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Wednesday, 30 November 2016

OneCoin - Two weeks after losing the bank accounts



As the ponzi-pyramid has no other income than the money injected by its new recruits or the existing ones investing more, the crumbling of the scam has always been bound to happen. It has been quite amazing how OneCoin has been able to continue screwing its victims so long despite having a strong odor of bullshit since the day one and becoming a clearer and clearer ponzi scam day by day.

Unless inventing the scheme of doubling everyone's coins due the 1st of October, I think the scam would have already withered away. The coin doubling event bought the ponzi a lot of more time and more gullible victims. They were all excited about the 1st of October - the day that was supposed to make a lot of onecoiners into millionaires in a blink of an eye.

An essential thing for OneCoin's success has been to minimize the costs of the ponzi part. This has been achieved by strict and absurd limitations for selling coins in OneCoin's inner exchange. Nevertheless the ever growing amount of coins has become a burden for the ponzi shortly after launching the exchange. Hence they have already had  tremendous difficulties organizing even just enough cash for the bad-excuse-of-exchange to keep its flat tires rolling. After OneCoin's shell companies' bank accounts were frozen, so was the exchange in a deep freeze.



"Why many times sell coin and always expiring?"



A question from Thailand to Mr Juha Parhiala in a YouTube video published apparently just recently: "Why many times sell coin and always expiring?"

Juha Parhiala: "Yeah, that is also a little bit technical question, but the thing is that... the question you had before, why is not updated... so everything is not updated yet. So when everything is going to be updated, what I have understand it's going to get more smoother. But again, the option to give people the selling some coins is not our main business."
- Well, it has been clear from the start that the members aren't supposed to be able to sell their coins much, but it's nice to hear that also from the upline of the scammers. Everything else he explains is just total bullshit to avoid actually answering the question. 

And just as you thought that Parhiala's mouth could not even deliver a bigger turd, there comes another one even bigger:
"You also have to think about one thing. Now, you live in Thailand, and the exchange server is seven hours back in time. So when you in Thailand try to sell your coins, it's midnight and the server is closed. That's why the orders expired. So you have to wake up European time and do the sell. Of course it will expire when you here selling the coins, when Europe is closed, because it's not open." ... "In Europe they have no problems to sell, because it's European time."
- Oh my God! And I thought that the Europeans were having difficulties in selling, because according to Dr. Ignatova the Chinese are sleeping. Looks like time zones have also an effect on lies. And what does it matter where a sell order occurs? They'll go pending five days before expiring. He goes even further beyond stupidity by urging the Thai onecoiners to wake up seven hours earlier to sell their coins.




New ideas to lose your money?


During the late Fall things started to escalate after ponzi antagonists like me took a more active role to force OneCoin to a corner. The ponzi begun to lose its bank accounts in such a rapid phase that it was embarrassing for them to always come up with new excuses for the freezing bank accounts. They even tried proforma invoices as a measure to "improve the quality of our services".

In the mid-November OneCoin finally lost the last bank account they had in Tanzania. Losing the bank accounts was a major blow for the scam and crippled it badly. The victims were left gasping for a new way to have their money lost as soon as possible.

Nowadays the only way to pay a membership fee to join the ponzi is to use secret bank accounts that the members are now trying to hide to prevent them from freezing. Anyone willing to join must first find out the secret handshake to get to transfer money. Despite the efforts it's only a matter of time before those accounts catch the ice cold breeze of the winter.

Without being a rocket scientist it's easy to estimate that the money flow towards OneCoin must be very slow with this new clumsy procedure and its hidden bank accounts, and this time consuming way must be eating the remains of the ponzi. There could also be some trust issues for new recruits to transfer their money to even shadier accounts than never before.

Above all, how gullible - or might I rather us the word stupid - must a person be to see no problems with a company that has all its bank accounts frozen.



Criminal charges filed against Belgian politician for promoting OneCoin


These kind of headlines might be more and more common after some other members realize that they have been scammed a big time. A Belgian politician, Laurent Loius, has been formally charged with pyramid selling, fraud, money laundering and violation of common and banking laws.You can read more about the case at BehindMLM.



OneCoin events still happening


Although OneCoin has been cash strapped there are still events going on. And why wouldn't there be? The events don't cost a dime for the company, because they are organized by independent representatives of OneCoin and participants pay to attend. The ones running the shows on the other hand must gain some dough from these religious revival meetings.

