OneCoin is more than a crypto company. It has become a prominent name in the industry that has solidified its position through smart marketing. It would not be wrong to say that this crypto scam has one of the largest followers and members in the industry. In 2016, the company claimed that its worth was around whooping €4 billion. It proves how famous this scam has become.
At its launch, OneLife.eu claimed to be a Bitcoin killer and had plans to become the world’s leading cryptocurrency. However, they never had any association with Bitcoin. In fact, they are operating as nothing but an ordinary pyramid scheme. Despite all the allegations and international reporting about the authenticity of the company, it is still running and continue to deny all charges. The original founder of the OneCoin, Dr Ruja Ignatova, is now known as the scam queen and FBI has been looking for her since 2017.
What is OneCoin?
Onelife.eu describes OneCoin as a digital currency that is based on cryptography and developed via mining. Each coin is unique, just like any paper bill. The company claims to have a limited number of the One Coins to prevent inflation and frauds. Since the cryptocurrency does not belong to any specific country or central bank, the value of the coin changes according to usability and demand and supply.
A clever way through which this scam is still operating is by declaring itself to be an entire business organization instead of a cryptocurrency. It encourages the members to buy educational packages from OneLife.eu at the prices of between €100 to €120,000. The investors are given tokens that they can use to mine coins and even a few other cryptocurrencies.
OneLife.eu mentions the following features of the company:
- Members can use DApps – OneLife Mobile App Developer – to create apps using the coins.
- Blockchain network can store the KYC documents.
- The organization is planning to launch a scalable blockchain solution to accept the massive amount of payments.
- It targets B2B companies for easy transactions in the form of digital payments.
The company structure is very similar to any other pyramid scheme in which the people on the lower levels have to pay to those on higher levels. It claims to be a modern platform of hosting and marketing the coins. Affiliates are primary fund generators for the company because they bring people to make commissions.
Local organizations and partners promote OneCoin even today. Thus, it has become a famous name around the globe. Some of the promotors have made a massive amount of money by promoting the company, without realizing the fact that common members and affiliates end up suffering financial losses.
Asia, especially China, has seen a huge growth of investment in OneCoin. It even has offices in Dubai. The members promote the scam by saying that the vision of the OneLife.eu is to change the world and the crypto industry. Webinars and heavy social media promotion still attract a great number of people this scam.
Founder of OneCoin
Self-proclaimed crypto queen, Dr Ruja Ignatova, is the original founder of OneCoin. She established the company in 2014. She quickly became famous, thanks to her featured covers on reputed magazines like Forbes Bulgaria. Soon after that, the organization got embroiled in numerous controversies. It was reported that Ruja had forged degrees from Oxford University.
After a thorough investigation, US authorities declared OneCoin to be a massive fraud. Ruja is on the FBI’s most-wanted list and has been on the run since 2017.
Working of OneCoin Scam
From the very early documents and information available about the OneCoin, it is clear that they always wanted to target people who did not have much knowledge about the cryptocurrency. They use complex terminologies on their website to sound sophisticated and genuine.
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For instance, they promise to provide all the features that an ordinary bank has. They claim that people will be able to access the coins through their smartphones as long as they have an internet connection. Social media marketing has played a huge role in the popularity of this scam. By 2016, it was claimed that the company had 2 million users. In 2017, this number was around 3 million. After 2017, no official number of the users was released by OneLife.eu.
Most of these claims have proven to be false. OneCoin has lost many cases in courts. For example, the US courts found the company’s leading lawyer guilty in perpetuating lies about the company and concealing the ownership of the company.
OneLife.eu has made a lot of money through their educational packages. Users buy these packages to acquire mining tokens. Interestingly, these packages do not mention OneCoin anywhere in the package details. The company has an active website and YouTube channel through which it continues to release statements about the supposed authenticity of the company. They are even using bots to downvote the videos, articles, and blog posts that try to expose this massive scam.
Even though OneCoin is a very popular cryptocurrency company, keep in mind that it uses a basic pyramid scheme to scam people. You should not waste your investment in such companies. Instead, you should invest in crypto cloud mining companies that offer reliable and trustable services that can actually help you to earn some good money.
The biggest part of this scam is that OneLife.eu does not have any blockchain. The mining tokens it provides to its members are completely useless. Moreover, OneLife.eu claims that it mined the first OneCoin in 2015.
However, in 2018, it became quite clear that the platform never even had a blockchain. The company was relying on a Japanese recruitment company to build a blockchain. However, the company did not reveal this information. Instead, they continuously lied to the users that they had launched a new blockchain.
The new members are told that a waiting period of three to six months is necessary before OneCoin mining. Despite their claims of being a decentralized system, it is understandable that the network was running through a centralized database. Eventually, the SQL database was revealed to be the server of the company. It is important to note that SQL databases cannot operate a blockchain network.
Pricing of OneCoin
Blockchains are meant to be decentralized throughout the network for crypto transactions and easy management. With a centralized system, it is clear that OneLife.eu can make changes whenever they want. Such changes include modifying the price of the cryptocurrency and even removing the details of the transaction.
The cheapest package of the OneCoin is €110. On the other hand, its largest package has the price of €228,000. Moreover, you can only buy the coins through their official website – OneLife.eu. There is no other platform to trade or buy it.
Is OneCoin A Scam?
Absolutely! There is no doubt about the fact that OneCoin is a long-running company that is scamming a huge number of people every day. You should not become a victim of their tactics. It does not matter how popular or how big a company is; you should always thoroughly research any cryptocurrency company before investing in it.
To save your time in searching for legit crypto companies, we have already compiled a list of crypto cloud mining companies. These organizations are authentic, and you can trust them enough with your money. Contrary to what OneLife.eu offers, Crypto cloud mining companies provide you with genuine options of mining cryptocurrency and make money.