The website that acted as the main platform for OneCoin, the infamous crypto Ponzi scheme that is known to have scammed investors out of at least $4 billion, is finally offline. The news appears to have been originally reported by multi-level marketing scheme monitor BehindMLM.com on December 1, 2019.
— Jamie Bartlett (@JamieJBartlett) December 2, 2019
“[Domain Name System (DNS)] records show that while the company still owns the website domain, it is now under investigation” as of November 30th, the monitor explained, adding that while it is unclear exactly who is investigating the site, OneCoin’s DNS status has been changed to “server hold” by EurID, its domain registry.
EurID confirmed that the server hold had been placed because of an investigation, but did not disclose who the investigating party is.
— Digital rewind (@digital_rewind) November 26, 2019
Rob Frasca Talks Ndau as an Adaptive Store of ValueGo to article >>
Previously, OneCoin denied accusations that it is a Ponzi scheme in spite of multiple investigations by a number of governments around the world and continued its operations without major interruption.
Additionally, several other websites previously associated with OneCoin, including OneWorldFoundation.eu and OneWorldAcademy.eu, have also gone offline. OneLife.eu, however, appears to be still up and running, offering OneCoin investment packages as though nothing has happened.
Law enforcement is closing in on OneCoin
If successful, the investigation into OneCoin’s site records could provide insight into exactly how far OneCoin’s reach extended. Because there is no blockchain or other public record associated with OneCoin, the site’s records may offer some information on the number of participants and the scam’s balance, as well as other information.
The closure of the site appears to be the latest move in a number of actions that have been taken against OneCoin and its co-founder founder, Ruja Ignatova, who is currently at large.
Ignatova’s brother, Konstantin Ignatov, who served as OneCoin’s “top leader” and alleged co-founder, has reached a plea deal with the US Department of Justice after being arrested in Los Angeles earlier this year. Ignatov currently faces a possible sentence of 90 years in prison.
Last month, a federal jury in Manhattan found former OneCoin lawyer Mark S. Scott guilt for aiding OneCoin and Ruja Ignatova launder over $400 million in proceeds from the project. Scott was allegedly paid $50 million in exchange for his services.
(This article previously stated that Konstantin Ignatov is currently serving a 90-day jail sentence. Finance Magnates was unable to verify this claim; however, Ignatov is currently in custody after his bond application was denied by Judge Edgardo Ramos of the New York Southern District Court this June.)