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Monday, 19 December 2016

OneCoin - What's happening behind the curtains?



OneCoin claims to be a transparent company. This is certainly true to the extend what comes to constantly revealing alarming red flags of a ponzi-pyramid. Most people are well capable of noticing the stench of bullshit in the air. However OneCoin was designed for the ones that don't mind the smell or simply can't sense it.



OneCoin's leadership uses heavy censorship on the company's Facebook pages (OneCoin and OneLife). It's like watching North Korean tourist attractions. Occasionally you can see some people, but you just know that something is seriously wrong. 

The majority of comments have been censored and often you find the comments sections nearly empty despite having ticker showing much more comments than is actually visible. It's easy to guess that those comments include ponzi accusations and awkward questions. It's evident that this "transparent" company doesn't allow any kind of criticism. 

The members have also been instructed to refuse from all communication with media representatives. The company itself is supposed to handle media. 



Italian onecoiners disappointed




Although it's nowadays very hard to find any open discussion between onecoiners, I happened to find an Italian Facebook group of onecoiners that share their thoughts in public. The Facebook page in question has above 1.400 followers as well as Facebook likes.

After checking the posts of the last couple of months the most interesting comments were about the members asking why their coin sell orders tend to expire. Since the banking problems went bad there was also some conversation about bank transfers. All in all the Italian members seem to be somewhat disappointed. Some of them were even agitated and felt let down by the company. The moderator(s) of the Facebook page keeps repeating again after again that "This is not an investment" and people should not expect to get any quick cash out of this.

I had to use Google Translate to translate the Italian comments to English. It's not perfect but nevertheless you should be able to understand them.



10th of October - the members getting pissed off




The member: "However, even on the official group of onecoin, many are starting to be pretty angry about the maintenance speech and because there are people that after 5-6 months they can not sell their coin ..."




The moderator: "OneCoin is not an investment but a project. So all those who entered with the thought that after 5-6 months they could sell everything they were wrong ... this is a project the goal is not to be converted into € (monetization) but the global spread (in the world) in order to present itself as an alternative currency to the euro and the dollar. It is a very ambitious project ... and anything but simple .. but is growing fast in the world and now with the introduction of MAP (the OneCoin APP) we will be able to give everyone a big boost to the spread and marketability of OneCoin. For the rest of the site will be under maintenance until Wednesday. They're still recording the end of September and transfers are updating the news (also all 'EXCHANGE) introduced with the new blockchain. We must have patience .. The project is growing at unthinkable pace ... and then it can happen to alvere some slowdown in some services. Ciao"

After this the member goes arguing how there was some video material promising incomes as a return to the investment. The moderator keeps repeating that OneCoin is not an investment but "a project" and people should not expect fast incomes.



27th of October there's again some arguing about the inner exchange:

A member: "the problem is then sell these onecoin, I have a week that I try and go from pending expired in so you do not manage to sell !!" 
The mod: "Hi XXXXX. At the time the sales process of OneCoin coins you can only do so through the internal exchange. The current process (exchange) requires you to do a sales request and not a real sale. In this phase of the project OneCoin the coin supply is greater than demand and therefore only a few manage to convert onecoin in euro. In OneCoin project then there are limits depending on the training pack OneAcademy purchased. As their training pack is an advanced level and the more you will try to sell OneCoin every day and also you will have previously to convert € before their currencies against the currencies offered for sale by the lower-level pack. However, please keep in mind that these are NOT an investment aimed at OneCoin is not conversion to € or $ but is to become a global alternative currency to the euro and the dollar. So at the moment to be able to sell you must arm yourself with patience."
The mod states the obvious. However, it's very puzzling how come he doesn't seem to recognise any problems with the situation in the exchange. He even admits that the supply of coins is greater than demand and "only a few manage to convert onecoin in euro". Well, what's the basis for the coin value then? What makes them think that there ever is going to be a demand matching the massive supply? The ponzi appears to have totally blinded these gullible onecoiners from the basic laws of economy.



2nd of November


A brief discussion about xcoinx.com still not executing sell orders:


A member: "How to sell onecoin no one speaks?"
The mod: "Hello XXXXX ... I remind you that OneCoin is not an investment, and therefore the main objective is not and will not be to convert / monetize €. So patience ... and we await news later this year on OneForex that will help you in your goal. Hello"

As we know by now OneForex isn't going to help with selling coins. I had signed up for a free test drive OneCoin was offering its members to test the OneForex. It seemed to be about trading between EUR-USD, possibly some other currencies as well (?). Nothing to help anyone to get rid of their onecoins there.

