Thursday, 20 April 2017

Authorities and media closing in on OneCoin

BaFin points its condemning finger directly towards OneCoin

As the infamous ponzi pyramid scam OneCoin has been gaining more attention, authorities and media have been closing in on the scam. There are police from several countries investigating the scheme. Every now and then there's a financial regulator announcing warning about OneCoin.

There are almost daily banks searching information about OneCoin from this blog. Hence I'd suspect that they have detected some suspicious money transfers - so there could be a bank account freezing somewhere even as I'm typing this. OneCoin itself can't publish any bank account details, because it's considered a money launderer by regulators throughout the world.

There has been warnings about OneCoin by three different regulators just recently:

BaFin (the German Federal Financial Supervisory Authority), 18 April.

- In fact BaFin released an earlier warning in 10 April. But after OneCoin denied relations to the illegal money remittance business of IMS International Marketing Services GmbH, BaFin issued a direct order to OneCoin Ltd that the company is to immediately cease its business activities in Germany.

MFSA Warning, Malta, 18 April.
- In short: "The MFSA hereby informs the public that OneCoin is not a currency issued by any Central Bank or by any other public authority. Furthermore the promotors of OneCoin are neither regulated nor authorised by the MFSA."

Securities and Exchange Commission of Pakistan -SECP, 16 April
- Some OneCoin fraudsters have been focusing heavily on scamming citizens of Pakistan during recent months.

In case interested, this blog lists all the known prohibitions and warnings by legal authorities.

OneCoin providing education for fools

OneCoin claims to only sell education. In addition the ponzi has some ridiculously overpriced products; a tablet called OneTablet, OneCoinCloud and an application builder called MAB.

It has been clear from the beginning that OneCoin's education packages include educational material only as sort of window dressing to make the scheme appear like they sell education instead coins. OneCoin hasn't ever made any real efforts to hide this obvious fact. In fact the ponzi's Finnish Country Manager Tommi Vuorinen has went as far as publicly stating several times that the educational material was included only to avoid confrontation with financial regulators.

To show more arrogance towards authorities, it didn't take long after OneCoin started its business before education packages without education were introduced. By the end of 2015 OneCoin began to sell packages with no education included whatsoever.

Behold the education included in Infinity Trader package!

OneCoin has continued selling these packages ever since, shamelessly adding more and more outrageous offers one after another. The packages have been priced starting from 140 euros up to hefty 188.000 euros. In addition there has been some special promotions selling combo-packages. 

Many victims of OneCoin have several accounts and several packages. I guess some just need to learn their lesson by multiplying their education.

OneCoin removed the three most expensive education packages from its shop

An observant member of Murobbs discussion board posted a message yesterday informing that the three most expensive education packages have been removed from OneCoin's shop section. These packages have been priced between 48.000 - 188.000 euros. This modification of the ponzi products seems to consider only the EU region. The three packages seem to still be available elsewhere outside Europe. 

Here's a screenshot from a Pakistani account:

So what's the reason behind this? I suspect that some people (or a person) related to this ponzi - and high enough in the organization to have changes done to the shop section - have become intimidated by recent news, police investigations and regulatory warnings. Hence they are trying to delete some awkward details that are just too obvious ponzi signs.


  1. "To show more arrogance towards authorities, it didn't take long after OneCoin started its business before education packages without education were introduced."

    Well that pretty much stands today. Both Infinity Trader and Premium Trader "feature 6 academic levels with practice and video presentations included, and give extended member rights in the digital ecosystem of OneCoin"...
    ...except that Infinity costs 27 530€ whereas Premium costs 13 780€. I read through the descriptions of their education content and could only spot differences in wording plus that Infinity seems to offer "performance evaluation", apparently worth 13 000€.
    (Needless to say the Infinity does in its description say it offers "two options for activation, each directly related to an exclusive split strategy".)

    (There was a typo in my original comment so I deleted and reposted.)

    1. I was wondering about the differences of those two packages myself. Then again none of the prices and the content of the education packages bear a closer inspection.

      The presence of the Infinity Trader package on the list for European victims might simply be an error. Maybe the person giving the deleting order wasn't aware about the exact content of the package, and thought that it had some educational purpose.

      We can keep guessing for the reasons behind all this, but I definitely smell that there's some poop in the ponzi scammer's pants.


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