Nigerian SEC Associates Shady MLM Schemes Like Onecoin With Bitcoin
This past week the Securities and Exchange Commission (SEC) of Nigeria has warned its residents about virtual currency investments. The agency’s warning has bundled bitcoin investment with two Multi-Level-Marketing (MLM) operations well known for deceptive activities. The Securities and Exchange Commission of Nigeria Conflates Bitcoin Investment with MLM....
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Unfortunately, the world of cryptocurrency has seen a bunch of people running scammy ‘investments’ preying on people’s lack of knowledge. Over the past couple of years, shady organizations such as Onecoin, MMM Global and others have brought a slew of shady characters operating get-rich-quick schemes and Multi-Level Marketing scams. It’s good to know how....
The world of Bitcoin and the digital currency has seen its fair share of scams, Ponzi schemes, and MLM pyramids in recent years. Just a few months ago, HYIP’s seemed to be the “next big thing” in terms of dodgy Bitcoin schemes, but it looks like a certain altcoin is trying the old MLM game once again. OneCoin claims to be a bit of everything, while, in fact, they seem to be selling nothing but hot air. For those among us who have been using the internet for quite some time now, the saying “If it sounds too good to be true, it usually is” has been applicable on more than one occasion. In....
The FCA has warned UK citizens to refrain from trading OneCoin as the London police starts investigation. OneCoin, a centralized digital currency operated and managed by the OneCoin Limited is under investigation. The Financial Conduct Authority (FCA) of United Kingdom has warned the general public to refrain from trading OneCoin for fiat or other digital currencies. All digital currencies aren’t made equal. The introduction of Bitcoin led to a debate concerning the legitimacy and trustworthiness of a decentralized digital asset, not governed by a single company or an organization. While....
Recently, Bitcoin.com ran an exposé on the OneCoin “cryptocurrency” project, calling out its smoke and mirrors operation. Afterwards, we got a lot of responses from the scam’s victims, and even commentary from OneCoin leaders themselves. Now, more information has been revealed on how shady this business is, and how it continues to prey on the....
Recently, I was offered to join an MLM scheme. Larry Pantling, owner of Capstone Digital Mining, offered me an opportunity to buy a beginner package for mining onecoin, swiscoin or ilcoin. He also gave me some information about the so-called “promotion programs” to involve other people into mining. In other words, I was offered to join an MLM business. Frankly speaking, I’m not new at this; I know how MLM works. But in traditional schemes you at least get some goods in exchange for your money. But what about cryptocurrency MLM? I still don’t get all the mechanisms of crypto operations, but....