OneCoin is a $4.4 billion cryptocurrency-based Ponzi scheme that has been running for years, despite widespread reports that it is a scam and several lawsuits and arrests. Shockingly, the main OneCoin website was running until late last week, and the website was appearing in Google search results as well. Law enforcement has finally taken the website down, but what difference does it make?
First, some brief background on the OneCoin scam. Investors were offered packages ranging from around $150 to over $50,000, and the more someone invested, the more mining tokens they received. Supposedly these mining tokens could then be used to mine OneCoin. However, OneCoin ultimately had no actual blockchain or cryptocurrency, and the mining tokens never yielded any actual OneCoins, and OneCoins were not tradeable on any crypto exchange anyways.
The OneCoin scam incentivized users with referral bonuses for recruiting their friends and families, which is how OneCoin spread across the globe and stole billions of dollars.
The OneCoin Founder is already a fugitive, and her brother is in jail, yet the OneCoin website was running until late last week. There were other OneCoin websites, such as OneWorldFoundation and OneWorldAcademy, and these have been shutdown too.
However, OneLife, which is literally the same ponzi as OneCoin, is still running. Also, OneCoin has a global network of scammers, and it would be easy for any one of these scammers to launch a new OneCoin website with a different domain extension, like instead of .eu use .com, .net, .org, .biz, .space, etc.
Also, the damage has already been done, and the billions of dollars that victims have lost will never be returned. The shutdown of the website was too little too late. It is perhaps a step in the right direction to shut down the main OneCoin website, but the global network of scammers needs to be smashed for the OneCoin ponzi to truly end.