OneCoin website finally shuts down further unraveling the biggest Ponzi Schemes in the crypto space. The platform offered ‘’educational packages’’ which was the basis of the scheme and is still carrying the user balances as we are reading further in the crypto news.
The OneCoin website is now down and the DNS record is under investigation for further leads into the scam. The site continued storing the balances and even facilitated OTC trades. The site got down just a few days after the reports of the nondescript van and workers who swept the OneCoin offices in Sofia. In the meantime, Ruja Ignatova, the owner, and inventor of the scheme is still nowhere to be found. The scheme, however, is not dying in any case. It cropped up again in different disguises and the OneLife.EU site is still up, serving the function of continuing the One Coin trading even with new entrants.
The OneWorldFoundation.eu site is also down as well as the OneWorldAcademy.eu. The DNS sites records give a lot of hints that the resources on the OneCoin.eu are under investigation. The EURID DND service said that the site is under ‘’legal investigation’’ without further details on everyone involved. If we dig deeper, the site shows a glimpse of the number of entrants, balances, and transfers. The OneCoin asset does not have a public blockchain or a public record and the investigation gives more insights and adds to the ongoing investigations in Austria, Finland, and Germany.
In the meantime, Konstantin Ignatov, Ruja’s brother, has done a plea deal with the US Department of Justice facing up to 90 years in jail. In the meantime, other leaders and groups that are related to the project remain active. OneCoin managed to drain up to $4 billion by laundering thousands through lawyers and offshore accounts. The Ponzi Scheme appeared during the early stages of Bitcoin and its size surpassed Bitconnet. However, this was a different scheme since it ran in a few countries and avoided legal crackdowns. The scam was reaching out directly to potential buyers in many countries. Most traders, however, are aware of the scam.
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“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”This move is definitely a headache and as BitMEX faces a new lawsuit, it is something that is piling up in the negative news as of recently. According to reports from earlier, the exchange has seen its popularity enduring despite a major data leak in November. Bitcoin news outlets showed that executives at the exchange appear a little concerned by the blunder which saw a lot of email addresses sent out to other users.However, what still remains good is business - and daily trade volumes for the Bitcoin (BTC) derivatives are unchanged and currently at $1.6 billion. From this point, BitMEX is solid and remains one of the top exchanges in the world.
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"None of this is related to Sean transitioning out of the co-CEO role. Sean will continue to serve on Circle's board.”As a reminder, Neville launched Circle with Jeremy Allaire back in 2013. As Circle lays off 10 employees now but has been strong over the years. We can see that they directed many of the changes in the industry in the recent years, including a pivot away from Bitcoin (BTC) as well as the acquisition of the cryptocurrency exchange Poloniex back in 2018.Last month, two former executives at Circle, Daniel Matuszewski and Julien Collard-Seguin along with a third partner founded the proprietary crypto trading firm CMS Holdings. This firm plans to invest 30% of its capital in the most liquid cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and around 40% to 50% into less-traded digital assets.Matuszewski, who left the company in August, admitted that he would not have started a similar firm a couple of years ago because of risk concerns and explained:
“There was always a non-zero chance that bitcoin would gap down, die, and never come back. [...] It’s a lot safer now, in that it’s probably not going to disappear.”
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