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We see a lot of advertising and posting with bitcoin and OneCoin on Facebook so we decided to take a closer look at the company and give a review. Seeing we focus business on Facebook and Facebook ads if we see something trending we like to report.
It is clear that in spite of the apparent experience of its management in developing tools to trick consumers into investing money, the claims made by this OneCoin scam are easily revealed as fabrication.
OneCoin’s style uses eminence and public presence to create an image of value and authenticity. The so-called ‘OneAwards’ claim to reward effective traders, who are invited to the organization’s award occasions. These occasions also function as fundraisers for the One World Foundation’s “tasks.”
” OneAwards incentivize the success stories. Other members will be inspired by your accomplishment– and recognize exactly what big opportunities One offers.”.
OneCoin – Dubai
It was the most recent event in Dubai that prompted James Dollahan to send his own advisory regarding OneCoin’s practices. Dollahan, who works for Filipino consulting firm Worldwide Top, confirmed to CoinTelegraph in emailed comments that a group of partners had attended the Dubai event, together with “roughly 3,000″ others. He explained:.
” They met with the owners and managers of Onecoin and yes, their behavior and things stated were simply as I had cautioned them about. Relating to technical questions, they were not detailed in their responses and much did not make sense to them based on what real crypto currencies are.”
OneCoins – Currency?
Inning accordance with OneCoin, 650,000 OneCoins as well as “50.000 money” of undetermined currency were contributed to the One World Foundation throughout the occasion.
Dollahan’s concern was ignited by a separate marketing stunt featuring Ignatova herself. An alleged interview was published on the front page of Forbes Bulgaria for its May 2015 issue, which OneCoin subsequently advertised on its website and distributed in paper form at the Dubai event.
While OneCoin refers to it as an “interview”, nevertheless, upon closer evaluation it becomes clear that the product is a paid ad. The cover published on OneCoin does not match that from Forbes’ own site. Dollahan flowed an e-mail exchange appearing to contain verification of the paid advertising campaign from Forbes, which is still being verified at the time of writing.
The One World Foundation, publicized as the primary spin-off of OneCoin, claims to help disadvantaged kids through donations collected by means of OneCoin’s operation and unique events.
Its site specifies it is “supporting” different organizations consisting of One Laptop per Kid and Seva, however offers no info about how exactly it does so. A ticker on the homepage states at the time of composing that 73 children have been “assisted,” yet again no additional information is supplied.
The Structure also mentions its mission is to “empower children and youth to learn about today’ seconomy. To make them responsible grownups, who comprehend loan and who can develop a prosperous life.” It is unclear how these objectives are being satisfied by the alleged assistance.
OneCoin’s evident partner, Aurum Coin, on the other hand has seen little activity given that November 2014, with Bitcointalk debate highlighting the lack of backed-up claims and abundant scam reports.
Glaring fine print.
OneCoin is variously stated to be registered in Gibraltar and Ignatova’s alleged home nation of Bulgaria. Regardless of its base, however, it is conspicuous that the USA is amongst the “restricted” countries with the website stating:.
” Marketing Partner Applications may not be accepted from residents within these areas, or there may be limited payment choices available.”.
In its evaluation of OneCoin, MLM news, blog commentary and examines suggests that this is because “OneCoin would quickly fall nasty of SEC guideline worrying the offering of unregistered securities.”.
Exactly what makes OneCoin more than likely to be pure fabrication is nonetheless a basic fact. Nowhere on resources such as CoinMarketCap is OneCoin to be discovered. No info regarding its technical requirements can be easily discovered and is impossible to verify.
CoinTelegraph would recommend to readers that they do not commence dealings with OneCoin, its spin-offs or partners. Similarly, any other tasks linked to the actors mentioned in this article needs to be avoided at all expenses.