What is OneCoin? Is it really safe to invest in OneCoin

• What is OneCoin?
• OneCoin Scam Sign
• Non-public technology, no private blockchain
• Exchanges and CoinMarketCap “rejected”
• Being exposed and arrested
• Biographies of the Leaders
• OneCoin's Scam
• Legality of OneCoin in Vietnam and in the world
• Legal of OneCoin in Vietnam
• Legal of OneCoin in the world
• The reason many investors still participate in OneCoin
• Compare the difference between Bitcoin and OneCoin
• Should invest in OneCoin or not?
• summary

OneCoin is one of the coins of the first generation of cryptocurrencies, which has stirred up the Vietnamese and global Crypto market. However, after many years of operation, there is a lot of information showing that OneCoin is cheating players. So how does this actually work? Is OneCoin really a scam? Is it really safe to invest in this coin? Let's answer these questions with TraderH4 in the article below!

What is OneCoin? 

OneCoin is a cryptocurrency that operates on the blockchain. This project was established in 2014 and is developed by two companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize). However, both of these companies are owned and led by the Bulgarian female general – Ruja Ignatova. OneCoin works like a Ponzi scheme and has many signs of a scam. However, because it has not been possible to give authentic evidence, this coin has persisted despite being warned by authorities and many organizations of the risk of fraud. 

OneCoin Scam Sign

It is not natural that OneCoin has been repeatedly warned by reputable newspapers like Cointelegraph and many countries such as India, China, Pakistan, and European Union countries, not to take risks. OneCoin project. Because OneCoin soon appeared many signs of fraud. 

Non-public technology, no private blockchain

OneCoin's marketing team is always promoting that this coin is developed on the same public blockchain platform as Bitcoin. However, if Bitcoin is open source, decentralized and has a secure network, OneCoin is completely the opposite. 

The specifications and source code are neither public nor released through the Github platform. Moreover, Bitcoin can't be faked, can't be printed more, can't be knocked down, then owners of OneCoin can completely print more without anyone being able to stop it, but OneCoin's technology is completely unpublished so could be completely destroyed at any time.

Exchanges and CoinMarketCap “rejected”

This coin is not listed on reputable exchanges today. Moreover, the CoinMarketcap site provides information on tens of thousands of coins/tokens but refuses to report on OneCoin. For a coin that has been on the market for a long time, this is an extremely unusual signal. 

Being exposed and arrested

The famous newspaper Cointelegraph and many other newspapers have also exposed the OneCoin project. Besides, the characters in OneCoin's operation line have been arrested by the Governments of China and India for defrauding players. In addition, many governments have also warned players to invest in the OneCoin project. 

Biographies of the Leaders

• Ruja Ignatova – the leading female general

We know the founder of OneCoin is Dr. Ruja Ignatova, a graduate of Oxford University, Faculty of Law since 2009. However, on the official website of the project, Ignatova graduated from Oxford in 2004.Read More Moreover, the fact that Ms. Ignatova went missing in 2017 in connection with the Bigcoin scam project. In fact, OneCoin is inspired by Bigcoin. 

In addition, two other high-ranking figures in the OneCoin project, Sebastian Greenwood and Nigel Allan, are no stranger to scammers.

• Greenwood 

Greenwood is involved in a Ponzi scheme called Unaico. The company has been accused of fraud by the Securities and Exchange Commission of Pakistan and was also extradited from Thailand to the US following an FBI-related case in November 2018. 

• Nigel Allan

Meanwhile, Nigel Allan was a former President of OneCoin, closely involved in Ponzi schemes called Crypto888 and Brilliant Carbon. 

With this information, readers will certainly question the suspicion of fraud of the OneCoin project. 

OneCoin's Scam

OneCoin's scam is quite classic, by enticing investors to take online courses. The amount to be paid for each of these courses is different. Specifically courses can be worth from 130 EUR, 530 EUR to 1,030 EUR and higher. Wherein, a fixed initial registration fee is usually 130 EUR.

As a member of the course, the real money will be converted into a token to be able to mine OneCoin (1 Onetoken = 0.1 EUR). The reality is that the more people involved in the OneCoin mining process, the more difficult it becomes to mine. Therefore, to be able to mine more coins, you have to spend more money to buy more tokens. The amount of real money investors spend to buy "virtual money" is increasing.

