One Coin, Much Scam: Swedish Bitcoin Foundation Issues Warning Against OneCoin
The Swedish Bitcoin Foundation released an official statement regarding OneCoin, a cryptocurrency Ponzi scheme that has been around since early 2015. Mats Henricson, the chairman of the Swedish Bitcoin Foundation, wrote in an official statement that the organization believes OneCoin is a fraud and that users who are relatively new to digital currencies and the cryptocurrency industry must be cautious when approaching OneCoin-related programs. Henricson said: “OneCoin has grown immensely large and billions have been put into this phenomenon. But OneCoin is not like the other crypto....
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The UK’s Financial Conduct Authority (FCA), an independent public body that is accountable to Treasury and parliament, officially issued a warning against OneCoin operations. Earlier this month, the Swedish Bitcoin Foundation warned its cryptocurrency community and industry regarding the scam-like structure of OneCoin, a “pyramide” built on illegitimate cryptography and security measures. The FCA is the second important government-related public body in 2016 to launch an official investigation on OneCoin. Increasing Awareness of Scam-like Cryptocurrencies. Government agencies and....
The Bank of Uganda (BoU) joins a long list of authorities around the world warning its citizens about Onecoin, the altcoin scheme prominently seen as a scam. In a public notice to that serves as a “warning to the general public”, Uganda’s central bank explicitly states that the entity “One Coin Digital Money” is an unlicensed entity while plainly revealing the establishment’s whereabouts in Kampala, the country’s capital. Unlike prominent cryptocurrencies, OneCoin is not based on a public ledger and its very claim of a cryptocurrency is questionable considering its centralized....
London law enforcement has issued a warning through the UK’s Financial Conduct Authority (FCA) concerning OneCoin. The organization says there are “potential risks” the OneCoin community poses on UK consumers. London Police Investigates OneCoin As Cryptocurrency Supporters Continue to Expose It As a Scam. The FCA agency has asked people who have been....
OneCoin has developed a sketchy reputation, and now bitcoin evangelist Roger Ver is adding to the mix. In a recent interview, the owner of Bitcoin.com says he believes OneCoin is a fraud, and that investors should always be wary of new coins and read up before they put their money in things they don’t understand: “There is never a cryptocurrency without a wallet. This sounds like more evidence of its fraudulent nature. OneCoin isn’t traded on a single exchange anywhere in the world as far as I know.” OneCoin has been around for over two years, but questions surrounding its authenticity....
Uganda’s central bank is warning local residents about Onecoin, a digital currency scheme widely accused of being a scam. The Bank of Uganda published an advisory earlier today which called for consumers to be mindful of the risks of investing in digital currencies. Specifically, the notice highlights the creation of a company called "One Coin Digital Money" that has set up shop in Kampala. According to the central bank, "whoever deals with 'ONE COIN DIGITAL MONEY' does so at his or her own risk". The notice goes on to explain: "The company is still in its....