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.