OneCoin Review: A scam that shook the world
Overview of the OneCoin Review:
OneCoin came into the market with a head full of fake promises and left with approximately €4 billion stolen from people across the world. The scam has been so big and widespread that it was also compared to being a cult. Claiming to be a blockchain and the end of Bitcoin, OneCoin was a pyramid scheme that successfully managed to scam thousands of people. Read on to find more about the OneCoin Scam.
How does OneCoin Scam work?
In the News:
OneCoin has been clear with its aim since the beginning by targeting people who are comparatively new to the cryptocurrency and finance market. They also made sure to use the terminologies related to cryptocurrencies in order to look legitimate. In order to beat Bitcoin, the company even started making false offers and promises such as the customers will now be able to access their OneCoin on any phone with a stable internet connection.
Due to ads and promotional content on social media, OneCoin soon rose to fame on an international level. In 2016, OneCoin released a statement claiming to have 2million+ users. This received a lot of media attention as the number was much higher than any other cryptocurrency. Soon, the number of users rose to 3 million by 2017 therefore, apparently defeating all the other cryptocurrencies. Amidst these claims, OneCoin also released several statements that were misleading other cryptocurrencies and defaming their company.
OneCoin Scam and their Plagiarized material:
Apart from using cryptocurrencies to scam the people, OneCoin adopted other methods such as selling plagiarized educational packages that were included in their mining tokens. Even though both of these products are from the same company, there is not even a single mention of OneCoin in their educational materials. Even after all these conspiracies, OneCoin still posts videos on youtube in an attempt to show that they are a legitimate company. They also use robots to downvote their videos in order to get out of the negative light.
No other exchange options:
A major red flag against the OneCoin scam is that their coins can only be bought and traded at OneLife. They did claim to curate an exchange for OneCoins but it seems like it is not going to happen any time soon. The only platform that accepts OneCoin is DealShaker. However, just like OneCoin, DealShaker also seems to be a fake business. Usually, people make use of their cryptocurrencies by buying, trading, or selling them at various platforms but that feature is not available with OneCoin.
After further research about OneCoin, we realized that the company uses the pyramid scheme to run their scam. This raises yet another red flag against the company as a pyramid scheme is mostly used by scam brokers to double the stolen money. The founder of OneCoin, Dr. Ruja Ignatova, who has been missing for a few years, is ranked among the FBI’s most wanted criminals for scamming thousands of people. Despite all these cases, OneCoin is still successful in scamming people. We advise our readers to stay cautious of the OneCoin scam. One must always research first, invest later.