I checked some video clips taken from couple of OneCoin events that were held recently. There isn't much news to spill, because the speakers of those events follow their memorized scripts that they have been repeating event after another. It's the same propaganda covered with the same old bullshit.




"Dr." Parwiz Daud at the Mega Event Riga


As far as I know Mr Parwiz Daud hasn't been seen much among the top scammers, at least not as a key speaker in an event. However, now we have a video in YouTube that shows half an hour of him giving a presentation at OneLife Mega Event Riga. He must be going places now so it's only fair to review his presentation.




The reason why Mr Daud hasn't been a key speaker so far might be the fact that he seems to have problems getting his audience excited. Personally I find him to be an okay speaker despite the presentation being very boring for me and him speaking with an accent and tangling with some words. Maybe the Latvian audience was just hard to crack? The table of the top leaders has to spur Mr. Daud and hold an applause sign - so to speak - from time to time to wake up the audience.

5:00
After five minutes there is a slideshow with pictures of fancy cars, a beautiful house, yacht, etc. Mr Daud walks among the audience asking them if they would like to own those pricey things as a goal for their OneCoin business. - Of course they would.

Then he presents his own goal: "My goal is this... We have a lot of poor people around the world. Now nothing stops you from having a beautiful house, a beautiful car, a beautiful husband... er, a handsome husband, a beautiful wife and yachts, but besides that you may want to help the poor as a result." - Aww, isn't that cute! He wants to get rich and somehow the poor are saved from their misery by him getting stacked with money. Never mind the details of this process, because it just happens while you get rich!

8:15
"When we talk about something, you need to be genuine. You need to be honest! You need to work with honesty, with integrity and with transparency!"
Well, I must say that I need to agree with that. And who's better to trust to than a doctor working at the Leicester General Hospital? But, but, what is this:


Links: the post from BehindMLM, the post from Murobbs


"Doctor Leicester General Hospital"?


Now, one might ask if he was working at the hospital prior to devoting his life to serve Dr. Ruja. That seems to be unlikely, because there isn't even anyone by his name with a license to practice medicine in the U.K. according to the List of Registered Medical Practitioners. Well, at least now we have established some transparency.

Well, I suppose there are plenty more unlicensed doctors promoting OneCoin in the U.K. As they might have studied abroad their license to practice could be in another country. Now some of them seem to work as a doctor of ponzi currency.



Kari Wahlroos in Munich, 21 November 2016





5:45
"This is not a get-rich-quick-scheme."
- Well, yes it is. Just about five minutes ago in the beginning of the video he told how onecoiners have "happy Mondays", which apparently means that they don't even need to go to work, because "We get paid every Monday"

This isn't by all means the first time Mr Wahlroos has been letting people to believe that anyone can get rich and quick. Of course he takes special care to explain how everyone should keep their coins and not to sell them. So I guess the money for those happy Mondays must come from recruiting more victims to the scheme.

7:35
"Our biggest competitor is owned by only one entity, roughly fifty percent. So they control what happens. HERE nobody controls, and that's the beauty. You understand that?" The audience starts applauding. "THANK YOU!"
- Well, I didn't understand that. Nobody controls OneCoin? What? I thought it was a centralized currency, having an exchange with strict limitations, ruled by her dictatorship, Dr. Ignatova. Am I missing something?



The same event, a different video clip





"You also must understand what we're doing and who's going to buy the coins. So you have now the opportunity to mine the coins with your free tokens at the discount. There are the three billion people who we're gonna help... to have a better future. And that's why I joined here."
- Let me get this straight, so those poor unbanked people are somehow going to buy all the coins to make these existing members of OneCoin super-duper rich? Wow, that's amazing! Are those unbanked people going to be KYC approved soon?

"And if somebody comes to me and tells that we are doing something bad or bullshit, and if they are in a distance that I can hit, I will hit." To underline this statement, he smacks his palm with a fist.
- Well, I don't believe in violence like Mr Kari Wahlroos obviously does, but I would have no problem telling him face to face that OneCoin is a pure ponzi-pyramid-scheme with the only purpose of scamming money from its victims. So yes, to put it in the words by Mr Wahlroos, you are doing something bad and very bullshitty.

Here's link to the clip. It's on Facebook, couldn't find it on YouTube.



Swedish television news give screen time to OneCoin

A television news program from Swedish TV4-Gruppen doesn't go shy referring OneCoin as a pyramid scheme. The video clip is titled "Varning för nytt pyramidspel", in English "Warning about a new pyramid scheme".

