OneCoin Website Goes Offline as Net Closes in on $4B Ponzi Scheme

Published on by Cointele | Published on

The website for cryptocurrency Ponzi scheme OneCoin has finally ceased operating, months after United States authorities indicted one of its founders for fraud.

As MLM scam monitoring resource noted on Dec. 1, OneCoin.

Eu no longer returned a live result as of Nov. 30."Legal investigation" offlines OneCoin.

EuUpon investigation, a representative from EurID, the domain's registry, confirmed to the publication that the website was offline due to the criminal proceedings against OneCoin.

"The domain name is under legal investigation. Please further check our WHOIS for the status of the domain name," a written response reads.

The event marks the latest in a series of revelations in the takedown of OneCoin, which operated for years and defrauded investors of around $4 billion.

Scams remain Bitcoin buzzwordOneCoin first attracted suspicion as far back as 2015, when Cointelegraph released an expose on the back of research from BehindMLM.In the ensuing years, successive governments worldwide issued warnings about the scheme's operations, which promised huge returns for comparatively tiny investments.

Controversy continues to swell around another cryptocurrency project this month.

The creator of altcoin HEX, Richard Hart, attracted widespread accusations of foul play after making various promises including free tokens to Bitcoin holders.

HEX describes itself as "The first high interest paying Blockchain."