OneCoin Ponzi Scheme Adjusts Tactics To Recruit More Members

There has been a lot of talk about various Ponzi schemes active in the world of Bitcoin and how some of these projects seem to target novice users specifically. Recruiting new members by hosting a fancy seminar or meeting is a great way to keep up the illusion of legitimacy, and seems to be what OneCoin has been doing for quite some time now. As most people are well aware of by now, this program is nothing more than a scam waiting to collapse at any moment.

Also read: Wirex Launches Buy Bitcoin Service with PayPal

OneCoin Seminars Keep Luring In People

TheMerkle_Ponzi Scheme OneCoin

For some of the more prominent scams and Ponzi schemes in the Bitcoin game, establishing an online presence alone is no longer sufficient. As the customer base grows, more money has to keep flowing into the scheme to keep early investors happy, otherwise the pyramid will collapse. What better way to find new members then by using part of company profits to hold seminars and meetings in the hopes of luring in new suckers?

Attending these events may give companies like OneCoin some sense of credibility, as they hold these seminars at fancy locations wearing fancy suits and ties. Novice digital currency users seem to give into the illusion, after all people in suits and ties would never lie to anyone, right?

Investing in digital currency and Bitcoin has a particular appeal to a variety of people. Companies like OneCoin can promise incredible returns on investment in a short timespan for anyone willing to take the plunge, but it is very doubtful anyone will ever see their original investment, let alone any profit. That is, unless these people start referring their friends and family to become a part of the MLM structure.

What is of particular worry is how OneCoin representatives are willing to take various forms of payment from novice users to keep their scheme going. Even cash payments are accepted, as these types of transfers are non-refundable and completely anonymous, unlike Bitcoin payments which are pseudo anonymous or wire transfers which bear no anonymity at all. Although no one should ever deal with companies willing to accept cash payments for a product they probably can’t deliver, some people will still fall for it.

Unfortunately, it can be rather difficult for people to get their funds out of OneCoin once they join the ranks, as getting cash refunded is impossible. Credit card transfers or Paypal transfers can be charged back if done in time, and if enough refund claims are registered, payment processors might freeze OneCoin’s accounts.

Ponzi schemes like OneCoin attract a lot of negative and unwanted attention towards digital currency in general, even though none of these schemes have anything to do with Bitcoin directly, the fact that they refer to Bitcoin as their competitor sheds a negative light on the currency. Granted, most of them claim they invest in and trade with Bitcoin, but the reality is they only collect money from investors to fuel their MLM machine and keep the scam going as long as possible.

Source: Reddit

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.


  1. RJF March 23, 2016
  2. Katherine Clement March 24, 2016
  3. Jason c March 24, 2016
  4. Bitcoins and Gravy March 26, 2016
  5. Bitcoins and Gravy March 26, 2016
  6. Hennessy Hemp March 28, 2016
  7. Expanse <3 March 31, 2016
  8. Expanse <3 March 31, 2016
  9. Expanse <3 April 2, 2016
  10. Bruno Parhiala May 3, 2016
  11. Bruno Parhiala May 3, 2016
  12. Hennessy Hemp May 5, 2016
  13. Hennessy Hemp May 5, 2016
  14. Hennessy Hemp May 5, 2016
  15. Bruno Parhiala May 5, 2016
  16. Bruno Parhiala May 5, 2016
  17. Carl Mullan May 28, 2016
  18. Katherine Clement June 11, 2016
  19. Darren Little June 25, 2016
  20. Markus Panomies Persson June 26, 2016
  21. Markus Panomies Persson June 26, 2016
  22. Alexandru Matei July 15, 2016
  23. Tim Tayshun August 17, 2016
  24. Tim Tayshun August 17, 2016
  25. Tim Tayshun January 2, 2017
  26. JamesCef January 13, 2021
  27. JamesFieds January 15, 2021
  28. Geraldgof January 26, 2021
  29. RichardRex February 17, 2021
  30. RichardRex February 17, 2021

Leave a Reply