One member was also complaining about something possibly related to a frozen bank account:


A member: "I wrote to Onecoin for credit transfer delays remain unresolved for weeks. They told me to go to the bank and ask for the swift MT103 message. I did it and I found that this official investigation would cost me 30 to 50 euro. At my expense. Is absurd. In addition to the excessive cost me seems really unfair to a member Onecoin. To you, what is there?" 
The mod: "hello XXXXX. I confirm what you described. but 'some users have been able to lend him the MT103 message even without paying 30 €. I think depends on your bank."


9th of November


There are two members addressing issues with banks. The mod draws a conspiracy theory card from his sleeve and explains that banks are just trying their best to prevent OneCoin from operating. - That's funny because the real reason is the money laundering OneCoin has been doing since the very early days of its existence.

Here's the conversation:
A member: "it seems they are to close or even has even closed the account of the Cypriot bank is it? that account is now active" (He refers to an article on BehindMLM about the bank account being frozen) 
The mod: "You confirm. The news has unfortunately arrived early this morning. All we asked ourselves the reasons that lead a bank to sign an agreement that would produce millions in profits into the coffers of the bank itself (see also the only No. of daily transactions) and then claim the appointment within a few days (or even a few hours), without real and effective motivation. I think we all agree that it appears at least "suspected" ... so suspect that some of you who know the banks from within a half-explanation have already suggested. We can also consider this an excellent boycott action and an attempt to further destabilization against OneCoin.  
Now that is no longer a secret that the biggest banks are organizing themselves to create their own "crypto product" we certainly can not expect fresh flowers every day by these "gentlemen" ... :) However, we go on and on united and stronger than before (with about 5,000 new users every day in the world believe in OneCoin project). It is not something so catastrophic, because the OneCoin company is studying a new solution (hopefully definitive) for Europe .. meanwhile remains available to buy training packages OneAcademy via bank transfer the bank details AFRICAN"


Another member: "I'm having serious problems with the old bank in Singapore. Recap: October 17 I make a transfer. After 15 days since you do not even see anything in my portal I write to Onecoin and wonder what to do, attaching a copy of my transfer. I ask one swift MT103 message. I can make me give my bank, after about three days. PAYING. I refer everything to Onecoin (umpteenth time copy of my transfer + SWIFT message MT103). Yesterday they meet who have nothing to do with Singapore. Yesterday I rewrote evening. I hope in the response of another operator. However I am very disappointed by what is happening." 
The mod: "XXXXX you're absolutely right .. Unfortunately the banks that should be serving customers .. looks like they are trying to hinder the OneCoin project. We can not help you directly because you do not belong to OneTeam Italy. And 'in fact burden of your sponsors help in every way. However we recommend to request the transfer back to your Italian bank and make it to the African bank details."



13th of November - The mod urges the members to use Perfect Money.


The mod has an announcement to make:


"!! IMPORTANT - IMPORTANT !!
Given the recent weeks problems with banks (and their bank transfers) for the purchase of OneAcademy training packages,
the company has now implemented the option to buy them using the PERFECT MONEY platform (a new payment mode via WEB).
Open an account Perfect Money (PM) is completely FREE.
(CLICK on the link below)
Thanks to this new mode you can then: 
1) charge their PM account by bank transfer 
2) purchase OneAcademy training packages by choosing SHOP ONELIFE the PM payment. 
!! OneTeam Italy is always at the forefront !!
For information and to enter the great OneTeam Italy:
www.onecoinitalia.it and www.onelifeitalia.it
(Part of the group www.onelifenetwork.eu)"

I would assume that Perfect Money might not have been a popular method to transfer onecoiner's money, because of the hefty fees it charges. According to OneCoin's Shop section, choosing Perfect Money as a payment method adds 5 % as a fee to each package bought. For example here's a 276,50 euros fee added for a Tycoon Trader package:



