Every cryptocurrency user in the world is well aware of the scam people know as OneCoin. Although this program is promising the stars and the moon to investors, it is an obvious Ponzi Scheme that will wreak havoc on people’s finances. The London Police are now investigating this scheme, and it is only a matter of time until it collapses.
Game Over For OneCoin In The UK?
For quite some time now a lot of people have been wondering why the OneCoin scam is still around. Despite receiving a lot of negative attention, there has never been an official investigation into the matter. Despite making false claims and cobbling together forged documents, the OneCoin team remained scot-free.
That situation has finally come to change, as the London Police launched their official OneCoin investigation. It is good to see law enforcement paying attention to these schemes, as they have the power to ruin thousands of people’s lives. Then again, everybody invested willingly into this program; making a claim to get money back may fall on deaf ears.
The official OneCoin statement by the FCA reads:
“The City of London Police are currently investigating OneCoin. If you believe that you have been a victim of fraud in this regard, or have had dealings with OneCoin, then please contact Action Fraud(link is external) or telephone them on 0300 123 2040. This firm is not authorised by us and we do not believe it is undertaking any activities that require our authorisation. However, we are concerned about the potential risks this firm poses to UK consumers.”
It is evident for all to see that OneCoin is not legitimate. The company even claims that it will double users’ holdings on October 1st, which should make them suddenly twice as rich. Unless you are a central bank, which OneCoin is not, creating money out of thin air at 100% inflation is impossible.
For now, it remains to be seen what this investigation will yield. Looking into the matter is one thing, but undertaking action is something different entirely. Unless people actively file complaints, it is doubtful the FCA will be able to do anything about OneCoin. Then again, people who blindly invest in obvious scams know the risks all too well.
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