One Coin

What is One Coin?

One Coin, one of the biggest pyramid and Ponzi schemes, was established as a digital currency by Ruja Ignatova in 2014. She asserted that the coin was the upcoming breakthrough in the cryptocurrency revolution. OneCoins, according to the claim, could be mined, used to make payments, and even had an e-wallet. OneCoin's blockchain model and payment system did not exist, though.

The business did market instructional products like cryptocurrency courses. The courses also included other topics, such as trading and investment. The training programs were a part of a multi-level marketing (MLM) program in which purchasers received incentives for recruiting additional students.

Tokens that could be used to mine OneCoins were to be given to purchasers of the course packages. There were allegations of widespread plagiarism in the course materials. Before she vanished in 2017, the plan fleeced investors of over $4 billion between 2014 and 2016.