OneCoin is a scam. A lot of claims around OneCoin are false, e.g. claim that it is a cryptocurrency like BitCoin. The best explanation of OneCoin is given by William Suberg in his article ““
In case if the article goes offline here is the amazing and thorough explanation written by William:
, a purported and trading venture based out of Bulgaria, is suspected to be a pyramid scheme with no verifiable evidence to back up any of its business claims. Usually people use to invest in cryptoeconomy.
Evidence supplied to, in addition to reviews , suggests that and the are operations.
The amount of evidence contributing to OneCoin’s status as a pyramid scheme is considerable. Its directors have previously been involved in other known scam operations, its resources contain no verifiable evidence for any of its business claims and documentation uploaded to support claims often conflicts with the claims themselves.
In addition, the quality of hosted content, including standards of English and website construction, are noticeably poor for an alleged international operation run by native speakers.
A history of bad acting
OneCoin’s Founder, Owner and Chief Operating Officer ‘Dr. Ruja Ignatova’ is the subject of a host of claims seemingly designed to demonstrate experience and business acumen. Information uploaded to OneCoin.states that she received degrees from the University of Oxford and Konstanz, and is the former CEO of Bulgarian private investment firm CSIF.
If theavailable at is to be taken as official information, it is notable that claims made elsewhere are not replicated in the document. Ignatova’s participation in a Harvard negotiating course is only mentioned on the One World Foundation website despite a scan being present in the resume.
Ignatova’s own websites state that she graduated Oxford with Magister Juris in European and Comparativein 2004. The websites in question are blogs from , and , the latter two in German stating that in 2004 Ignatova entered employment having graduated from Oxford. A scanned certificate on states she completed the program in 2009; no document from 2004 is visible.
CSIF has been contacted for confirmation of Ignatova’s previous employment, but at the time of writing CoinTelegraphCT r: 33 has not received a response.
Also working for OneCoin in various capacities are Sebastian Greenwood and Nigel Allan, both of whom have been involved in scam operations in the past.
Greenwood previously worked with defunct pyramid scheme Unaico, whose activities were the subject of afrom Pakistan’s Securities and Exchanges Commission. The notice cited “illegal multi-level marketing” practices and advised consumers “to refrain from investing/ dealing in these so-called lucrative business schemes, launched by the Company.”
Allan, the ex-president of OneCoin, has meanwhile previously been implicated in similar pyramid schemes to OneCoin, namely Crypto888 and Brilliant Carbon.originally from January 2015 would appear to suggest that Ignatova and Allan had a falling out, with Ignatova describing “betrayal of trust” and Allan as “illoyal” (presumably with the intended meaning of ‘disloyal’).
It is clear that despite the apparent experience of its leadership in creating tools to con consumers into investing money, the claims made by OneCoin are easily revealed as fabrication.
OneCoin’s style uses prestige and public presence to create an image of importance and legitimacy. The so-called ‘OneAwards’ claim to reward successful traders, who are invited to the organization’s award events. These events also double as fundraisers for the One World Foundation’s “projects.”
“OneAwards incentivize the success stories. We award such as Black Di[a]mond and Double Di[a]mond. Being part of this exclusive cirlcle [sic] comes with awards, luxury items such as Rolex watches,Bonuses, and Luxury cruise holidays. Other members will be inspired by your achievement – and realize what huge opportunities One offers.”
It was thethat prompted James Dollahan to send out his own advisory regarding OneCoin’s practices. Dollahan, who works for Filipino consulting firm Worldwide Summit, confirmed to CoinTelegraph in emailed comments that a group of associates had attended the Dubai , along with “approximately 3,000” others. He explained:
“They met with the owners and managers of Onecoin and yes, their behavior and things said were just as I had warned them about. Nothing that could be verified except on their own websites […]. Regarding technical questions, they were not detailed in their answers and much did not make sense to them based on what true crypto currencies are.”
According to, 650,000 OneCoins as well as “50.000 cash” of undetermined currency were donated to the One World Foundation during the event.
Dollahan’s concern was piqued by a separate marketing stunt featuring Ignatova herself. An alleged interview was published on the front page ofBulgaria for its May 2015 issue, which OneCoin on its website and circulated in paper form at the Dubai event.
While OneCoin refers to it as an “interview”, however, upon closer inspection it becomes clear that the material is a paid advertisement. The cover uploaded ondoes not match that from Forbes’ . Dollahan circulated an email exchange appearing to contain confirmation of the paid ad campaign from Forbes, which is still being verified at the time of writing.
The One World Foundation, publicized as the main spin-off of OneCoin, claims to help disadvantaged children throughgathered via OneCoin’s operation and special events.
Its website states it is “supporting” various organizations including One Laptop per Child and Seva, but gives no information about how exactly it does so. A ticker on the homepage states at the time of writing that 73 children have been “helped,” yet again no further information is provided.
The Foundation also states its mission is to “empower children and youth to learn about today’s. To make them responsible adults, who understand money and who can build up a prosperous life.” It is not clear how these objectives are being fulfilled by the alleged support.
OneCoin’s apparent partner,, meanwhile has seen little activity since November 2014, with highlighting the lack of backed-up claims and plentiful scam reports.
Glaring small print
OneCoin is variously stated to be registered in Gibraltar and Ignatova’s alleged home country of Bulgaria. Regardless of its base, however, it is conspicuous that theis among the “restricted” countries with the website stating:
“Marketing Partnermay not be accepted from residents within these territories, or there may be limited payment options available.”
In its review of OneCoin,that this is because “OneCoin would easily fall foul of regulation concerning the offering of unregistered securities.”
What makes OneCoin most likely to be pure fabrication is nonetheless a simple fact. Nowhere on resources such as CoinMarketCap is OneCoin to be found. No information regarding its technical specifications can be easily found and is impossible to verify.
CoinTelegraph would recommend to readers that they do not commence dealings with OneCoin, its spin-offs or associates. Similarly, any other projects linked to the actors mentioned in this article should be avoided at all costs.