Recently reported by Christianity Today, it looks like the worldwide cryptocurrency scam OneCoin has got to South Pacific Christian centers. OneCoin supporters/investors got to their pastors to preach the idea in their congregations.
$2 Million Lost!
Both churches, the Samoa Worship Centre Christian Church and an Auckland branch of the Samoan Independent Seventh Day Adventist Church were the targets for OneCoin supporters. These investors had preached the idea to the main pastors of both churches. It all resulted in a few of the congregants investing in OneCoin. Now they report that they have lost around $2 million. However, the investors who “sold” the idea also state that they are the victims in this situation, but the Central Bank of Samoa (CBS) concluded that they knew the participants and are in on the fraud.
CBS Releases a Statement
The Central Bank of Samoa released a statement citing the New Zealand Financial Intelligence Unit’s report about OneCoin at the end of April. They are calling it a “Hybrid Ponzi-Pyramid Scheme”. Also, they claim that OneCoin transactions have “propelled the financial problem in NZ”.
“OneCoin has circumvented Samoa’s financial system (because of our blockages on all OneCoin transactions at all Financial Institutions in 2018), and have opted to use the NZ Financial System to conduct their businesses and transfers,” says in the report. NZFIU estimated that OneCoin scheme transferred around $3.5 million NZD out of NZ.
“…trustworthy, hence,people of the congregation will follow suit.”
The CBS explained the scheme which OneCoin used to get newcomers to their Ponzi-Pyramid-Scheme:
“The target of OneCoin is through the Churches. There are two large churches that were used in OneCoin operations. These two Churches, although originated in Samoa, have branches in New Zealand and Australia, thereby affecting the Pasefika community. This is why NZFIU have formulated the view that public education on the issue would be futile because the Church Ministers are the promoters, and they are held out to be trustworthy, hence, people of the congregation will follow suit.”
OneCoin damages the international judgement on cryptocurrencies.
At the moment, CBS has outlined specific details on how the Public should react to various cryptocurrency events. That is, if any person or organization willing to conduct crypto investment presentations or workshops without the prior approval of the CBS, is considered a criminal activity. Moreover, if any of the hotels or organizations that host this kind of events without the prior approval of the CBS, is also considered a criminal activity.
Basically, this means that any conference or cryptocurrency/bitcoin meet-up or workshop or anything related to that subject first has to go through governmental institutions to approve their intent. Government centralization at its finest, so to say, but all thanks to OneCoin, for now.
What is OneCoin?
According to the company, its main business is selling educational material for trading. Members are able to buy educational packages ranging from 100 euros to 118,000 euros. Each package includes “tokens” which you can assign to “mine” OneCoins. The company claims that they have mining servers at two locations in Bulgaria and one site in Hong Kong. Each level (except six and seven), or package, gives new educational material which presumably OneCoin is plagiarising from several sources.
Earlier we reported that one of the OneCoin leaders and founders Konstantin Ignatov was arrested in Los Angeles by the FBI for possible wire fraud. Moreover, the FBI is charging Ruja Ignatova with wire fraud, securities fraud, and other charges. However, she is still at large and wanted in the U.S.