesn't seem to have any public connections to OneCoin that could be found online. A person with an identical name appears in Offshore Leaks Database, but that only figures because OneCoin has a track record of using offshore companies.

Christina Antonis Solomou has no public connections to OneCoin either, but a connection to Irina Pilava can be found. Apparently they have a connection related to a business in Panama.

Andri Andreou has no public relations to OneCoin. He is also one of the directors of AHS AMERICAS S.A., a company which has all the persons above aboard including the law firm Robles and Robles.

Robles and Robles (Robles y Robles) has operated as an agent for thousands of offshore companies so its involvement in OneCoin related company isn't anything peculiar per se. However, I found that Robles and Robles is also the agent behind a Panamian company named Servicios De Educacion Online, S.A. One of the directors of that company is Alexandro Marco Vinicio Ortega Mejia who happens to be also the director of One Life Servicios República Dominicana, Network One Servicos Eireli (Brazil) and One Network Servicos Brazil LTDA. At first those companies didn't seem to be important because there are maybe hundreds of OneCoin related shell companies all over the world. However, making some searches with the names of those companies led me to find out OneCoin's Brazilian bank accounts – which I then added to my list of OneCoin's bank accounts in Latin America.

The terms and conditions of the ICO state for example the following clauses:

"The present terms and conditions are not in any way a solicitation for investment and does not in any way pertain to an offering of securities and/or any other type of investment instruments in any jurisdiction."
– Well, yeah, OneCoin was never an investment but a scam.
"Do not participate if you are not an expert in dealings with cryptographic tokens and blockchain based systems."
– So common knowledge isn't enough? You have to be an "expert"?
"The CO performed will not include or in any other way involve issuance of any currency, securities (whether equity securities or otherwise) or other kind of investment certificates and/or instruments. The tokens to be sold during the CO are merely cryptographic tokens existent, that enables usage of and interactions with services enabled, if successfully completed and deployed."  
– So this "Coin Offering" isn't about a coin then, because I'm sure coins are considered as currency. Anyway, I'm glad you are admitting that OneCoin isn't a currency.
"Such tokens are not redeemable, associated with financial return or backed by any underlying asset or repurchase commitment and do not necessarily have market price. Furthermore, the OFC do not stand for any sort of investment contract for all intents and purposes. Individuals shall not participate in the CO with a view to investment or speculation or in pursuit of any profit." 
– Well, currently the ICO web page informs that "300 OFCS = 1 ONE". So in other words, the above statements consider OneCoins as well. Ergo OneCoin is not a currency and you should not expect any financial return in exchange, let alone profit. 

All in all OneCoin's ICO scam is an embarrassment even by ICO scam standards. The website is still missing information that would be presented on a website of any other ICO (scam) that was taking itself seriously. 

This Coin Offering doesn't even follow its roadmap. The first round of the CO was already going on for weeks but there was no way to participate. Currently the website is linked to another one that makes it possible to sign up for the CO.

Participation to the CO requires participants to go through KYC procedure. However, KYC doesn't seem to be required for making deposits. Only proceeding further requires the participants to be KYC compliant. This procedure isn't constructed to prevent terrorists and criminals from laundering money through OneCoin. A more accurate term for this procedure would be KYV (Know Your Victims), a procedure that many modern scams use. KYV isn't required for deposits but for withdrawals, and some times also to delay stuff that is supposed to happen after a deposit has been done. It's a useful tool for keeping scams running longer.

Of course, in reality OneCoin doesn't actually need KYC procedure at all, because the most effective money laundering repellant OneCoin has is the coin itself. The worthless coin that has no exchanges surely doesn't attract anyone in their right mind.

GLG and Inner Circle

The company being unable to provide answers to the members desperately asking questions, OneCoin scammers decided during the early summer of 2018 to set up exclusive GLG (Global Leaders Group) and Inner Circle groups to spread misinformation among the members and strengthen their belief to the ponzi.

However, there's a contradiction in the sheer existence of GLG and Inner Circle. The company has specifically warned not to trust any information released by any other sources than the company itself. OneLife newsletter August 13 gives an important reminder to the members: "Only trust information that you receive from the official corporate emails or the one that you find published via the official corporate channels." – A rhetoric question: What is the purpose of GLG and Inner Circle then?

I guess the sources not to be trusted should include the head of the GLG and Inner Circle groups, Konstantin Ignatov, because he has been caught lying in public twice already. 

During an event in July in Argentina Ignatov announced that according to report by investigators the company was clean from any allegations about violating laws. 
Konstantin Ignatov: "The investigators didn't even find one thing to support their allegations." ... "In those 3000 pages (referring to the alleged report) they didn't even find one law that was violated."
– In fact, on the contrary to Ignatov's claims the investigation by Europol and German police is still ongoing. The focus of the investigation is in organised commercial fraud, money laundering, pyramid sales providing financial services without authorization and providing payment services without permission. The investigation is being conducted against eight suspects, mainly employees of one of the companies of the OneCoin group registered in Germany. Ruja Ignatova is among the persons suspected. Source: Bulgarian Capital 25 October.

Another one of Konstantin Ignatov's lies is a petty one in comparison, but it certainly doesn't lack in magnitude. On his Facebook post 30 August, Konstantin was boasting: "Being featured in one of the biggest magazines, with 10 million readers." 

That was of course a lie. Numbers magazine has only 3.000 copies printed. In addition OneCoin had most likely paid for the article to be published. The company happened to be sponsoring the magazine at that time.

The questions left unanswered

The company doesn't seem to be interested to answer even to the most important questions the members have:

– There's still no information when OneCoin is supposed to go public.

– Several members have lost their coins that were deposited into so called CoinSafe. The idea was to deposit OneCoins in CoinSafe for a period of 1 or 2 years after which an interest was supposed to be paid according to the deposited sum. There are members who lost their coins about half year ago and still haven't received them.

– Members who bought OFC (OneCoin Future Certificates) during OneCoin's failed IPO process in 2017 still don't know what happens to their Future Certificates.

The Global (Mis)Leaders Group and the Inner Circle provide only disinformation or occasionally admit that there isn't any information available.

400 million dollars of OneCoin related money laundered in the U.S.

Cape Cod Times reported 13 September that a man has been arrested and charged of conspiracy to commit money laundering involving 400 million dollars from OneCoin ponzi-pyramid scam. The news from the U.S. truly underline the fact that OneCoin is an international criminal organisation.

Cape Cod Times: 
"A federal grand jury indicted Mark S. Scott on Aug. 21 on a charge of conspiracy to commit money laundering after finding evidence that he and others knowingly conducted financial transactions involving about $400 million in proceeds from a pyramid scheme involving a purported cryptocurrency known as OneCoin, with the intention of concealing the source of the proceeds, according to federal court documents."

The news article mentions that the FBI, IRS and Barnstable police executed a federal search warrant at Scott's house on September 5th. The indictment refers to some unknown individuals so I suppose there might be some more arrests to come – unless already arrested.As far as I know Mark S. Scott had no public relations to OneCoin. Cape Cod Times tells us that he has a law degree, 22-year career in law and license to practice law in Florida.

"The Florida Bar directory lists Scott as member in good standing who is eligible to practice law in Florida. He earned his law degree from Boston University in 1995, has an address in Coral Gables and is the principal of Mark S. Scott, PL, according to the directory."

According to Bulgarian Capital OneCoin already denied having any connections to money laundering by Mark S. Scott. However, I don't think that the FBI and the law enforcement of the U.S. just fabricates claims of OneCoin's connection to the money laundering out of thin air. Such statement must be based on investigated facts.