Domain Registry Shuts Down OneCoin’s Official Website 

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The OneCoin cryptocurrency Ponzi scheme has been one of the most infamous discoveries in the crypto space this year. Now, months after the scam was first uncovered by law enforcement authorities, the platform’s official website has gone dark.

On December 1, Behind MLM, multi-level marketing scam watchdog, reported that the official OneCoin website (onecoin.eu) no longer returned live results as of November 30. A representative from the website’s domain provider, EurID, confirmed subsequently that they had taken note of the criminal proceeding brought against the platform and its owners, and had acted to shut the website down for security reasons.

A Crypto Scam Comes Full-Circle 

The case of OneCoin might have become popular this year, but this is one pot that has been brewing for a while. As far back as 2015, the Bulgarian firm, which presented itself as a cryptocurrency trading venture, started generating buzz of being a scam. The company promised substantial returns on little investments, rising on the popularity of the then-nascent asset class.

However, no sooner had it began to operate than it began to raise eyebrows. Several reviews and incriminating evidence showed that a lot of claims and promised made in its website were nothing but fabrications, and investors began to complain about being swindled out of their money. 

At the time, it was revealed that most of the business’s claims were unsubstantiated, and the documentation which was provided to back these claims up usually was contradictory to the claims itself. There was also the issue of its founders; most of which had been tied to multiple fraudulent operations in the past.

The Case Seems All Wrapped Up 

Eventually, law enforcement across several countries caught wind of it and began to circulate warnings about the company and its proposed fraudulent operations. It’s founders, Ruja Ignatova and Konstantin Ignatov (who, by the way, are siblings) have also been indicted severally. Ignatov already admitted to several crimes- including fraud and money laundering- for which he faced up to 9 decades behind bars.

Ignatova, on the other hand, remains an international fugitive. Law enforcement agencies have also made several charges in connection with the scam, including Mark S. Scott; a Manhattan attorney whose authorities helped Ignatova launder up to $400 million in investor funds. 

Now that the website has been shut off, it would seem that authorities are finally putting the finishing touches to the case. As for the investors who have nene defrauded, nothing concrete seems to have come up concerning possible refunds or restitution.

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About Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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