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OneCoin Activity in China Has Resulted in Nearly 100 Arrests Since 2017

It has been a while since we last heard anything about OneCoin. Although this blatant pyramid scheme is still active, it seems the regulatory crackdown is not slowing down in the slightest. In China, nearly 100 individuals are being prosecuted for promoting the OneCoin pyramid scheme, and that number may rise.

The OneCoin Cancer Needs to be Removed

Anyone who has ever laid eyes on the OneCoin website or met any of its promoters can see that this project is destined to fall apart sooner or later. Any company offering investment packages with virtually guaranteed returns after a fixed amount of time is running a pyramid scheme. Even so, it seems OneCoin has evaded a lot of scrutiny and legal issues in the past few years.

That situation is – thankfully – slowly coming to change. Regulators all over the world are cracking down on this nefarious company and anyone actively working with it. On this website, we have documented some of the more active shills promoting this project, although there are hundreds, if not thousands of people who are also involved in this venture. That is not a positive trend, as it means this company will stick around for a lot longer than it should.

In China, however, things are falling apart for OneCoin and its army of promoters. Over the past two years, 98 people have been prosecuted for their involvement in the company. That is a staggering number and one that will probably continue to rise for quite some time to come. Just this week, four suspects were charged with having been involved in this global pyramid scheme.

It is interesting to note that China refers to OneCoin as Weika Coin, even though it is one and the same. OneCoin shills have been uncovered in at least 20 Chinese provinces, although it is likely there are a lot more individuals associated with this project. With punishments ranging from a fee to several years of jail time, it is evident there is no legitimate reason for anyone to be involved in OneCoin.

Current reports indicate OneCoin may have successfully defrauded over 2 million investors around the world already. That number would have never been this high if authorities had cracked down on the company when it first started making headlines. Interestingly enough, a lot of the invested money in China has been recovered by government officials, although they’ve not clarified what that process entails exactly. It is good to see people getting their money back, though they should never have invested it in a shady project to begin with.

All of this further confirms the net is closing around the OneCoin pyramid scheme and all of its associates. Various countries have active police investigations into this company, although no real action has yet been taken. China is taking a far more proactive approach in this regard, and it seems their efforts are paying off already. Even so, there is still a lot of work to be done before the OneCoin project is eradicated from this world.

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Factom Seems Keen to Enter the Stablecoin Market

It is safe to say the cryptocurrency industry has seen its fair share of stablecoins already. This market is open to competitors, although nearly 10 different offerings exist already. Even so, the Factom team is confident they can add at least one more competitor to the mix. Their unique stablecoin implementation will be presented later this month. Factom has Bold Plans Every venture pertaining to blockchain and cryptocurrency is worth paying attention to these days. Although things may be a bit different in the world of stablecoins, the new venture by Factom will still get quite a bit of attention. The team claims they have built a new implementation which might help shape the future of stablecoins altogether. Not too much is known about Factom’s exact plans. The team alluded to such a project in a recent blog post, although no real specifications were provided at this time. Instead, they only touch upon what makes stablecoins so peculiar, and why there is a need for more competition in this department. It is certainly true that more of these coins can bring more people to cryptocurrency over the years. In the normal world, a stablecoin is pegged to a physical asset. This can be fiat currency, as well as precious metals, natural resources, and so forth. To date, most stablecoins in the cryptocurrency world have been tied to the US Dollar. The only notable exception in this regard is Venezuela’s Petro, though that currency faces a lot of backlash for entirely different reasons. The lack of transparency associated with that venture is one of the key concerns right now. Based on the current modeling and research conducted by Factom, the team is confident their approach can be successful. However, no one should expect Factom-based stablecoin to come to market in the near future. Additional research and testing are needed prior to effectively commercializing such a technology. An initial demonstration of the concept will be presented during the Texas Bitcoin Conference in late October. The bigger question is what Factom will try to achieve exactly. With major companies such as Gemini and Circle issuing their own dollar-pegged currencies as of late, the stablecoin market seems to be on the brink of oversaturation. Factom’s venture will primarily focus on on-chain auditability, which is something most other projects and offerings do not provide at this time. Some positive competition in this regard can be quite beneficial to everyone. For the time being, it remains to be seen how the cryptocurrency community will respond to this new offering. While one can understand any company wants to get in on the stablecoin action right now, it is not a market which requires an abundance of competition either. Cryptocurrency needs more fiat currency onramps, rather than adding more intermediaries to the ecosystem. It will be interesting to see what Factom plans to do exactly, as this announcement leaves a lot of room for speculation. The post Factom Seems Keen to Enter the Stablecoin Market appeared first on NullTX.

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