This article contains a selection of free available promotional material and statements by representatives of the OneCoin and OneLife companies, which prove that the sale of so-called educational packages and giving the Promotional Tokens for “mining OneCoins for free”, is a failed attempt to limit the legal liabilities.
The OneCoin company, and from 11 June 2016 the OneLife company, have promoted the (FAKE) OneCoin cryptocurrency from the beginning and constantly as an investment opportunity.
The alledged aim of the OneCoin/OneLife Network is to develop a world global reserve cryptocurrency. However, OneCoin has a fake Blockchain simulator, hence OneCoin is not a cryptocurrency.
A.1: Hyped predictions about the OneCoin price or value
The most important Ponzi element in this network is that new members are lured in with continuous predictions about the development of the “value” or “price” of OneCoin and comparisons with the Bitcoin price.
We give an example from the OneLife Video Presentation. The financial revolution [ENG], available in 18 languages on the official OneLife YouTube channel:
- “According to the first predictions in 2014 the value of a single OneCoin after one year was to reach 5 euro.
However, already ten months later the price of a single OneCoin exceeded the initial prognosis and hit 5.65 euro. OneCoin is expecting a further increase in value within the next couple of years, based on the constantly growing network of miners, but also because of the numerous companies who want access to the millions of Onecoin owners to promote their services and products, thus expanding the utility area even further.
This is not a promise or a guarantee in any way, however the historical aspect of OneCoin’s journey so far makes the future even more exciting and it can benefit the entire modern society and future generations.”
The graph shows a prediction of the OneCoin price of 50 to 100 EUR in 2018.
Note the hypocritical DISCLAIMER underneath the graph:
- “DISCLAIMER: The price chart presented above is based solely on prediction – wheter these values will be reached depends on commitment and effort by company members
This forecast is based on the variables that determined Bitcoin’s value”
11 June 2016 – OneCoin “Founder and Visionary” Ruja Ignatova during the CoinRush Event in London (@OneCoinCrypto – Official OneCoin Twitter account )
A.2: Promotion of overpriced “educational packages”
In July 2016 the “Ultimate Package” was introduced. It costs 118,000 EUR and contains the same 7 Levels of education as the Infinity package, which costs 27,500 EUR. You can find the table of contents for each educational package on the oneacademy.eu website after clicking the START NOW button of each module.
Self-proclaimed cryptocurrency expert, OneCoin Founder and Visionary Ruja Ignatova promoted this Ultimate Package herself (YouTube link published 25 July 2016)
- “So it means you will get all the seven splits *SNAP* immediately and this package will generate over two million OneCoins … TWO million OneCoins!”.
A.3: Contradictions between OneLife Terms & Conditions and other documents
The OneLife Terms & Conditions (see §2, Version 24 April 2017) state this:
- “The promotional tokens generated give access to the mining pools but not guarantee that and how many coins will be received”.
On the other hand the descriptions of Educational packages in the onelife.eu Gift shop (login required) contain texts like these:
- “The Supreme Package will also guarantee priority trading rights in the internal practice trading platform.”
- “… the Infinity package takes the trading and mining experience a step further …”
- “Tycoon + traders are provided with 81 818 FREE tokens which are directly set to auto-mining feature and optimize the trading experience.“
- This package is for those who want to bring their trading skills to the top level and seriously profit from mining and trading OneCoins.
On 7 November 2016 the www.xcoinx.com Exchange was announced:
- “This will allow all OneLife Members to buy, sell and exchange OneCoins in a faster and greatly enhanced system. “
On 16 January 2017, so only two months later and without any prior warning, this exchange was closed for at least a year to prepare for the IPO / Initial Public Offering, planned in 2018 Q2. In flat contradiction with the product description, this means that selling OneCoins on the exchange is not possible anymore.
NB: when the exchange was open, less than 10% of the sell orders were successful, because the supply was much bigger than the demand.
A.4: Announcement of IPO / Initial Public Offering
On 16 January 2017 the following news message was published.
In bold we hightlight the most striking quotes, followed by our comments.
“OneCoin is going public in the second quarter of 2018, and we want the coin to be open to everyone willing to buy and sell OneCoins.”
OneLife members are kept in the air for 15 months. In the meantime selling of OneCoin is not possible anymore.
“Our goal is to become the first fintech, cryptocurrency and e-commerce company to be listed on a stock exchange.”
Compare this with Par. 2 of the Terms and Conditions and the contradiction is obvious:
- “(1) The Company is a software and technology corporation that sells high-quality products and services such as training and continuing education courses, cloud services, other digital and material goods and services (hereinafter referred to as “Goods”) on the international markets.”
