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Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles

The MLM monitoring publication behindmlm.com revealed on Dec. 1 that the infamous Ponzi scheme Onecoin’s website onecoin.eu has gone offline. According to the domain host Eurid, the onecoin.eu domain name is currently “under legal investigation.” Onecoin’s website going offline follows the recent arrest of the operation’s cofounder Konstantin Ignatov.

Also read: Part Deux! Onecoin Buyer Beware: The Definitive Ponzi Exposé

Onecoin Operations Come to a Halt

For five years the Onecoin Ponzi, a scam that was promoted as a cryptocurrency, managed to attract more than $4 billion worldwide from investors. The multi-level marketing (MLM) scheme was created by Ruja Ignatova, her brother Konstantin Ignatov, and Sebastian Greenwood. News.Bitcoin.com reported on the Onecoin scam on various occasions releasing multiple exposés on the Ponzi’s destruction. Ruja Ignatova and her associates told Onecoin investors there was a Onecoin blockchain and the product was a real cryptocurrency even though the technology never materialized. Ignatova even told a crowd one evening that Onecoin was a “Bitcoin killer” and that someday it would eclipse the cryptocurrency in value. However, the last two years haven’t been the best of times for Ignatova and her Onecoin coworkers as multiple three-letter law enforcement agencies have been clamping down on the Ponzi’s operations. Ruja has disappeared from the limelight after purchasing a mansion and a yacht. In October 2018, Gerald Rubsam, a general prosecutor based in Bielefeld, Germany, working on the Onecoin investigation told the press:

We have no information on where Ruja Ignatova is currently at the moment.

Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles
Onecoin cofounder Konstantin Ignatov.

In more recent days things have worsened for the Onecoin crew as Ruja’s brother and Onecoin founder Konstantin Ignatov was arrested in March 2019. Ignatov was released on bail after his arrest at Los Angeles International Airport (LAX) and reached a plea deal in October. The Onecoin cofounder pleaded guilty to money laundering and fraud. He also managed to receive criminal tax violations and won’t “face further criminal charges,” according to statements from Inner City Press journalist Matthew Russell Lee on Nov. 14. However, the tax violations and fraud could see Ignatov sentenced up to 90 years in prison. Additionally, documents show that his cooperation with global law enforcement could “reveal activities of individuals who might use violence” against him. Allegedly, the investigation documents highlight that if Ignatov does no prison time, he could apply to the U.S. witness protection program and change his identity.

Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles
Onecoin cofounders Ruja Ignatova and Sebastian Greenwood.

Multiple Onecoin Websites Suspended

Following Russell Lee’s report concerning Konstantin Ignatov’s plea deal, on Dec. 1, the MLM monitoring publication behindmlm.com revealed that the onecoin.eu domain went offline. The onecoin.eu domain was used to publish promotional articles about the Ponzi scheme and recruit investors. Behindmlm.com noted that the website’s status code said “server hold” and found out the domain registry was owned by Eurid.

Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles

In an email to the MLM monitoring publication, Eurid legal team explained that “the domain name [onecoin.eu] is under legal investigation. Please further check our WHOIS for the status of the domain name.” Then the following day two more Onecoin related websites were pulled from the web by the registry. Records show that oneworldfoundation.eu and oneacademy.eu went offline for the same reasons. Eurid told behindmlm.com that the legal team is also investigating other Onecoin associated sites such as One Pay, Deal Shaker, One Academy, and the One World Foundation.

Onecoin’s Queen Is Still Missing

Meanwhile, Inner City Press reports that Konstantin Ignatov’s testimony shows that his sister Ruja was living in Sofia, Bulgaria just before she disappeared. He said that Ruja told him that she was “very tired” and she was afraid a close associate would rat her out. Ignatov said his sister invited him to travel to Greece, Vienna, and Austria and told him she obtained a “big passport.” “As her brother, I wanted to know how she was, why she was so worried. I went to her house and witnessed her having more or less a nervous breakdown,” Konstantin told authorities. 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. From here he said that she traveled to Athens and connected with new friends who spoke Russian. When the investigators asked Konstantin about his sister’s Russian friends he said:

Ruja told me she knew someone very rich and powerful there.

Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles

During the last few months, Onecoin’s Ponzi operation has crumbled into ashes after the team managed to siphon $4 billion in profits from unsuspecting investors. Ruja Ignatova’s “Bitcoin killer” vision never materialized because there’s nothing innovative about a fake cryptocurrency. When enough people eventually get burned, just like Bitconnect, it usually dies. Despite this, Onecoin was a colossal act of fraud on a global level that managed to leverage the cryptocurrency and blockchain hype to scam its victims.

What do you think about the leaders of Onecoin being charged for money laundering and fraud? What do you think about the Onecoin domains going offline? Let us know what you think about this subject in the comments below.


Image credits: Shutterstock, Wiki Commons, Fair Use, Pixabay, and Youtube.


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Behindmlm.com, Blockchain, domain, Fake Crypto, Inner City Press, Konstantin Ignatov, Matthew Russell Lee, MLM, Multi-level Marketing, Offline, Onecoin, onecoin.eu, onelife, Ponzi, Ruja Ignatova, Scam, Sebastian Greenwood, website
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Jamie Redman , 2019-12-05 03:30:08 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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