The reporter tried to interview OneCoin reps but no one is willing to comment to media anymore, not even the high profile reps like Udo Deppisch. This doesn't sound like the world's fastest growing company that clames to make billions of dollars. Instead this would be exactly how a cult running a ponzi scam would operate.

The video is in Swedish and there are no English subtitles:
http://www.tv4play.se/program/nyheterna?video_id=3657832
- Hopefully we'll get it subtitled soon.


Update 3 December: Now with subtitles:



Thursday, 17 November 2016

OneCoin - The members living in denial




After OneCoin lost all of the bank accounts it had via its shell companies, the inevitable consequence was that the lousy working exchange they had became even worse. In fact it might be that nobody is able to sell their coins anymore. Before the collapse there was at least a fraction of the sales executed with the cash flow OneCoin sucked from its continuous flow of new victims. Now OneCoin has no funds to keep the exchange going and the members are clearly getting agitated.

Earlier things were different. From all the commissions to the members 40 % went to mandatory coin purchasing which kept the exchange alive. - Well, barely but at least it was enough to give the members an illusion of a lousy working trading platform. 

However it doesn't matter how obvious the things are, some of the members just don't seem to get it. They are dismayed by the situation and flocking the Facebook page of OneCoin/OneLife asking why their sale orders keep on pending and expiring.

The North Korean style censorship of OneCoin's Facebook page doesn't seem to cope with the amount of messages coming in there. Here's a glimpse of them:


I decided to black out the names - at least some of them might just be pure victims of this ponzi.

Update 17 November: And now all those comments have been deleted, so maybe there's still someone working at the Sofia office.


Interesting visitors in my blog statistics


After announcing the time of death of OneCoin in Monday, the traffic to my blog peaked. - Now I know that I have to calm down onecoiners reading this: No, it doesn't mean that the increased traffic shows in my wallet. As I have said before, I'm not doing this for money. So far I have earned 0 euros from writing this blog.

During the last couple of months there has been several banks among the visitors. Lately I have also spotted some authorities referring to financial/banking regulation. As banks have been more and more alerted, so has OneCoin been struggling more and more with frozen bank accounts.

Some of the visits I'd better keep to myself. I wouldn't like to spoil any surprises that might be on their way.

But is it still at least a walker?


OneCoin's run ended, but is it still going to be at least a walker? Although the ponzi seems to have given up with banks, some of the top scammers might try to figure out alternative ways to keep their business blooming. 

It has been rumored that an elite group of onecoiners would be given permission to gather ponzi money to bank accounts that are either hold by them personally or maybe just kept as a secret from a larger audience to prevent the problem of freezing accounts. Either way I'm sure it wouldn't be even remotely efficient enough to keep this ponzi rolling or even limping.

Meanwhile the members of the ponzi are getting frustrated. Many of them were eagerly expecting October to sell their magically doubled possessions. Now, after delay after delay and much of anticipation, they have to face the fact that all the coins are worthless.

Monday, 14 November 2016

OneCoin - The ponzi-pyramid crumbles!

Today seems to be the day that ends the long reign of OneCoin ponzi-pyramid. The everlasting pursue of new bank accounts seems to have driven OneCoin to finally end the game with the following announcement:



The last bank account they had in Tanzania was either frozen or wasn't enough to keep the scam rolling.

However, the scheme can still continue with its independent reps trying to suck the last drops of cash from any gullible victims out there. It's also possible that a new ponzi will be launched exploiting the member base OneCoin had.



Thursday, 10 November 2016

OneCoin lost its Singaporean bank account - The second one!

OneCoin has lost its Singaporean bank account. This was in fact the second bank account they had in there using shell companies for money laundering, the first one being International Marketing Services Pte. Ltd. and the second one Vernada Trading Pte. Ltd. 

After investigating the case thoroughly United Overseas Bank has obviously frozen the account which forced OneCoin to immediately remove the bank details from their ponzi shop. Now OneCoin has only the African bank in Tanzania to launder its money.


The Bank of Africa is still offering a safe haven to OneCoin for money laundering.

PS. Thanks to the UOB and the Singaporean Monetary Authority for taking the matter seriously and preventing more people from losing their money!

Monday, 7 November 2016

OneCoin lost its Cyprus bank account

OneCoin seems to have lost its bank account in Cyprys after having it only a couple of days. I was expecting this to happen after spotting the bank investigating my blog during the last couple of days. Nice work Hellenic Bank! This is the proper way to handle money laundering.


Two more to go.

