Home / Latest Breaking News / Cryptocurrency Project OneCoin Denies Ponzi and Pyramid Scheme Claims

Cryptocurrency Project OneCoin Denies Ponzi and Pyramid Scheme Claims

Cryptocurrency mission OneCoin is denying claims that this can be a “hybrid ponzi-pyramid scheme” and rip-off, information outlet Samoa Observer reported on Would possibly 14.

OneCoin is purportedly a cryptocurrency Ponzi scheme mission, that raised loads of tens of millions of bucks international by way of luring buyers with the promise of giant returns and minimum possibility. An investigation by way of america discovered that the mission’s founders had generated three.353 billion euros ($three.769 billion) in gross sales income.

In April, a church within the Pacific country of Samoa was on the middle of scrutiny after ministers had invited OneCoin to talk to its congregation. Particularly, Samoa’s central financial institution banned any actions involving the scheme in 2018, however representatives however succeeded in coming near the Samoa Worship Centre and pitched their purportedly fraudulent funding merchandise.

Following an investigation by way of the Samoa central financial institution into the corporate, OneCoin reportedly despatched a letter to the Samoa Observer, during which it denied claims that it laundered price range via New Zealand to Samoa, and refuted allegations that the group is a Ponzi scheme.

The corporate explains that it’s “a centralized, closed supply cryptocurrency. The closed gadget has strict AML and CFT (Anti-Cash Laundering and Fighting the Financing of Terrorism) insurance policies in addition to KYC (Know-Your-Buyer) implementation and, as in our case, prevents nameless transactions.”

OneCoin argues that such standards preclude the corporate from being a Ponzi scheme, and provides that “by way of accepting the contract, the consumer turns into an impartial, self-employed industry proprietor.” The corporate thus does now not imagine itself chargeable for the actions carried out by way of its customers in Samoa and New Zealand. OneCoin additionally stated:

“Let it’s transparent that neither OneCoin nor OneLife firms have group, illustration or workers in Samoa and New Zealand. Nobody has authority to behave or make statements on corporate’s behalf in Samoa and New Zealand.”

Previous in Would possibly, Cointelegraph reported that former OneCoin investor Christine Grablis is suing OneCoin for fraud, looking for damages and a category motion swimsuit to constitute different buyers purportedly defrauded by way of the mission.

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