ONECOIN is one of the largest MLM Ponzi schemes in the cryptocurrency scene according to FinTelegram´s research. The company has now announced an Initial Coin Offering (ICO). Fintelegram warns strongly against investing in this coin.
A few weeks ago, Onecoin announced that it would not do the Initial Public Offering (IPO) planned for October 2018. As an alternative, an Initial Coin Offering (ICO) may have been worked on in the background for a year. But now the rumours are obviously to become reality.
Unfortunately or thank God the website www.onecoinico.io is not available for IP addresses from Europe and the USA. However, the video for the announcement has already received 37,600 views within a few days, which gives an idea of the dimensions of this pyramid selling system.
Last week the details became known: From 8 October to 7 January 2019, ECR-20 OFC tokens can be purchased for 0.02 to 0.06 Euro. In April 2019 the company will release 30% of the invested tokens, the final amounts will be transferred in October 2019. Why the pre-generated ECR-20 OFC tokens are not transferred until long after receipt of the purchase price is not explained. Since legal requirements have not interested OneCoin to date, tax regulations – the only argument we can think of for a delayed transfer of the tokens – should not play a role.
On the OneCoin website some crypto currency exchanges are already mentioned, which will have the doubtful honour to be allowed to list the OFC token and thus finally make the exit from the pyramid selling system possible for the many OneCoin investors.
In any case, Kraken has already declined with thanks.
Obviously, OneCoin appreciates good German quality work: they have allegedly hired German companies with the implementation of their ICO (establishment of the smart contract) myicoagency.de and ICODA.
How large the selling power of this OneCoin system is, show the frighteningly high number of views reached within few days on the YouTube channel (like this and like that one) for ICO videos only released a few days ago.
To be continued, soon..