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Friday, 26 August 2016

OneCoin/OneLife - One World Foundation charity scam

This ponzi goes to nauseating levels also with the sideshow charity organisation it has been running since the early days of OneCoin. Now you might be asking, what does a ponzi scheme need a charity organisation for? 

Well, as we know that Ruja Ignatova wants so dearly to bank the unbanked and while doing it she also wants to, er, teach those kids in need about money... you know, all the kids without money need to know about money they don't have. The solution to help the children of the world and to build up Ruja Ignatova's image as a philanthropic humanitarian they created the One World Foundation.



Now I'm not saying that the OWF hasn't done any charity. To name few of its targets OWF has bought some cheap toys for orphans, autism therapy workshop in Bulgaria, ICT classes for a year in Sri Lanka and of course it's only natural to help Bulgarian stray dogs, support a violin competition held in Bulgaria, donate 10.382 euros to the American University in Bulgaria and to donate to the Bulgarian Natural Sciences Olympic Teams. For an organisation with "world" in its name OWF sure is concentrated in Bulgaria.



OneLife's Facebook page had the following post today urging people to donate to the One World Foundation to help the victims of the recent earthquake in Italy:


As I posted a comment there questioning this kind of behavior, it's very suspicious why they don't advice people to donate directly to the Italian Red Cross. Now they would be working only as a pointless money and time consuming middleman between donors and the actual charity target. I'm surprised that OneLife wasn't also asking their members to donate blood and send it to their office in Sofia.

Friday, 19 August 2016

OneCoin/OneLife changing a bank yet again - Updated 22th August

I just happened to log in to my rookie account and check the "information center" about bank accounts OneCoin is using. They have been using three banks: "United Overseas Bank" (in Singapore), "Bank of Africa Tanzania" and Deutsche Bank in Germany. As you can see there's a bank missing:



OneCoin itself has not yet informed about any change in bank details. However I bet they will announce something about the missing bank account rather sooner than later to prevent their victims from sending money to a frozen account.

I guess they have been searching for a new option for some time already because I have noticed some traffic from banks to my blog for a week or two. It seems like banks are alerted about OneCoin and try to find information related to it. There has been at least six banks that have shown interest in my blog recently - three of them today. And the most popular target blog post they were snooping was the one about OneCoin being under regulatory investigation in Germany.


Update 20 August:

Looks like it's only a matter of time that OneCoin announces a lie explaining the frozen bank account. Someone in Murobbs had noticed this in a Facebook account of a German OneCoin branch:


Again I bet it will happen in an instance and OneCoin just blurts out in their Monday's newsletter that the Deutsche Bank account is not to be used anymore and advises people to use one of the remaining accounts. A legitimate company would notify about these kind of changes at least a month beforehand.

Well, it will be funny to hear onecoiners explaining the awkward frozen bank account yet again.



Update 22 August:

And now it's official:



Without any warning in advance they just notified today their members that the bank account in Deutsche Bank is not to be used anymore. Usually OneCoin has managed to find a new bank account to replace the frozen one. This time they are not giving any information of a new bank account to use. Instead they are advising the members to use the United Overseas Bank. 

Apparently they are having hard time finding a bank who would accept their co-operating companies as a client. I wonder when they'll loose those remaining bank accounts.

Monday, 8 August 2016

OneCoin receives huge media coverage in Finland

Several Finnish newspapers have published today an article from a reporter of STT (a Finnish news agency). These are all respected newspapers here in Finland (the article is mostly the same in all these links):
Aamulehti
Salon Seudun Sanomat
Karjalainen
ESS
Turun Sanomat
Kainuun Sanomat
Kaleva
Talouselämä

And what about the story? I'll translate the most important parts:


OneCoin's Finnish promoter(s) had organised a gathering to anyone interested in OneCoin. The meeting was arranged in a basement room that's owned by a person convicted in a Finnish pyramid scam Wincapita years ago. Amongst the seven participants eager to hear how to get rich quickly there was the reporter from STT. The promoters didn't know that there was a reporter present.