A member comments: "The fees are high. We simply have to rely on known and reliable banks."
The mod doesn't give up: "With Perfect Money commissions are you a bit 'high (a little' less than 10%) but the transactions are reliable, safer and faster than what is happening in recent weeks because of the current banking system that is also trying to hinder the project OneCoin & ONELIFE. Beware that even today with banks support outside the SEPA (euro) fees for wire transfers of training packs are HIGH .. and you have to pay commissions even if the transfer is refused. N.B: Waste that would not rather with Perfect Money being an intermediary on the WEB." 
The member: "I am of the opinion, it is not only I who continue like this, the account will decrease drastically. I see there's a lot of disappointment on the part of many. They do not understand why six or seven changes of banks in six months, and each time you choose a worse bank earlier. I repeat, if this continues, the game ends. Do spokesman for the general discontent." 
The mod: "XXXXX understand your feeling (and that of others). Unfortunately the situation is this. The problem is not the bank itself but the banking system that has targeted this project and is boycotting. This is what it looks like ... but unfortunately with each passing day is becoming a confirmation. The proposal was not considered at the beginning but now it is growing exponentially is starting to annoy and was taken seriously targeted. Yes, this will not be an easy time for all of us ... we will have the strength to stand together to overcome it together .. the company that is working in a professional manner (see for example the last portal xcoinx) he is already studying a alternative solution, we have to trust and give him a few weeks to implement the new strategy." 
The member: "Let's hope so, although I find it hard to believe that a large bank can refuse an important customer boycotting it. In this way boycotts alone." 
The mod: "It is true that the bank lost commissions. But the real problem for the banks is that the money is used to purchase educational pack OneACademy come precisely from the current banking system. And as long as it was a few users is one thing ... when they begin to be almost 3 MILLION as you can imagine is another account." 
Another member about xcoinx: "the last portal xcoinx, if I may, is new only from the point of view of graphics: not sold before, and do not continue to sell even now, I do spokesman of so many disappointed also from this" 
The mod: "No XXXXX. I confirm that the exchange of prior work. Every week he managed to buy and you could sell almost once a week. Now the system seems on stand by. Both buying and selling remain pending."

Nothing much happens after this. The mod keeps quite regularly posting some news on the page, many of them are Bitcoin related. The comments section stays pretty much silent for quite some time. During the last weeks there has still been some comments about the poorly working exchange though.



16th of December the mod goes celebrating: "XCOINX works!"

"XCOINX works!" To prove this he/she posts this picture:

- There was two sell orders successfully executed with discount prices. The first one executed at the price of 6 EUR/pc and the other one for 3 EUR/pc. At the same time the person was also bidding for coins with its current "market value". The bids were also carried through successfully. So in fact there was coins purchased with 286 euros and sold for only 30 euros. Well, I guess it's fair to say that the inner exchange works like a charm - for the scammers.

Source:
Here's the Facebook page in case you are interested:
https://www.facebook.com/oneteamitalia/?fref=ts


Update 26th January 2017:

The Italian Facebook group has been deleted just recently - maybe even today. Maybe Italian authorities are closing in on the scammers there?

Saturday, 10 December 2016

A stooge appointed as the new manager of five OneCoin related companies

A Bulgarian newspaper the Capital/Капитал published an article today revealing that OneCoin has appointed a new manager for five OneCoin related companies. - No, it's not Pablo Munoz. Instead the new manager in these important positions is a 25 year old Bozhidar Zahariev who - according to the Capital - lives in a... erm... in a quite modest neighborhood for a man of his position. 

The Capital lets us know that he was appointed to manage the companies somewhere in November. It's quite a coincidence that OneCoin ran into severe banking problems at the same time. - Ironically one could say that OneCoin has been unbanked since then.

"Yes, you are the new manager! And don't worry about missing the brains. You don't need them in OneCoin."

The Capital (with the help of Google Translate):
"Accordingly, it is rather odd exactly where they crossed both worlds and what Zahariev was able to prove. But the fact is that he is now governor of ownership from mother to Ignatova "Artefiks Europe" and its subsidiary "Pegaron invest". This latter company owns the "One Network sarvises" during which OneCoin operates and which has over 60 employees. Moreover Zahariev was the new manager "One peymants" as well as "One Property" which holds the house of the former mayor Dimitar Mollov against the National Assembly, which was bought in 2015 for 5 million. Euros. There is a request that he be registered as a manager of "Diamond Property" which has new headquarters of OneCoin Square "Slaveykov. According to news from the company's website literally days ago there must have been opened the first of its kind kriptovaluten information center in the world. 
Thus, in the hands of the young man who makes little experience as a manager, at least on paper proved to be assets for millions of business whose scale is difficult to assess given the lack of data. While the said Munoz and other public entities of OneCoin not formally take up any posts."

According to the Capital despite his young age Bozhidar Zahariev appears to have a history of being a straw man counted on when dumping some unwanted companies. In other words he is just a puppet - a stooge if you will - with the only purpose to have the upline of scammers exit the stage nice and easy.


