OneCoin is alleged as a cryptocurrency Ponzi scheme project, that ‘raised‘ millions and billions of dollars globally by luring investors with the promise of massive returns and very minimal risks. An investigation by the U.S. found that the project’s founders had generated about 3.35 Bln Euros [Around $3.769 Bln] in sales revenue.
Earlier in April, a church within the Pacific nation of Samoa ‘became‘ as the centre of scrutiny once ministers had invited OneCoin to talk to its congregation. Moreover, Samoa’s central bank banned any activities involving the scheme last year, however representatives nonetheless succeeded in approaching the Samoa Worship Centre and pitched their alleged illicit investment scheme.
Following an investigation by the Samoa central bank into the company, OneCoin reportedly sent a letter to the Samoa Observer, within which it denied claims that it laundered funds via New Zealand to Samoa, and refuted allegations that the organization is a Ponzi scheme.
The company added that it’s “a centralized, closed sourced cryptocurrency. The closed system has strict AML [Anti Money Laundering] and CFT [Combating the Financing of Terrorism] policies along with KYC [Know -Your-Customer] implementation and, as in our case, halts unknown transactions.”
OneCoin adds that such criteria preclude the firm from being a Ponzi Scheme, and adds that “by accepting the contract, the user becomes an independent, self-employed business owner.” The company thus doesn’t consider itself liable the activities performed by its users in Samoa as well as New Zealand. Adding further, [OneCoin] stated:
“Let it’s clear that neither OneCoin nor OneLife companies have organization, representation or staff in Samoa and New Zealand. Nobody has authority to act or make statements on company’s behalf in Samoa and New Zealand.”
Earlier in May, former [OneCoin] capitalist ‘Christine Grablis’ is ‘suing‘ OneCoin for fraud, seeking damages & a class-action suit to represent other investors supposedly defrauded by the project.