New cryptocurrency exchange platforms appear every day and users need to keep close track of all ongoing Altcoin news in order to know which ones of them can truly make a difference in the digital market. Some of them have a pretty short lifespan and disappear after a couple of months or a year. This makes any financial endeavors with them highly-risky.
The risk of falling onto a cryptcourrency scam is ever-present, meaning that users have to pay close attention even to established crypto tokens that have already managed to make a name for themselves and are quite popular. Such is the case with the OneCoin crypto-coin.
It was launched in the cryptocurrency market in 2014, operating as a company that sold educational materials for the Altcoin and Forex financial spheres. The said learning data’s price ranged from €100 to €118,000, depending on which investment package the user had chosen, and went along with a given amount of the OneCoin token.
After much speculation regarding its actual legitimacy status, it was disclosed of being a scam in January 2018 when the Bulgarian police’s General Directorate ‘Combating Organized Crime’ raided the company s headquarters in the country’s capital city Sofia at the exact request of the Prosecutor’s Office of the German City Bielefeld.
This event basically introduced the OneCoin scam. Authorities from several different countries and continents have been shutting down all the offices associated with the cryptocurrency exchange project. At the time that this article was compiled, China undertook its very own investigation into the matter.
Quick OneCoin Token Fact:
The ‘One Network Services’ Limited Liability Company (LLC) had Dr. Ruzha Ignatova as its active CEO. Shortly before the OneCoin scandal broke out, she and her mother, Veska, were quick to vacate their executive positions at the company and disappear into thin air. The distribution of the crypto token has been officially prohibited in several countries across the world. Users should keep in mind that it is not a good idea to invest anything in it.
What Is The 1Coin Price Compared To The Bitcoin Price?
The average OneCoin price was last estimated as being 0.00000082 of that of a single Bitcoin unit. This is not a definite value level, however, as the latter’s cost is subject to a daily volatility rate and it may increase or decrease. The free dispersion of the former’s crypto tokens is also against official postulation is many countries.
The number of OneCoins that users could purchase in the past depended entirely on the so-called ‘educational packages’ that the individual could choose from. Some of them were only €100, while the price for others could reach €118,000.
Ruzha Ignatova, who was the effective CEO of the cryptocurrency exchange project, defended the crypto token, stating her company was only selling interactive learning materials on financial matters but this is countered by the fact that all of the promotional clips and recruitment meeting spoke solely of the future OneCoin cryptocurrency. This is one of the hardest pieces of evidence that nail the devious scam verdict that the crypto trading website now has.
Since the distribution of the Altcoin is now considered to be ill-founded, its official selling, reselling, and purchase is not possible. Our advice to digital users would be to stay as far as possible from the crypto exchange app. Trading with is very likely to result in serious and considerable financial losses.
What Is The OneCoin Scam?
The cryptocurrency exchange app was not a very cleverly-designed scam. Experienced traders noticed early on that there was something very mysterious and uncertain in its foundational principles. But the regular user did not know how to recognize them and this is why tens of thousands from around the world proceeded to get started with the trading solution.
Officially, the management team never announced that their company had launched a separate cryptocurrency. Their advertising campaign concentrated on the fact that they were dispersing sophisticated investment materials that could make a fruitful trader out of a complete newcomer.
Things were drastically different behind closed doors and private meetings and conversations with clients. The OneCoin token was presented as the next big thing in the Altcoin sphere and people from every point of the globe fell for it.
All of the above-stated things formed something of a pyramid structure in which the ones that sign-up later in time are responsible for the payment of the acquired earnings to the members that registered later on. It is one of the oldest scams in the business!
Is The Cryptocurrency Exchange Project Legit?
This crypto trading platform is considered to be exemplary of what investment scams are. The speculation and rumors that there was something wrong with this business endeavor were present in the media long before it was actually disclosed as one. Users who proceeded to purchase the educational packages started issuing serious complaints and negative trading reviews several months after they had realized that they were never going to generate any kind of consistent results.
But the clever marketing campaign and the fact that the cryptocurrency investment product had a strong promotional campaign, as well as the fact that it had a legitimate creator – Ruzha Ignatova, prompted a lot of people to fall into the trap.
There are also considerable indications that the learning materials which the company behind the software was selling were plagiarized from other organizations. Even if one does his best to find anything legitimate in this cryptocurrency investment solution, the task would be more than hard.
Every online user should do his or her best to avoid trading with the cryptocurrency exchange project. Even if a personal invitation arrives in their private inbox, they should not proceed to open it. This is one of the greatest scams to ever hit the Altcoin market and it operated for several years, collecting the funds of unsuspecting customers before finally getting what it deserved!
What Were The Educational Materials All About?
The OneCoin blockchain distributed a vast array of educational materials to the public. The greater part of them included written text and guidance on cryptocurrencies, general trading and investments, financial analysis, and asset management.
Users who have taken a look at them state that they did not feature any new information regarding recent trends or important events. Most of the stuff was either a direct or an indirect advertisement of the cryptocurrency in question.
Creator Ruzha Ignatova has a Doctorate Degree in Law from the University of Oxford. She cleverly managed to go around the national legislation of the countries that she operated in and this is why her cryptocurrency exchange project managed to survive for as long as it did.
Stay As Far Away From OneCoin As Possible!
Cryptocurrencies have provided people with greater financial freedom. Most of them are a completely legit financial instrument, even though most of the world does not officially recognize them. But being part of the grand trading scene, the digital industry is not immune to the appearance and launch of scams.
Users just have to learn to stay constantly alert and never take anything for granted. They must read a hefty amount of investment software reviews and try and keep themselves as informed as possible. This will help them stay safe and secure while crypto trading!
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