At the end of the day, the ‘chicken might have come home to roost’ for OneCoin, one of the world’s largest Ponzi scheme that pretended to be a cryptocurrency.
Authorities in Bulgaria, the home country of Dr. Ruja Ignatova, founder of OneCoin Ponzi scheme have in the last few days taken the bull by the horn to raid the headquarters of the scheme in Sofia.
While no arrest has been made or announced so far, it seems the end might be here for OneCoin. For those who are not familiar with this scheme. It is a purely a baloney.
It is simply a Ponzi scheme that pretends it has a digital currency like Bitcoin. Feeding on the ignorance of many people across Asia, Africa and the Middle East, the owners of the scheme peddle some ‘copy and paste’ educational materials under complex multi-level programmes where the largest packages are then exchanged for Ponzi tokens which are purportedly regarded as OneCoin.
For over three years, Ruja Ignatova had deceived many people within and outside of the network that OneCoin has a genuine blockchain like Bitcoin or other genuine altcoins. It turned out that there was nothing of such but a mere SQL Database that was cooked up by some consultants in Europe.
After OneCoinw as exposed as a fake digital currency, OneLife Network (the company selling the educational packages) claimed that the Blockchain was existing but privately audited by independent experts and auditing firms. Whatever that means, there is no sense in any of the ddrifts and arguments put forward by the scheme.
In response to its fraudulent notoriety, several countries have clamped down on promoters of the business. India being one of the most fierce authorities to have dealt with the scheme by arresting many affiliates and charging them for various economic crimes and capital markets infractions.
As the world gets more aware of digital currencies, phoney kinds such as OneCoin will get exposed for what they are.