OneCoin is a Ponzi scheme promoted as a cryptocurrency. Offshore companies OneCoin Ltd and OneLife Network Ltd are behind the scheme. Ruja Ignatova founded both these companies. Ruja disappeared in 2017 and a US warrant is filed against her. US prosecutors estimate that the OneCoin Ponzi scheme has defrauded investors of over $4 billion worldwide.
How did OneCoin work?
OneCoin sold trading educational material and tokens to investors. These tokens were promised to mine Onecoins. These Onecoins weren’t decentralized but hosted on OneCoin Ltd’s servers. Victims could exchange Onecoins for Euros via the OneCoin Exchange or xcoinx. These Euros were paid out in a virtual wallet hosted on OneCoins servers. From there, users could request a wire transfer. The withdrawal limits were low and victims could never fully withdraw their invested money.
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