Categories: CryptoNews

OneCoin Goes Quiet In Wake of Law Enforcement Investigations

OneCoin has been very quiet since investigations into the project began. Although this massive scam project still attracts a lot of attention, its representatives have gone silent. Their latest action involved sending cease and desist letters to news outlets, which never amounted to much. The legal repercussions of operating a Ponzi Scheme are seemingly catching up to the company.

What Is Going on Over at OneCoin?

Over the past few years, we have seen multiple stories about OneCoin. It is one of the most notorious Ponzi Schemes in the digital age and gives cryptocurrency a bad name. The company claims it has a digital currency, which never existed in the first place. Additionally, they claim to use blockchain technology, which is not true either. The company tried to hire a blockchain developer not too long ago but never succeeded in doing so.

To make matters worse for Onecoin, the company has been getting a lot of attention from law enforcement agencies in recent months. The latest investigation took place in India, where local authorities have prepared charges against OneCoin’s founder. Several allegations have been laid out against OneCoin promoters and the infamous Dr. Ruja Ignatova. Ignatova stepped down as the OneCoin CEO some time ago and passed the reigns to a new face.

It was believed this move was made in order to evade law enforcement attention, although that plan will not work out. The name Ruja Ignatova has become synonymous with OneCoin, and that situation will not change anytime soon. Everyone acknowledges that she was responsible for creating the OneCoin Ponzi Scheme and most of the financial damages it caused over the years. No one should invest in OneCoin; they will only lose money in the end.

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Law enforcement agencies have lately been cracking down on OneCoin on a global scale. India is just the latest country to do so, though there are other investigations underway in the United Kingdom and Italy. It is only a matter of time until this Ponzi Scheme collapses once and for all. When that happens, a lot of people will have lost a great deal of money.

Various individuals received a cease and desist letter from one of the company’s lawyers. Apparently, they had highlighted the negative aspects of this Ponzi Scheme one time too many. The letter never served any purpose and no legal action was taken against any of the companies or individuals receiving similar notices. This goes to show that OneCoin is not in a position to be making any threats, which should not come as a surprise to anyone.

The bigger question now is how OneCoin’s investors will be affected by all of these legal investigations. Any investor in a known Ponzi Scheme is a perpetrator as well, in the eyes of law enforcement officials. That means anyone linked to OneCoin may find themselves in hot water very soon. Now would be a good time for all investors to pull out their money before they suffer the consequences. No one wants to be associated with a known Ponzi Scheme.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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