OneLife Network, the multilevel marketing arm of OneCoun pseudo-cryptocurrency has suspended all payments to its affiliates.
The pretext given for the actions is that OneLife’s subsidiary which the company bought over last year, The Opportunity Network is said to be preparing for an initial public offer on the Cyprus Stock Exchange.
The confusion created by this move is that the announcement of all withdrawal ban was done in a suspicious manner. According to BehindMLM, the message was sneaked into the last frame of Dr. Ruja Ignatova’s video released in Sweden.
In the purported message, Dr. Ruja, the CEO of Onecoin and OneLife, the Ponzi cryptocurrency told all its members that:
xCoinx will be closed to prepare for the IPO.
Until then you all can exchange your coins for OFC – or spend coins on your newly launched e-commerce platform.
OneCoin had to create xCoinx, its own OneCoin trading exchange. The xCoinx exchange has been closed and many OneCoin affiliates and supposed investors will not be able to cash out their funds in any currency.
Another window of opportunity for members to get out of the scheme has also been closed. Last year, OneCoin announced that it has created an eCommerce platform called Deal Shaker. The site has not taken off since it was announced with much hype.
OneCoin affiliates were promised that they will be able to use their OneCoins to buy goods and service from merchants who are supposed to accept 50% of their payments in OneCoins.
OneCoin is planning to go public itself by 2018. There are feelers that OneCoin is targeting an Asian exchange. How it is able to pull this off is still open for debate. OneCoin has been banned in China with millions of Dollars worth of affiliate assets confisticated. There are no guarantee that the scheme will not meet a brick wall when it finally wants to go public.
