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 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:

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: and
(Part of the group"

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.

Here's the Facebook page in case you are interested:

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?


  1. "In this phase of the project OneCoin the coin supply is greater than demand"

    I think that any phase of OneCoin that will apply. :D

    1. Try to explain that simple fact to a onecoiner :)

  2. I saw your great discussion on Facebook with these ONEteam Italia guys ( ). True believers, the complete Q&A is worth quoting here.

    I'm also looking forward to the 2 January Newsletter. I guess they're going to announce the discount system Stephan Steinkeller referred to in his MAB presentation at the Mastermind event on 1 October 2016.

    With this system merchants probably can grant a discount in exchange for ponzi Coins. And if this becomes a success, the ponzis will live together as a happy family for a while.

    1. The MAB was a failure from the very start so I just can't see much happening with it. I guess it's still going to have also the ludicrous price tag as before. In addition the IMAs are required to market it to merchants. That's not as easy as to push one's relatives to purchase an educational package that will make them millionaires.

      Unless Ruja isn't going to double the amount of coins again and launch yet another blockchain, I see all new things OneCoin deploys as a measure to play time. MAB and whatnots aren't just sexy enough to arouse people to become millionaires.

      Google Trends is already showing that OneCoin needs to invent something to attract new members and fast:

    2. By the way, I was banned from the Italian Facebook page for no good reason soon after I published there the news about OneCoin being suspended by Italian authority. The moderator also deleted the whole conversation I had there with him/her.

      The Facebook page is suspiciously quiet so maybe the mod has banned also a bunch of the members.

  3. I agree, the MAB was a Dead On Arrival failure. But I don't think the MAB will play a key role in this discount system, they will probably come up with something else.
    And I won't be surprised indeed if they couple this announcement with some "bait", let's go for a coin quadrupling! ;-)

  4. Is this is going to be the largest scam in human history?

    1. OneCoin could very well be the biggest international ponzi scheme there has ever been.

      According to the latest report by BaFin about OneCoin's illegal activities, there has been 360 million euros transferred to German banks during 2015-2016. Considering that amount and the number of frozen bank accounts OneCoin has had all over the world, I would suspect that the total amount of euros lost into this scam goes to well over billion euros - at least.

      Madoff with his 65 billion dollar ponzi is still hard to compete what comes to the pole position of fraudsters.


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