Thanks to the quick action of the bank I think it's unlikely that there was any victims of this ponzi that lost money through money laundering there.

Thursday, 3 November 2016

OneCoin - A new bank account in Cyprus


Well, OneCoin finally found a new bank and a new shell company to use. The new bank is Hellenic Bank Public Company LTD located in Cyprus. The shell company for the bank account is Eastern Project Investments Limited. It seems to be connected to LydorMarkets

According to the company's webpage: 
"LydorMarkets Limited helps investors easily open brokerage accounts with regulated Investment Firms." 
- Is OneCoin a regulated investment firm? I don't think so.

Here's the bank account information provided by OneCoin to its victims:
Account Holder: Eastern Project Investments Limited
Address: 16 JOHN KENNEDY AVENUE 1087 NICOSIA CYPRUS
SWIFT CODE: HEBACY2N
NAME OF BANK: HELLENIC BANK PUBLIC COMPANY LTD.
BANK ADDRESS: Hellenic Bank Main Branch Athalassa Avenue, 5th floor, 2025 Strovolos 1394 Nicosia, CYPRUS
ACCOUNT NUMBER: IBAN CY50 0050 0140 0001 4001 6945 9301 EUR ; CY23 0050 0140 0001 4007 6945 9301 USD


I already contacted the bank and informed the Police of Cyprus.


Update 4 November:

Lydor Markets / LydorMarkets seems to have a history with OPN-Sitetalk scam which was integrated into OneCoin in the turn of the year.

For example below is a comment posted to a Sitetalk related web site in 2013.



source: http://www.my-sitetalk24.com/convert-sitetalk-of-into-shares-at-mlds-cc-now/

OneCoin - MAS responded to my report



I just received a response from the Monetary Authority of Singapore (MAS) concerning my reports about the bank accounts of OneCoin's shell companies.

As I assumed OneCoin being on MAS' Investor Alert List doesn't necessary have any affect on its bank accounts:
"As you have rightly noted, OneCoin has been placed on MAS’ Investor Alert List (IAL). The IAL is a non-exhaustive list of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. Such persons include those who are conducting regulated activities without authorisation, or persons who do not conduct regulated financial services, but have been mistaken by the public to be regulated by MAS. The fact that a company is listed on the IAL does not necessarily mean that it has breached any of MAS’ regulations. However, investors should bear in mind that these persons have had a past record of being wrongly perceived by others as being licensed by the MAS and should exercise caution when dealing with them."

What comes to laundering money MAS is now monitoring that United Overseas Bank looks into the matter:
"MAS takes a serious view of the issues you have raised against United Overseas Bank (UOB). To prevent money laundering and counter the financing of terrorism, MAS requires financial institutions (FIs) to have in place appropriate customer due diligence policies and rigorous account opening procedures. While the detailed procedures for doing so are not prescribed by MAS, FIs are responsible for ensuring that their procedures are robust. Our approach is to first accord UOB an opportunity to look into the matter and provide you with an explanation. Hence, we have forwarded your feedback, including your contact details, to the bank for its review. MAS will monitor the bank’s response to you and follow up directly with the bank should there be any matters of supervisory concern."

In addition I got contact details to the Singapore Police Force as well as to the United Overseas Bank. Nice to see that the Singaporean authorities are alert and take these things seriously.

Wednesday, 2 November 2016

OneCoin - Singaporean Bank Account frozen

As I suspected the bank account seems to be now frozen. However, OneCoin doesn't run out of shell companies. Just a while ago this popped up after logging into my member account:




The shell company OneCoin uses now is:
Vernada Trading Pte. Ltd
- I couldn't find much about the company. Apparently it was incorporated 31 August 2016 so it's a brand new one:
https://www.sgpbusiness.com/company/Vernada-Trading-Pte-Ltd

Surprisingly the ponzi is still using United Overseas Bank:



I have just filed a report to the bank and the Monetary Authority of Singapore.

Update: 
A police report filed as well. Hopefully the authorities can work a lot quicker now as they certainly have studied the case.

OneCoin - Wahlroos & Mirza on stage in Bucharest, Ignatova in Kiev

Kari Wahlroos and Yazir Mirza in Bucharest Romania 23th October 2016


Phew, over two hours of Kari Wahlroos and in addition over one hour of Yazir Mirza training OneCoin reps in Bucharest. My stomach couldn't take all of the Mirza's part after two hours of Wahlroos, but here are some keynotes of the trainings:

"Stop thinking!"

According to Wahlroos OneCoin reps should not use their brains. - Speaking about the obvious.

