OneCoin investors in Germany lost USD424 million


After the final shut down of its Deutsche Bank accounts in Germany, it seems there are more damages caused by OneCoin in Germnay than ever.

It could be recalled that BaFin, a financial services regulator in Germany had ordered the freezing of all account of OneCoin, a pseudo cryptocurrency to issue tokens to its members after they invest various sums of money to buy packages sold through a pyramid scheme called the OneLife Network Services.

Since the final shut down took place, many victims and investors who have lost various huge amount of money to OneCoin have approached authorities for respite.

According to BehindMLM, at least” 25,000 investors Germany have together lost “well beyond 400 million euro” ($424 million USD).

The figure is expected to rise as many people have not come to state their case and how much was invested into the scheme. As with many pseudo-investment scheme that often go south, the extent of loss might not be fully ascertained as many people often refuse to go public for personal reasons.

However, a different twist has be introduced to the saga. German authorities are said to be looking at the connection between OneCoin and organised crime. There are no concrete evidence yet, however, Germany’s Gerlach Report wrote in its recent report on OneCoin that the regulator considers OneCoin a “collaboration between the Bulgarian and Russian mafia”, this was revealed in a confidential conversation with people knowledgeable about the matter.

Recent reports have suggested that the huge amount of money flowing through various MLM and Ponzi schemes has made the industry a ‘darling’ of organised criminals as a medium to move money around the world.

Kevin Schütz, a top promoter of OneCoin in Germany was said to have denied his involvement in the scheme. With various evidence in the public, he was said to have threatened with various unprintable words.

OneCoin has seen various banns and public criticisms in the past. The scheme has been banned in various countries including Nigeria and Uganda where fraud alerts have been raised on it and other Ponzi schemes of its likeness.

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