What is OneCoin?

The OneCoin program has gotten a lot of attention over the past few years. As a result, there is a lot of false information out there. Anyone can see OneCoin is a clear scam and a program that aims to piggyback on the success of existing cryptocurrencies such as Bitcoin. Below the surface, there are quite a few fishy things going on with OneCoin, even though the project continues to attract a lot of investors from all over the world.

OneCoin In a Nutshell

It does not take a Master’s Degree to figure out what the objective of OneCoin really is. The project advertises itself as a multi-level marketing scheme focusing on cryptocurrency and blockchain technology. As one expects from MLM schemes, earning money requires users to bring new members into the fold. Not doing so will result in fewer or no earnings at all. Moreover, users need to make an upfront investment before they can earn money with this program in the first place.

Any program referring to itself as a “once in a lifetime opportunity” should be scrutinized. OneCoin is no different in this regard, especially when considering the website – nor company – provides any meaningful content and research related to their own project. One would expect from OneCoin to at least provide some credible evidence as to how the project makes money, but that is not the case.

Things only get weirder when we look at the apron responsible or founding OneCoin. The infamous Dr. Ruja Ignatova is responsible for the creation of OneCoin, and she used to oversee day-to-day operations. Interestingly enough, she stepped down a few months ago once OneCoin started attracting attention from legal departments and governments all over the world. She fled the sinking ship right on time, one could say.

Dr. Ruja Ignatova was born in Bulgaria and claims to have a degree from Oxford University. This degree is subject to controversy, as she claims it was opened in 2004. The OneCoin website, however, showed a document dated to 2009. A very strange discrepancy which no one has been able to solve to this very day. Moreover, Dr. Ruja’s employment with different companies prior to founding OneCoin remains a big mystery as well.

People who have invested money in OneCoin have not been overly successful in getting funds out again. Users have to reach a certain amount of active referrals before they can withdraw funds. Another option is to keep one’s OneCoin balance and spend it on products and services offered by the company itself. This is the traditional approach to MLM schemes, as they persuade as many people as possible to not cash out their investments and keep it within the locked-down ecosystem.

Perhaps the most disconcerting aspect about OneCoin is how this project has nothing to do with cryptocurrency and blockchain technology. There is no OneCoin blockchain, it is not a currency, and the “OneCoin” can’t be traded anywhere else but through the centralized platform itself. All of these warnings signs can only lead to one conclusion. OneCoin is a big scam, and should be avoided at all costs.

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