"We don't need to prove anything"

"So pioneer time is over for our company. We don't need to prove anything to anybody anymore."
In ponzi standards that's very true. I agree 100 %. They sure don't need to prove anything anymore. What comes to being a cryptocurrency, OneCoin has nothing but proving to do.

Kari Wahlroos certificates that everyone can make 100.000 euros before Christmas

"This is a certificate... If you start working today 10-15 hours every day... until Christmas, everyone of you will make 100.000 euros. And I will sign it." Then he asks the audience: "Who's going action now? ... So, you see how easy that is." 


Wahlroos and his certificate of 100.000 € incomes for the coming nine weeks.
If we assume that the 100.000 euros will be a 6 % cut of the total sales a OneCoin representative can actually have in his cash account, we can calculate an estimation of the total sales. That been said a rep must sell packages worth over 1.6 million euros to accumulate those commissions. (Commission is 10 % of sales, but only 60 % of if goes to cash account because of mandatory coin purchases with the 40 % cut.) 

Well, OneCoin has some lucrative bonuses for the fast and effective scammers, so I must admit that my calculation could a bit rough. For the sake of argument, let's say it's only a million euros worth of sales you have to make during those 9 weeks. Would that kind of sum of loose money be possible for everyone to achieve in nine weeks? I guess so, because Kari Wahlroos gave a signed certificate confirming it.


Yazir Mirza at the Bucharest event:





Yazir Mirza starts his presentation by asking the audience: "Who is here today present to make a little bit more money?" Then he waits a while many of the audience raise their hands. "So you guys can leave the room because this is not the right place. Because this is a place where you make a lot of money!"



Ruja Ignatova is still on board


A video uploaded recently to YouTube shows that Ruja Ignatova was a speaker in Kiev 1.11.




About M.A.B.

"This application does not give you the chance yet to accept onecoins as a merchant." Apparently merchants have to wait for two years to maybe have some actual use for the application. It raises a question why would any merchant waste time for an application that is completely useless for two years.

"From January on we will allow however every merchant to join the network and to accept onecoins. How will this work? So you all can go out and sign up merchants..." Instead of actually explaining how this would work, she starts to blabber about a possibility to use a partial payment method where a purchase can be made partly with onecoins. But how come merchants will suddenly be able to accept onecoins? She just told a while ago that onecoin would not go public until 2018 and merchants can't accept coins until then. I'm getting very mixed signals here.

I'm just guessing now, but I assume the merchants maybe receive part of the payment as onecoins via a clumsy transfer made using the member accounts. The rest of a purchase is paid with fiat money according to a agreement between a merchant and a customer. So the merchants have an option to choose how much their customer pays with fiat currency and what amount will be deposited to merchant's onecoin account. But I'm only guessing here. She speaks so vaguely that it leaves a lot of room for different interpretations.

"So why would you go out and find this 1 million merchants?"

In addition to normal pyramid building commissions Ignatova promises additional incomes: "But if I go and I recruit a merchant, OneCoin/OneLife will pay BV (Business Volume) on all the cash transactions the merchants out." ... "So it means whenever a merchant makes a sale you will continue earning money." There's no sense in this, but okay? I'm just wonder where does the money come from.

Wahlroos and Ignatova are not on the same page

"Now Kari told us already that some stores already take onecoins. I guess they do this in private, but all of this people can join then the merchant program and the people who brought them to the network can earn BVs with it." Well, I guess you should have agreed about a mutual lie before starting to spread different ones. There are no merchants accepting onecoins. That's also the message given by OneCoin's customer service.

About 2018

"So the time will come in 2018... so we want to target April or May, and we want to be one of the first cryptocurrencies that goes public in appropriate way." Apparently the so called appropriate way is to be the first cryptocurrency that has not been able to be used over three years of its existence. That's of course the only way for any currency with only an artificial value and no usability.


Winter is coming


While digging up information about OneCoin I noticed that it has been put on the Investor Alert List published by Singaporean Monetary Authority:
http://www.mas.gov.sg/IAL.aspx?sc_p=O
It was listed quite recently, 21 October. This alone might not affect to the OneCoin's bank account in Singapore. However, being on the list is not a merit to brag about. 

I also noticed that the United Overseas Bank visited my blog today to snoop around some information about OneCoin. So there's at least a proof that UOB is investigating the case.

We got our first snow here in Finland so winter is coming. I also sense a cold breeze coming from Singapore. It's like a bank account would be just about to freeze.