The Capital:
"This makes purchases of its kind to look like typical schemes involving "straw man" - someone who sells his identity to his transfer companies, which due obligations or other reasons their current managers want to get rid. By the time while he was their manager, they did not submit reports and is not very clear what activities have at all. However, since the beginning of 2016 several of them at least dozens of documents recruit employees. One of them in April even an act of the Labour Inspectorate from April 2016 with 13 mandatory instructions."

So it's more and more obvious that the top scammers have quietly left the sinking ship and doing their best to shrug off all the traces left. Like OneCoin already announced after losing all of its bank accounts, it's now up to the independent reps to run the show. Sadly ponzi scams don't have lifeboats reserved for their passengers.





Here's again the link to the Capital in case you missed it. It's worth reading though Google Translate has some problems with Bulgarian language:
http://www.capital.bg/biznes/finansi/2016/12/09/2879358_doktor_ruja_i_menidjurut_ot_moderno_predgradie/

Friday, 9 December 2016

Latvian Financial and Capital Market Commission warns about OneCoin - again



Latvian Financial and Capital Market Commission has decided to warn Latvians again about OneCoin describing it as a pyramid scheme. The previous warning was given only about 9 months ago, 3 March.

Here's the warning translated with the lovely assistance of Google Translate:

We continue to warn about the services provided OneCoin


08/12/2016

We continue to warn about the services provided OneCoin

Financial and Capital Market Commission (FCMC) repeatedly warns against involvement OneCoin business schemes, which at the discretion of the FCMC is modeled after the financial pyramid principles. Offers are made to engage in various Internet websites (such as www.onecoin.eu) or social sites, as well as OneCoin seminars organized in which citizens are called upon in financial transactions with unlicensed providers. For information about financial pyramids FCMC has given its website in advance (see. Http://www.fktk.lv/lv/klientu-aizsardziba/bridinajumi-par-nelicencetiem/79-2012-03-29-kas-jazina-par- financial-p.html ). 

We remind people that unlicensed merchants and other similar formations are not nationally monitored and interests of the population hence are not protected. Unlicensed business, calling for investment or attracting deposits or other repayable funds is a criminal offense.
 

People who are not professionals in the financial services sector, but wants to invest or deposit funds, we recommend you go to your bank or an investment brokerage company with a license. Such service providers are obliged to inform about the possible risks and ensure customer risk profile of an appropriate offer.
 

FCMC monitor only licensed operators who have received the appropriate license for the deposit or investment attraction. Only to those service providers customers protected by the state - both as consumers and as depositors.
 

FCMC invites every person who wants to use financial services to make sure that the potential service provider is entitled to provide such services. Information on all licensed service providers in Latvian can be found on the Commission's homepage under '' Operators' (web page address: www.fktk.lv).

Source: http://www.fktk.lv/lv/klientu-aizsardziba/bridinajumi-par-nelicencetiem/6087-atkaroti-bridinam-par-onecoin-sniegtajiem-pakalpojumiem.html

Update 11 December: Correction made: the previous warning was given in March, not in November.

Saturday, 3 December 2016

Muftis condemning OneCoin. Xcoinx keeps on pending and expiring

Muftis condemning OneCoin


OneCoin seems to have rapidly spread like a virus among muslims during this year. The ponzi has been marketed to muslim victims as being Sharia compliance and this nonsense has done its charm. 

However, as a counter measure a research paper was published yesterday by some muslim scholars:


The paper concludes that it is impermissible to participate in the OneCoin scheme. The paper has been approved and endorsed by the following scholars:
  • Mufti Amjad MohammedBradford, UK
  • Mufti Faisal Niazi al-Mahmudi, Montreal, Canada
  • Shaykh Yusuf Shabbir, Blackburn, UK
To read or download, please click on the following link: onecoin-research-paper-islamic-ruling
The research paper explains thoroughly what OneCoin is and what makes it a scam. The conclusion of the report states: "it is impermissible to participate in this scheme." 

Although the report was composed for muslim audience, it's a very good source of information to anyone regardless of religion.



Xcoinx keeps on pending and expiring


Let's see how the exchange on xcoinx.com is working at the moment. A onecoiner has uploaded a video just recently to show how he's doing some successful withdrawals from the exchange.

Account 1 (1:30)



The man refers to the account as his main account. Apparently he has at least four OneCoin accounts. In the video he transfers money from each additional account to his main account in order to buy a gift code. I guess the purpose of this procedure is to sell the gift code to a new victim and pocket the cash, quick and easy.

As seen on the chart, the onecoiner managed to have two buy orders executed and one sell order was successful. Both successful coin purchases were made at the market price. The one and only successful coin sale was made way below the market price.

