Graybeard
Well-Known Member
According to the Justice Department, Greenwood and Ignatova founded OneCoin in Sofia, Bulgaria, in 2014. Until 2017 or so, they're said to have marketed OneCoin as a cryptocurrency to investors. The OneCoin exchange was shut down in January 2017, but trades evidently continued among affiliated individuals for some time. The OneCoin.eu website remained online until 2019.
In fact, OneCoin was a multi-level marketing (MLM) pyramid scheme in which network members received commissions when they managed to recruit people to buy OneCoin. The firm's own promotional materials claim more than three million people invested. And between Q4 2014 and Q4 2016, company records claim OneCoin generated more than $4.3 billion in revenue and $2.9 billion in purported profits.
At the top of the MLM pyramid, Greenwood is said to have earned $21 million per month. Greenwood and others claimed that OneCoin was mined using computing power like BitCoin and recorded on a blockchain. But it wasn't.
As Ignatova allegedly put it in an email to Greenwood, "We are not mining actually – but telling people shit." "<<<
OneCoin co-founder pleads guilty to $4 billion fraud
Alleged 'mastermind' who proposed 'take the money and run' exit strategy remains a fugitive
www.theregister.com
See how this works? Caveat emptor ... And Mighty YouTube is still displaying their video
