There are several cryptocurrency projects called OneCoin.
In some naive cases, the name was not properly researched and got accidentally reused by different small projects throughout the years.
In one other occasion, the project was such a blatant fraud that they simply didn’t care to research what the coin should be called.
The fraudulent OneCoin was simply launched and heavily promoted until it raised several billion dollars which, of course, eventually evaporated along with the entire project.
In this article we take a look at the OneCoin ponzi scheme along with a short overview of the “naive OneCoin’s” that came before it.
The most infamous OneCoin was a ponzi scheme operated by a team led by Dr. Ruja Ignatova, a PhD in German Law from Bulgaria, and other associates from many different backgrounds.
It is considered one of the largest Ponzi schemes ever discovered with over U$ 4.9 billion dollars defrauded from investors.
OneCoin reached the #2 highest market cap of all cryptocurrencies
The cryptocurrency community is not easily giving up on the U$ 4.9 billion they lost in the OneCoin scam.
A lot of reactions continue to pour in, especially in trying to track down the ambassadors, salesmen and founders of the ponzi scheme.
Here’s a list of Onecoin (active and former) scammers who fervently promoted what they knew was a fraud system, to enrich themselves. Onecoin stole over $5,000,000,000 to date
Ed Ludbrook, former “Onecoin Asian Ambassador,” started a “crypto Exchange” in New Zealand called Dacxi pic.twitter.com/YiyNRNUghp
— Tim Tayshun (@ezCoinAccess) January 11, 2020
Spread the word! OneCoin is a scam. Listen and hear the pain its causing to poor Ugandans and others round the world. In Uganda, its spread is also fueled by greedy sham pastors https://t.co/sAASdZSZdd
— Mikisa Richard (@rmikisa) January 10, 2020
After Ruja told her brother that she was tired and asked him to leave with her, she met with multiple senior Onecoin associates at her home. #AutoTrading #Bitcoin #Cryptocurrency https://t.co/MDQoR4CxPv
— Kush Jain (Mudrex) (@kushjain11) January 14, 2020
#OneCoin one of the greatest scams in the history of humankind. 🚨
Check out the article in the comments to know more🔽 pic.twitter.com/wtZps3ZK7T
— DAO Maker (@TheDaoMaker) January 7, 2020
OneCoin’s BigCoin Background
Dr. Ignatova was reportedly behind the BigCoin scam before OneCoin.
Here is a video of Ruja Ignatova promoting BigCoin in 2016
Website BehindMLM goes even farther and states OneCoin is simply a reissue of BigCoin:
Through further research and the investigative efforts of BehindMLM reader OzDelphi, we can now provide you absolute confirmation that OneCoin was a simple relaunch of the BigCoin Ponzi scheme before it.
Phishing Site Warnings
Several online scam registrars have marked OneCoin as a phishing scam. CloudFlare, for example, has added the site to its blacklist, warning users before they proceed to any domains owned by the OneCoin companies.
Cloudflare image courtesy of @CryptoXpose
OneCoin’s from 2013, 2014 and 2017
The latter two apparently had not researched the name before announcing it to the community as a new coin, generating much confusion about which OneCoin is which.
None of these are related to the OneCoin Ponzi scheme.
Since SHA256 Bitcoin forks do not offer any mining advantage or ASIC protection, these early forks quickly disappeared due to lack of miners.
The “2017 OneCoin” apparently is a Blackcoin and not a Bitcoin Core fork.
As of late 2017 not much activity was detected around any of these OneCoin instances.