The OneCoin cryptocurrency is promoted as an analogue of the Bitcoin system but with a private blockchain. Cryptocoin was made by “One Coin Limited” that was founded by Ruja Ignatova in 2015. Comparing OneCoin with Bitcoin, some significant differences can been seen: the absence of a peer-to-peer network, which means mining is done only by the company; all transactions can be operated via partnership exchanges; and all data can only be stored by the issuer, i.e. “One Coin Limited.” According to the company, the main aspect of their business is spreading educational material about exchange trading. For the implementation of OneCoin, the principle of multi-level marketing (MLM) is used. In other words, it is a pyramid scheme, which raises many questions in the crypto community about its legality.
Ignatov signed a plea on Oct. 4 and faces up to 90 years in prison for money laundering and fraud charges.
OneCoin Co-Founder Pleads Guilty, Faces up to 90 Years in Jail
A U.S.-based lawyer linked with the OneCoin scam allegedly helped Ruja Ignatova, the principal accused in the OneCoin scam, launder over $400 million.
Scale of OneCoin Scam Unravels Amid Ongoing Court Hearings
A victim of the alleged crypto pyramid scheme OneCoin is receiving threats of death and violence after speaking out against the scam project.
Victim of Alleged Ponzi Scheme Receives Death Threats From OneCoin Fans
Bank of Ireland executives have backed out of testifying before the U.S. Government in the criminal proceedings regarding OneCoin multi-million scam.
Bank of Ireland Execs Back Out of Testifying in OneCoin Scam Hearings
Executives from the Bank of Ireland have been asked to testify in the case of a OneCoin crypto scam money launderer.
Attorneys Seek Bank of Ireland Execs’ Testimony Against OneCoin Scammer
The National Bank of Rwanda has issued a PSA on alleged cryptocurrency pyramid schemes and ICO scams happening in the country.
Rwanda’s Central Bank Issues PSA on Alleged Cryptocurrency Get-Rich-Quick Scams
Cryptocurrency project OneCoin is reportedly denying claims that it is a “hybrid ponzi-pyramid scheme” and scam.
Cryptocurrency Project OneCoin Denies Ponzi and Pyramid Scheme Claims