Lacking sympathy for people fooled by cryptocurreny scams

Dear Editor,

Re: Cryptocurrency scams 

Authorities all over the world have been cracking down on the multi-billion dollar, multi-national pseudo-cryptocurrency scam, 

Onecoin/ OneLife Network, from Bulgaria. China has arrested 119 Onecoin promoters and in June prosecuted 98 of those (33 are now serving 3 to 5 years IN PRISON for Ponzi/ pyramid fraud). In total, around 150 Onecoin scam promoters have been arrested in 8 countries on 3 continents.

This week, in the USA, the Federal Bureau of Investigation (FBI) and Department of Justice (DOJ) just arrested and indicted a Onecoin scam Attorney and Banker on charges of conspiracy to Money Launder $400,000,000 in victim’s funds to various international shell companies controlled by or affiliated with Onecoin (a criminal organization with alleged mafia ties in numerous countries, whose founders and leaders already have convictions for fraud and/ or previous affiliations or leadership positions with several documented collapsed pyramid/ Ponzi schemes).


Naive victims completely unfamiliar with how cryptocurrency and its underlying “blockchain” technology/ distributed ledger system work were sold false promises of a “better competitor to bitcoin,” a digital currency, traded globally across world markets. 

Unfortunately, even after 4 years, Onecoin has not only been unable to prove that it’s supposed technology has anything whatsoever to do with “cryptocurrency,” by any definition, but it still has not produced any sort of “wallet” for users to safely hold their funds, and technical analysis in computer science from a number of respected contributors to the space reveals that there is literally no relation to transactions shown in its “Back Office” or on its “DealShaker” Platform, wherein the “Merchants” are members, themselves, who believe that Onecoin’s spuriously dictated internal price is universally valid; when it is clearly not.

So, you have “The greater Fool” problem having been ingeniously integrated into victim’s at multiple levels of the pyramid game, in which a “Club” has been created which actually facilitates commerce, but which the “merchants” will never be able to cash out their COUPONS (yes, Onecoin’s SQL Server database issues COUPONS, which highly uneducated investors who’ve never used a real cryptocurrency believe that “this” is how a real cryptocurrency works. It’s not!

Knowledge and Education in this space is a free commodity, if you actually seek it. Unfortunately, scams like BitConnect, USI-Tech, and ONECOIN tend to capitalize on the losses of the uneducated, and more important, the lazy, or those who are completely lackadaisical and don’t even Google “what is cryptocurrency,” OR WORSE, who are told “NOT TO TRUST” Google when it comes to Onecoin?

I had sympathy for the first three years I investigated this. It is difficult for me to have sympathy for any victims still believing in it.


Tim Tayshum

Trending Stories

Samoa Observer

Upgrade to Premium

Subscribe to
Samoa Observer Online

Enjoy unlimited access to all our articles on any device + free trial to e-Edition. You can cancel anytime.