Thursday, 23 August 2018

OneCoin – The Big Reveal

Lately there has been a lot of buzz among OneCoin members about "the Big Reveal" that was coming. A counter had emerged on a OneCoin related website, onecoinico.io, and the due date was yesterday. However the counter was set up to go along whatever time zone and time was set to a clock of a pc so the counter was showing different figures depending on one's time zone.




This screenshot was taken shortly after 12:00 pm (+2 GMT). The counter stalled to 1 second for a quite some time...
... Later the counter disappeared but nothing happened for hours. Well, at least the counter wasn't replaced by another counter like during the earlier ICO failure.


Funny enough, there seems to be trust issues among the members about the website. Some of them are even suspecting that it's just a plan of "haters" to distract and maybe mislead the members. As a reminder the website has been officially connected to the mother scam before. OneCoin was promoting its first ICO charade in 2017 and was urging members to participate it. The ICO was soon to be buried before getting anything started.


Onecoinico.io and the roadmap


Well, finally the website was published today. It seems to mimic all other ICO scams out there. However, OneCoin's ICO site differs somewhat. The website doesn't introduce any team or people behind the project, not even details of a company can be found. Most of the content is just familiar marketing mumbo jumbo that we have seen before. There's even a Telegram channel, but it's not open for discussion – not that I'm surprised.

The company has been claiming for years that there already is a cryptocurrency named OneCoin and a running blockchain so running an ICO doesn't make any sense – that is if we were not talking about a scam. Nevertheless it's rather strange to run an ICO to raise funds for a company that has been boasting that it doesn't need any more money.

The actual reason for this ICO is probably just to reboot the scam, to give it some new boost and lengthen its lifespan by exploiting the remains of the pyramid and possible new recruits that are gullible enough to believe in this despite all the red flags and warnings.


The Roadmap of OneCoin ICO. (click to enlarge)

Too bad for the scammers that many of the members are getting fed up with all the delays that OneCoin has had. Initially OneCoin was going to be public in 2016. Later the going-public-date was set to October 2018, the date that was eagerly anticipated by the members. Now it's postponed to the unknown future due a strange ICO phase.

In fact the ICO website doesn't mention anything about the coin going public. During the ICO there are coins gradually "released" to the people obtaining "OFCs". – Not a thing about going public or setting up a cryptocurrency wallet. Nothing about the onecoins that the members already possess.

The roadmap states that "All coins acquired by participants will be available to them lately, on October 8, 2019, at the output of the project at full capacity." – Since the roadmap is referring to the "project" I believe it's all about converting OFCs into onecoins, not about going public. Going public doesn't even matter to the company because it would only show the real market value of the worthless coin in an instance.


The Big Reveal: OneCoin is going to use Ethereum blockchain to create 120 billion OneCoins?


Someone spotted that the Smart Contract viewable on onecoinico.io held some very delicate information. According to the Smart Contract it seemed that the company was going to use Ethereum blockchain to create 120 billion OneCoins. Yes, all those 120 billion coins that OneCoin has claimed to have its own blockchain for.



Click to englarge.

After this accidental information spill was posted on a OneCoin related forum the Smart Contract was quickly removed from the ICO website. – Nothing fishy here! LOL!

Yeah, it might be a bitch to get a scam coin without a blockchain converted to a legit cryptocurrency. Meanwhile the members of OneCoin have yet another year to wait for further delays.

Here's a link to the copied version of the Smart Contract.


Update 24 August


Apparently OneCoin has already been turned down by six of the 12 exchanges that the company was contacting. 

This screen shot is from the ICO site from yesterday:



This screen shot was taken just a while ago:


Update 28 August: All the exchanges were removed yesterday and today the entire site was IP-blocked for traffic coming from EU countries.

Here's an archived version of the ICO website.

5 comments:

  1. No more exchanges listed. And the site blocks access from most of the EU countries.

    ReplyDelete
    Replies
    1. This must be the shittiest scam ICO ever, especially when considering the size of the ponzi. And I thought the scam ICOs I had posted about were shitty.

      The scammers behind this idea of running an ICO aren't probably the sharpest pencils in the ponzi.

      Delete
    2. ”Sharpest pencils in the Ponzi" ��

      Delete
    3. I just don't get it how come someone in charge thought this wouldn't backfire. It seems like outsourcing the ICO was seen as an easy way to drag this charade further and maybe even have a legit and worthless cryptocurrency as a side product.

      Delete
    4. By the way, Myicoagency.de has a connection to Karatbars.
      https://behindmlm.com/companies/karatbars-international-to-launch-karatbank-coin-ico/

      Delete

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