The OneCoin pimps start their lecture by telling how banks are going to fall and fiat currency will go down. However they have a solution for everything and it's of course OneCoin. They urge the participants to invest in OneCoin and claim that anyone can make a lot of money by doing so. "You can spend the rest of your life enjoying travelling." The main promoter of the event advises people to sell their "slow income sources" like investment apartments and invest their money into OneCoin instead.


OneCoin's founder convicted of a fraud


The article goes on telling about Ruja Ignatova's fraud conviction in Germany this spring. According to German press she was sentenced to 1 year and two months in probation from a fraud conviction. Apparently Ignatova and her father were milking money from a German company Gusswerk Waltenhofen GmbH they were running until it went to a bankruptcy. 

The reporter also mentions parts of the notification from the Finnish NBI released last year. The NBI gave a strict warning to people about participating OneCoin because there are criminal and financial risks involved. They also stated that OneCoin's excessive profit expectations are not realistic.


OneCoin runs until it collapses?


OneCoin reps seem to continue pushing people to invest heavily in OneCoin. One might think that people would be alarmed (amongst all the other things) also by the number of promoters with criminal or somewhat shady backgrounds. Nevertheless OneCoin's top scammers have earned a humongous pile of cash with this scheme and continue do so until the pyramid collapses. As the money is transferred to god knows where it's likely that most of the victims won't ever receive their money back. 

Interestingly OneCoin's/OneLife's new terms and conditions notifies that "IMAs may not disclose any information about their income or the earning opportunities provided by their participation in ONE LIFE NETWORK in any of their promotional materials. IMAs are instead expressly required to inform potential partnership applicants that only very few partners can achieve higher incomes with their ONE LIFE NETWORK activities and that such incomes are only possible through very intensive, continuous effort." - I bet all OneCoin representatives conveniently forget this part of their agreement.

Authorities in the EU seem to be helpless to interfere this ponzi - maybe also unwilling because this is a huge mess. I'm not sure if it's even possible that an international intervention by co-operation of the authorities in the EU region could take place to stop this scam. Instead it looks like it's every country for itself. I guess it's hard to fight against international crime and twice as hard to fight against international crime backed with the stupidity of the victims.

Thursday, 4 August 2016

Ed Ludbrook: OneCoin's value is not credible

Brace yourselves onecoiners! OneCoin's Chief Learning Officer Ed Ludbrook educated that onecoins have no real value:
"A price is only credible when it's market tested... The challenge in the business is that we have an internal price that is... internal price... is... is determined internally. It's not market tested. So for it to be real.. errr, you know it's not, at the moment it's not... it's not credible, okay. It's what we work on."

Update 4th March 2017. The video was deleted, but uploaded to a new location:

Video here.


Then he continues:
"What we do know with the, with the amount of coins, with what we're doing, that when it comes to winning this global game we are so far ahead of everyone else it's not funny. And what's critical for us to win is this blockchain, this new blockchain 'cause we need to have those number of coins, we need to have the speed, we need to have the capacity. Otherwise we'll never win the game for merchants. And that's the big thing for us."

So basically he/OneCoin expects merchants to accept coins that have no credibility and thus no value. Wow, that should be mighty attractive for any merchant when OneCoin goes public and all the members rush to spend massive amounts of coins at once.

This ponzi's concept is so stupid that I have no words to describe the magnitude of stupidity we are dealing with. The most disturbing part is that there are people buying this.


Another video with Ludbrook, the day after the London event:





After 40:50 he hints that the idea of the new blockchain was his. "I remember sitting with Dr. Ruja a few months ago: 
- Are we going to run out of coins?
And she went: Yeah.
I go: Are we growing too fast?
She goes: You can't really grow too fast.
... And I said: Can we replace the blockchain 'cause we can use the latest technology? Correct?
And she goes: Yeah, but we can only do it once." 

After this Ludbrook goes pushing the people to lure more victims to join before 1st of October. The day when everybody's possessions will be doubled by creating value from thin air.

If Ruja Ignatova really just wanted to reward their loyal supporters with doubling the coins she would have already done that. Instead for an obvious reason they decided to put a deadline to October and hence lengthen the lifespan of this ponzi. Now they'll also have several months more to exploit their victims and prepare an exit plan.