OneCoin replies Italy’s fine with loads of denials

Bittrex

Few days after Italy fined its One Life Network USD2.5 million for misleading investors, OneCoin has come out with a response to the fine.

As expected, OneCoin went ahead to deny every bit of its activities and Ponzi frauds it carries out in Italy and many other countries. The scheme denied that there is a connection between OneCoin and One Life Network.

See the statement below:

1. OneCoin is NOT an MLM company, nor has anything that could be related to pyramid sales, since it is exclusively engaged in maintenance and development of the technical aspects of the OneCoin cryptocurrency.

It does not perform any sort of network marketing activity.

This fact has been properly communicated with the authority, however neglected.

2. The websites listed in the press release, together with another company, named Easy Life S.r.l., are NOT and were NEVER part of OneCoin and/or OneLife.

In relation to the websites listed by the authority, the latter was duly informed that the websites in question were not owned, maintained or in any other way controlled by the companies.

However, the companies have undertaken immediately all reasonably measures for removal of the websites and currently these are not active.

This fact has also been properly communicated with the authority, however also neglected.

3. One Network Services Ltd. has NEVER performed any activities related to any of the statements, made in the press release and specifically network marketing activity.

It is an independent third party that is NOT a subsidiary to OneCoin nor to OneLife.

This fact has also been properly communicated with the authority, however also neglected.

3. One Network Services Ltd. has NEVER performed any activities related to any of the statements, made in the press release and specifically network marketing activity.

It is an independent third party that is NOT a subsidiary to OneCoin nor to OneLife.

This fact has also been properly communicated with the authority, however also neglected.

OneCoin will in its usual manner likely institute a lawsuit against Italy. The scheme has been banned across many countries. India has clamped down on OneCoin affiliates charging them to court for fraud and selling unregistered investment securities.

For many of its followers, OneCoin continues to deceive them that there will be an initial public offering, IPO, for them to cash out as early investors. There are many red flags to this. First is that OneCoin is not genuine digital currency but a mere Ponzi scheme selling ‘Ponzi points’ to people who then pass them to other ‘gullible’ investors who hope to see them appreciate in value.

The second and a very important red flag to this IPO claim is that OneCoin does not have a blockchain, a public ledger that shows all transactions on a digital currency.