Crypto project OneCoin was caught up in rumors that it represents a ‘’hybrid Ponzi-pyramid scheme’’ and therefore a scam according to the reports reaching our altcoin news today.
As the reports noted, OneCoin purportedly a Ponzi scheme project which managed to raise millions of dollars from worldwide investors. The investors were reportedly promised big returns and minimal risks. As the investigation showed later by the United States, the project’s founders generated about 3.535 billion euros in revenue.
Early in April, a church in the nation of Samoa was in the middle of scrutiny after some of the ministers invited the founders of the crypto project OneCoin to speak at a conference. Samoa’s central bank later banned any crypto activities and activities involving the scheme but the representatives approached the Samoa Worship Centre successfully and launched their investment products.
Per the latest cryptocurrency news reports, the Samoa central bank investigated the company behind the crypto project. OneCoin sent a letter to a Samoa Observer where the claims of being a scam were denied. The company also denied laundering funds through New Zealand and denied the allegations that the organization is a Ponzi scheme.
The company also explained that it is a ‘’centralized, closed source cryptocurrency. The closed system has strict AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism) policies as well as KYC (know-your-customer) implementation.’’
The crypto project OneCoin argued that the criteria that exclude the company from being a Ponzi scheme are that:
“By accepting the contract, the user becomes an independent, self-employed business owner. Let it be clear that neither OneCoin nor OneLife companies have organization, representation or employees in Samoa and New Zealand. No one has the authority to act or make statements on the company’s behalf in Samoa and New Zealand.”
As it was previously reported in May this year, the former investor in the OneCoin company Christine Grablis is now suing the company for Fraud. Christine made clear that she will be seeking damages and will pursue a class action suit. She also aims to represent all of the investors that were reportedly defrauded by the crypto project-OneCoin.
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“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
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