The market price for the buy order that expired in 17th November seems odd for the date, because OneCoin's artificial value did not rise to match that figure until 25th November. I can't figure out explanation for this.


Account 2 (3:15)



The second account has only sell orders visible. It took him two weeks to have three coin sells executed.




There are just sell orders here. Again three of them executed with exact same dates as the previous accounts.


Account 4 (7:30)



This account is identical to the previous one. Again sell orders executed with the same dates.


More examples:


One other example of expiring coin sells. - This onecoiner is trying to have sales with discount prices and yet he is failing.



Conclusion


After checking these videos I think it's safe to say that Mr Parhiala and the queen of ponzi currency were both half right; Europeans and Chinese are indeed sleeping. But just the opposite to their claims, no one is awake to purchase coins. 

It is possbile that there might have been some money injected to the system in the end of November, because some sell orders were executed. On the other hand nothing guarantees that OneCoin has cash in its system to cover all the coin sells. Thou shalt not forget the most important rule: Never trust a ponzi.


Weather forecast for the coming weeks


Here's the weather forecast for onecoiners: There's an increased likelihood of freezing breeze coming towards bank accounts.

Thursday, 1 December 2016

Italian market protection authorities going after onecoiners



I received a post on the comments section today about OneCoin going under serious investigation in Italy. The post was referring to an article published on an Italian web page TruffaCoin.com (Chrome users, click right button and select "translate"). The TruffaCoin's introduction declares: 


"Who we are? We are a group of anonymous volunteers, and would like to avoid a largest possible number of people to get hurt !
 We are collecting testimonies from victims of scams and Onecoin Coinspace. If you have lost money with these scams, you can contact us and give us your testimony will help others not to also lose them!"

In addition to starting to investigate OneCoin the Italian authorities seem to really push Italian onecoiners to quit the ponzi business. Below is the whole post from the Anonymous who tipped off about the Italian site and translated the main points:


"Italian market protection authorities prudentially shutting down Onecoin in Italy. 
Several of the top Italian Onecoin promoters have received lengthy letters from the Italian "Autorità Garante della Concorrenza e del Mercato" (Italian Anti-Trust and Market protection Authority).
In these letters:

- it is stated that there are reasonable elements to declare Onecoin a Ponzi deceitful Scheme ("schema piramidale", as the Italian law calls it)
 
- under threat of heavy fines, promoters are required to provide the Authority with a huge lot of information and documents (total number of sales, total amount of sales, contractsd, invoices etc). (This will also be interesting to investigate tax avoidance claims) 
- the Authority also requests in detail the "informative packets" purportedly being sold to Members (if the informative packets are rubbish, it's clearer that the amounts are being paid for the Ponzi business, not for any real sale)
- finally, THEY ARE ORDERED TO STOP SELLING ONECOIN!

The exact excerpt from the letter:
 
Sulla base degli elementi agli atti sussistono i presupposti perché l'Autorità deliberi, ai sensi dell'art. 27 comma 3 del Codice del Consumo (Decreto 6 settembre 2005, n. 206) la sospensione provvisioria della pratica commerciale. 
Translates to: Based on elements already in our possession, the conditions are satisfied for the Authority to decide the temporary suspension of the commercial activity, according to art 27 comma 3 of the Comsuner's Protection code (Decree 206 of sep 6th 2005) 
Essentially, what they say is "give us all these documents, but even without them we are confident enough to say that you have to stop selling Onecoin, because at first glance is seems a deceitful Ponzi. If - from your documents - we'll see otherwise, you might start selling again.

We don't know how many of the promoters have received these letters (it seems a good part Onecoin-related sites have received it)
 
Also, in these days, several sites of Onecoin promoters are down. While this is not directly required in the letter, it probably derives from the order of stopping the promotion and sale of Onecoin"

According to OneCoin's member tickers which can be viewed in the user account on onelife.eu, they have nearly 50.000 Italian members. However, I'd like to remind that any number given by OneCoin is not to be trusted. 

For example the headcount of the Finnish members is closing to 30.000 despite the fact that recruiting must have been very hard for a long time after all the bad press OneCoin has had here in Finland. I would estimate that we have more likely roughly 10.000-15.000 paid members. 

In addition The member tickers seem to add new members with a suspiciously steady phase which also varies quite strangely between the top countries.

Hopefully the Italian authorities can put an end to the recruiting tours in Italy. 

Ps. Thanks to the Anonymous who tipped off about the Italian investigation!