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OneCoin Still Operating Scam Despite Class Action


The $4 billion ponzi is coming unravelled – but the authorities have still not managed to shut it down.

Every bear market has its scams – usually a whole bunch of scams, and then at least one Defining Scam. In 2014 and 2015 it was PayCoin, Garza’s ‘Bitcoin Killer’ that suckered in so many with its slick marketing and promises of $20 a coin. This time around, it’s OneCoin.


The real joke is that no one whose been in the crypto community for more than five seconds fell for this one. Because it’s not a crypto: it has no blockchain, no client to download, and no exchanges supported it. (The OneCoin website states that ‘this is a centralized cryptocurrency, thus providing higher liquidity and less volatility with a long-term vision and strategy for a stable development, unlike other cryptocurrencies that open and allow possible speculation from traders’. Hmkay.) But that didn’t stop a whole load of other people buying into the crypto hype as the market rose and fell. Estimates suggest that $4 billion may have found its way into OneCoin’s coffers!

And now, finally – finally – the wheels may be coming off. A class action lawsuit has been filed at the US Southern District Court of New York. Charges are being brought against four OneCoin execs, including the brother-and-sister pair who led the scheme: Konstantin Ignatov and Ruja Ignatova. Konstantin Ignatov was arrested in March (though he still seems to be hosting OneCoin events), while his sister has so far managed to evade authorities.

The plaintiff is investor Christine Grablis who says that OneCoin’s aggressive marketing has fooled thousands of investors – with Grablis herself ‘investing’ over $100,000. The whole thing is a Ponzi, with backers like Grablis, never receiving anything back. Even the concept of a OneCoin token is a fiction.

Walking Dead

And yet, like the Walking Dead, OneCoin lives on. It appears to be hard to cut the head off the snake. The website is still live and events are taking place around the globe to train ‘DealShakers’. These are fully-paid-up OneCoin shills, trained in the art of the hard sell, who continue to ply their trade in numerous Telegram groups. We joined one such Telegram group to find out more making sure to look nice and naive like a n00b.

A friend got me into cryptocurrency a few weeks back, I want to find out more

So far only bit coin and eth but I want to learn

We were directed to Google for more information but after a little while a DM appeared from someone called Maxim. He claimed to work for OneCoin but we have no way of verifying this. Here are his messages and they’re not exactly what we expected.

I work with three companies.

I work with Onecoin, FX Traiding, expasset

The fact is that even though I work with three companies, I don’t invite people to them, because I don’t trust them. This is HYIP

Soon scam

You’ve got to wonder, when people who work for OneCoin say it’s a scam in an effort to protect new investors from their own foolishness. But wait, what’s this? This helpful chap who had warned us of OneCoin then made us a kind offer to use a trusted service he had tested himself!

I found a reliable company that I checked on myself, went there the whole circle from investing to withdrawing a deposit

I tried it myself. Now create a team. What do you say if I offer you to try?

We looked up the company. It specialises in trading bots that claim to deliver impressive 3.8% returns a day, quite a high-yield investment you might say. It has multiple referral levels, almost like an MLM, combined with a HYIP.

There’s an offer we can refuse.

Note: we won’t provide a link to OneCoin’s website here as we don’t want to send unwitting new recruits their way.


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