Onecoins could be exchanged for euros, which were placed in a virtual wallet from which they could be requested for wire transfer. The only way to exchange Onecoins for any other currency was OneCoin Exchange, xcoinx, an internal marketplace for members who had invested more than just a starter package. However, in a typical OneCoin recruiting meeting, recruiters mainly talk about investing in cryptocurrency and the educational material is barely mentioned. Each level (except six and seven), or package, gives new educational material, which is plagiarized from several sources. OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong.
Each package includes "tokens" which can be assigned to " mine" OneCoins. Members are able to buy educational packages ranging from 100 euros to 118,000 euros, or, according to one industry blog, 225,500 euros. It was not a decentralized cryptocurrency, but rather a centralized currency hosted on OneCoin Ltd's servers.Īccording to OneCoin, its main business was selling educational material for trading. The total maximum sentence for the charges is 90 years in prison. In November 2019, Ignatov pleaded guilty to charges of money laundering and fraud. Greenwood was arrested in 2018, as was Konstantin Ignatov in March 2019. Most of the leaders have now disappeared or been arrested, though Ignatova has escaped arrest. Ignatova disappeared in 2017 near the time a secret US warrant was filed for her arrest and her brother, Konstantin Ignatov took her position. In China, law enforcement recovered 1.7 billion yuan (US$267.5 million) while prosecuting 98 people. US prosecutors have alleged the scheme brought in approximately $4 billion worldwide. It was described by The Times as "one of the biggest scams in history". OneCoin is considered a Ponzi scheme due to its organisational structure and because of the previous involvement of many of those central to OneCoin in similar schemes.
OneCoin is a Ponzi scheme promoted as a cryptocurrency by Bulgaria-based offshore companies OneCoin Ltd (registered in Dubai) and OneLife Network Ltd (registered in Belize), both founded by Ruja Ignatova in concert with Sebastian Greenwood. OneCoin logo on the door of their office building in Sofia, Bulgaria, in 2016
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