Chinese ponzi scheme bitcoin
OneCoin is a Ponzi scheme [1] [2] promoted as a cryptocoin with a private blockchain. According to OneCoin, its main business is selling educational material for trading.
Members are able to buy educational packages ranging from euros toeuros. OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. Each level except six and sevenor package, gives new educational material, which is plagiarized from several sources.
However, in a typical OneCoin recruiting meeting most of the time recruiters talk about investing chinese ponzi scheme bitcoin cryptocurrency and the educational material is barely even mentioned. Currently there is no way to exchange onecoins to any other currency. Previous to January the only way to exchange onecoins to any other currency was OneCoin Exchangexcoinx, an internal market place for members who had invested more than just a starter package.
This service was chinese ponzi scheme bitcoin without warning in January The market place had daily selling limits based on which packages the seller had invested in, which greatly limited the amount of onecoins which could be exchanged. On 1 Marchwithout a prior warning, OneCoin issued an internal notice that the market would be closed for two weeks for maintenance. The notice explained that the maintenance was necessary due to high amount of miners and for "better integration with blockchain".
German police and Europol took part in the bust and the investigation. Also 14 other companies, tied to OneCoin, were investigated and 50 witnesses were questioned. OneCoin's servers and other material evidence were seized. They stated that the document was against the MPI chinese ponzi scheme bitcoin and that the person who supposedly signed the document was not in the position claimed by the document at the time when the document was created.
MPI warned individuals and enterprises to be vigilant if they encounter the document during business. OneLife Network Ltd was directed to cease and desist from carrying on with the illegal trading business. The police attended the event undercover to judge the accusations before they decided to act.
Further investigation has been started to reveal the higher levels of the pyramid. A special investigation team was formed with four Assistant Police Inspectors and 15 personnel under Senior Police Inspector Shivaji Awate to follow chinese ponzi scheme bitcoin money trail for further arrests.
The company and the scheme is on the observation lists of many authorities, among them are authorities in Bulgaria, Finland, [6] [32] [33] Sweden, [34] Norway [35] and Latvia.
From Wikipedia, the free encyclopedia. Not to be confused with the Onecoin issued by Chinese company Xunlei. Retrieved 5 June Malaysians Warm Up to Cryptocurrencies,".
Retrieved 25 March Retrieved 10 July Cops recover Rs 24 crore from 9 banks". Antitrust sospende la promozione della criptomoneta OneCoin da parte di One Life". YOU don't - chinese ponzi scheme bitcoin why hyped-up web chinese ponzi scheme bitcoin is virtually worthless". Archived from the original on Retrieved from " https: Pyramid and Ponzi schemes. Views Read View source View history.
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