“The only way to be part of the IPO is to hold OneCoins.”
For regular OneLife members the only way to get OneCoins is by buying educational packages and submitting the “promotional tokens”.
“You will be able to exchange these OneCoins over the next months for so-called OFCs.”
Quotes from the Terms and OFC Terms and Conditions (login required):
- 2.1 OFC (an Option for Future Certificate) – a possibility provided free of charge for the members of OneLife Network and users of OneCoin
- OFCs by their legal nature … 9.1.3. Are NOT a financial instrumentor an equivalen
- OFCs by their legal nature … 9.1.7. Hold NO monetary value
- OFCs by their legal nature … 9.1.8. Are NOT an asset
- OFCs by their legal nature … 9.1.9. Do NOT constitute rights conferring the ability to vote, buy-back and/or hold an instrument of investment and/ or ownership verification document (share), including any derivative rights, such as dividends
- OFCs by their legal nature … 9.1.11. Are NOT a guarantee of income
- OFCs by their legal nature … 9.1.13. CANNOT constitute security or collateral for a loan
- 9.1.16. A User’s request for OFC/OFCs is irrevocable
We tried to determine what OFCs really are, but we did not succeed. This all looks like smoke and mirrors.
A.5: Attempt to bypass Consumer Protection Laws
In many countries consumers, contrary to businesses, are protected by strict laws.
While many of the IMAs (Independent Marketing Associates) are private persons without a business/company, the OneLife Terms and Conditions and OneLife IMA Agreement explicitly try to bypass the Consumer Protection Laws for all IMAs.
OneLife Terms and Conditions
- §3 General prerequisites
(1) Services may only be provided to legal entities, partnerships or individuals provided that they or their managers are entrepreneurs and are at least 18 years of age and are not present or former company’s employees or their respective spouse/lineal ascendants or descendants/affinity and collateral relatives up to forth degree. No Services may be provided to consumers.
- §4 The status of IMAs as entrepreneurs
(1) In this business relationship, the IMAs are acting as independent, autonomous entrepreneurs.
- §5 Notice concerning the voluntary right of revocation
IMAs are registering in ONELIFE NETWORK as an entrepreneurs and not as a clients and therefore do not have the statutory right to revoke the IMA Agreement.
OneLife IMA Agreement
- 14. PRODUCT ORDER/SALES & RETURNS
IMAs are registering with the ONELIFE NETWORK as an entrepreneur and not as a consumer and therefore do not have the statutory right to revoke thisagreement. Nevertheless, the Company is voluntarily granting you a right to rescind thisagreement within two weeks.
A.6: Attempt to bypass Financial Regulations
Many countries have strict laws and regulations concerning the promotion and sale of financial products. The OneLife company tries to bypass those laws by asserting this in the Terms and Conditions:
- “For the packages Infinity, Premium Trader, Tycoon Trader, Executive Trader, Pro-Trader, Trader and Starter the content is educational material.”
At the same time:
- The Onelife company uses the OneCoin symbol in the centre of a picture of the “OneLife ecosystem”.
- The OneLife company presentation promotes this (fake) OneCoin cryptocurrency with the goal to become the Number 1 cryptocurrency in the world.
- In the new Dealshaker webshop at least 50% of the deal price must be paid in OneCoins.
- One of the highest ranked company representatives, “Master Distributor” Sebastian Greenwood, states at an event “Coin millionaires is what we create. […] Network commission is not the purpose of this company”.
- The “About” section of the onelife.eu website states: “VISION: Our vision is to provide alternative payment solutions and equal access to financial education to people worldwide. OneLife Network makes financial transactions and trade safer, easier, and available to everyone on the web“.
The regular way to get OneCoins is by buying the educational packages (or by luring in other people and buy Tokens with the euros in the Trading Account after receipt of bonuses / commissions). So it is obvious that the so-called “Promotional Tokens” must be regarded as financial products.
A.7: OneLife Network / OneCoin dedicated to provide access to financial services
The OneLife Press Room contains this Question and Answer which explicitly claims the purpose to provide access to financial services:
- “The OneLife Network is a growing global network that was born out of the OneCoin cryptocurrency brand.”
- “When mining OneCoins, users become part of a global network of millions of OneCoin miners, called the OneLife Network. “
- “Since its establishment in 2014, OneCoin has been dedicated to creating a coin suitable for mass-market usage that is in line with its vision to provide access to financial services for everyone. “
B. Quotes, Presentation Slides and Screenshots which prove the hyping of the OneCoin cryptocurrency, instead of the sale of educational packages
The examples in this chapter are sorted in chronological order of publication date.
