Samoan Central Bank Strikes Against Controversial 'OneCoin' Crypto Firm

The Samoan central bank has become the latest institution to launch an investigation against OneCoin, a suspected cryptocurrency pyramid scheme based in Bulgaria.

"[OneCoin] is a snare that is used to catch people's money," said Maiava Atalina Ainu’u-Enari, governor of the Central Bank of Samora in a report by the Samoa Observer last week. Officials are in the process of investigating whether or not OneCoin has been successfully reeling in investors with false promises of outrageously high returns.

The Observer also mentioned that several prominent “Church Ministers” may be implicated in the investigation, but Ainu’u-Enari did not deny or confirm the rumor.

The Central Bank of Samoa also issued an official warning against OneCoin and other “risky” cryptocurrency investments on the March 21: “CBS, as the Regulator for financial institutions in Samoa, does not wish to prohibit new ventures that will benefit Samoa’s public and economy; however, as with every new venture such as cryptocurrency, there are always risks involved."

A Growing List of Counts Against OneCoin

OneCoin has all of the trappings of a cryptocurrency scheme; a flashy homepage emblazoned with the words “Join the Financial Revolution” and promises that the OneCoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term network (which doesn’t actually exist, by the way) is “easy and safe” to use. Taking full advantage of the blockchain buzz, “Affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term” in cities around the world encourage innocent people to invest now before it’s “too late.”

A look into the company’s past also reveals a myriad of dishonest dealings and suspicious activities from the executives of the company, including OneCoin founder Dr. Ruja Ignatova, who stepped down from her position in the company after being arrested in India last year.

As Finance Magnates previously reported, authorities in Finland, Pakistan, India, Bulgaria, Italy, and others have taken legal aim at OneCoin over the past several months; the Italian AntiTrust Authority (IAA) watchdog group went so far as to fine the organization $2.59 million euros last year. Authorities in even more countries have issued warnings against investing in the scheme.

#Onecoin scam has nothing to do with any "cryptocurrency" movement. Only the fake #KleptoCurrency movement €6.5 TRILLION??? pic.twitter.com/ePqEbyuWbl

— Tim Tayshun (@ezCoinAccess) October 19, 2017

OneCoin’s “home base” was raided by Bulgarian authorities in late January of 2018; roughly fifty people were taken in for questioning.

Because OneCoin is officially incorporated in the UAE, it has been allowed to continue its operations in spite of the increasing number of countries that have taken some kind of legal action against the company.