Meanwhile, the blockchain and its application are unclear. Major exchanges do not list OneCoin. The project founding team will create a bull trap, causing a virtual scarcity effect to attract investors. The nature of the project does not create new value, taking money from the latter to liquidate the former. Therefore, investors need to be alert to make decisions, to avoid being clouded by the "false" promises of the OneCoin project. 

Legality of OneCoin in Vietnam and in the world

In the crypto market, there are very few cryptocurrencies that are approved by the governments of the countries. So let's find out with TraderH4 the legality of OneCoin in Vietnam and in the world!

Legal of OneCoin in Vietnam 

OneCoin started creeping into Vietnam in 2015 but it has never been classified as a legal investment asset. Even, it was soon confirmed by professional investors as just a scam project. Press agencies have also repeatedly warned people not to invest in this virtual currency.

Notably, the OneCoin development team in Vietnam has faked operation license documents of the Ministry of Planning and Investment to defraud and appropriate customers' assets.

Currently, even Bitcoin , the largest coin in the market, has not yet been approved by the Vietnamese Government as an anonymous project like OneCoin. 

Legal of OneCoin in the world 

In fact, OneCoin has not been officially accepted in any payment system or country in the world. This coin was once pointed out by Cointelegraph as a scam program disguised as a cryptocurrency investment. The OneCoin trading network has been banned in many countries.

Up to now, there have been countless reputable financial institutions in the world that have listed OneCoin on the list of illegal assets, not allowed to be traded. Specifically:

• In 2017, a specialized agency specializing in financial operations in Germany froze all bank accounts related to OneCoin transactions. The total value of frozen assets is up to 29 million euros. Both of its parent companies are completely banned from operating in Germany.
• In 2016, the Norwegian exchange association also warned investors not to participate in the OneCoin scam model.
• The police agency in India once arrested 18 people for arbitrarily conducting an event to recruit participants to invest in OneCoin.
• In 2018, the company behind the OneCoin project was fined 2.5 million euros and permanently stripped of its right to operate in Italy. At the same time, Italian regulators also officially declared OneCoin as a Ponzi scheme, warning investors to stay away.
• The financial watchdog FSC Bulgaria, also issued a warning about the risks investors may face when investing in cryptocurrencies, namely OneCoin.
• The Central Bank of Hungary will soon list OneCoin as a transnational fraud scheme.
• In March 2017, the Central Bank of Croatia advised customers to be careful when investing in OneCoin virtual currency.
• In 2017, the Central Bank of Thailand issued a warning stating that all OneCoin transactions are illegal.

The reason many investors still participate in OneCoin

• Super attractive interest rate

In fact, everyone participating in this market is greedy and wants to make as much money as possible. And this is also the player's "A-sin heel" that OneCoin targets. What do you think with the invitation to invest 500 million dong, after a month profit 1 billion, even after 1 year profit 15-16 billion dong. With this super high interest rate, many people want to try because it is too fast to recover capital. 

• Massive advertising campaign

OneCoin still attracts many new players, despite warnings from authorities, authorities and local media because the advertising campaign of this project is too aggressive. There are hundreds of awards and ceremonies honoring successful entrepreneurs. Besides, the project also organizes many charity programs to polish its name. That explains why there are still "moths" who continue to rush into the project. 

• Great introductory roses 

Finally, OneCoin is very focused on building a system like many multi-level models. There is nothing wrong with this, but the referral commission is too big for players to keep adding new people. Meanwhile, the project itself has no practical application to enhance value, but operates in the form of taking money from the latter to pay the former, sooner or later the project will be destroyed.

Compare the difference between Bitcoin and OneCoin

Let's compare OneCoin - a scandalous, risky coin with Bitcoin - the most powerful coin in the cryptocurrency market, to understand better with TraderH4!

Should invest in OneCoin or not?

This is definitely an extremely dangerous project with huge potential for every investor. OneCoin is essentially a transnational scam scheme. Even many prestigious governments, organizations and newspapers have warned about this issue. Therefore, TraderH4 advises you not to join this project. However, if you have missed joining OneCoin, then quickly sell and liquidate as quickly as possible. Because like many other Ponzi schemes, they are time bombs that do not know when to explode. And when that happens, the investor's losses are extremely serious. 

summary

The above article we shared details about OneCoin – a famous scam project in the cryptocurrency market. We believe that, through the data in the article, readers have learned about OneCoin's tricks to reach investors as well as warnings from many countries and organizations around the globe. Therefore, you need to be alert to research and analyze, to avoid letting the enticing words and super profits cloud your mind.