November 2014, Ruja Ignatova, Kuching. Malaysia (YouTube link)
“So if you ask me what is the smartest thing to do. Of course everybody has his own way and his own strategy and how he makes money. But what I would do is, I would buy a package, get as many tokens I can, split and then buy the coin, because the numbers and the money that you will make, of course you will make money from the bonuses and I’m sure this is exciting and good, but the real profit will come from the coin. Just think about the guy with the $27. I don’t promise you for 27 dollars 800,000 euro, because this is not something that I do, but I see this perfectly reasonable that our coin is next year, one year after mining, somewhere between 2,50 euro or 5 euro.”
November 2014, Sebastian Greenwood, Kuching, Malaysia (YouTube link)
“The Tycoon package is the 5,000 euro package. This is the most sexy package. This is the one where we actually really can profit.
Now it does not mean you can not start this business on a small package, yes you can. You can always enter the barrier to enter into the cryptocurrency market low, because of OneCoin, this opportunity. However the Tycoon package, I like this calculation very much, it comes with these so-called free tokens and these tokens are in the package as a standard 60,000 tokens, okay. So 60,000 tokens is what we get.
Now what we can do with these tokens are a few things. We can trade these tokens, recover some of the costs for the package, we can do that. We can keep the tokens, let them split or double. But that’s what happens in the internal exchange, once the price is going up, there will be a split or double, so we get double the amount of the tokens in the package. That means that between eight to twelve weeks we should expect a split of the token. Now if I put 5,000 of my hard worked money and bought a Tycoon package, after eight to twelve weeks that’s double in value because of the split.”
November 2014, Sebastian Greenwood, Kuching, Malaysia (YouTube link)
“So obviously after some time I realized I should have as many Tycoon packages as possible. Not because it’s like expensive to invest it, but because it makes me a huge return, that’s the whole thing.
Now one Tycoon package coming all the way through the coin through the mining process, it’s not a tedious proces, it’s a very simple process, it’s a step-by-step approach. However in a basic mathematical calculation 60,000 tokens becomes 240,000 tokens. We start mining the coin for five tokens per coin. Now if we make sure that we mine all those tokens, or those coins through the tokens, we will come out with minimum 48,000 OneCoins. That’s quite nice, 48,000 OneCoins.
Now once this coin gets introduced on this exchange and the public comes in, this coin is trading at 50 eurocents. So if you took 48,000 coins and divided them by the price, you would actually see the values, so it’s 24,000 euros at that introduction. So 5,000 euros became 24,000 euros very quickly. Now that’s a quite interesting value proposition. Now if you can all think about it the coin going from fifty cents to maybe one euro, that will be 48,000 euro in value. If it went to two euro, three euro, four euro, we all know what happened with the Bitcoin. It took some time, about four years, four years to really explode.
Now can you imagine if we are 500,000 people globally, because that’s my ambition, I want to build a mining network of half a million people worldwide who can touch this coin to make some profit.
Can you imagine how quick the price of this coin can go, up because of the amount of people that we are.
Now let’s say it just did go to one euro, which is just a little bit up, that’s 48,000 euro. I do not know any good solid investment today where I take my 5,000 and within let’s say 16 to 18 months it became 48,000 euro. I don’t know any plausible investment program like that. So that’s why cryptocurrency is a very very very attractive proposition.
That’s why you are here tonight, even if you not joined yet, you should be thinking, why have I not joined?”
Presentation slides in OneCoin Company promotional material
You can find these presentation slides on slideshare.net and in a number of YouTube movies. We have highlighted the most striking quotes with a yellow background.
2014 – OneCoin presentation – What is One
2014 – OneCoin presentation – OneCoin – a new currency for OneWorld
2014 – OneCoin presentation – OneCoin is the Future!
2014 – OneCoin presentation – Our vision
2014 – OneCoin presentation – OneCoin – Development Projection
2014 – OneCoin presentation – Splits
2015 – OneCoin presentation – The BITCOIN success story
OneCoin presentation 2015 – Why OneCoin – how dow we create value for our members?
2015 – OneCoin presentation – Account doubling or Splits
2015 – OneCoin presentation – OneCoin – 3 years based on the success of Bitcoin
2015 – OneCoin presentation – Trading Strategies – General Description
30 March 2016, Sebastian Greenwood among others, CoinSafe Leaders’ Testimonials (YouTube link)
Sebastian Greenwood, OneCoin Global Master Distributor: “You know and I know that the coin value is the most important part of our business. When the coin increases in value, we secure our future.”
11 June 2016 – Ruja Ignatova, Coinrush Event, London (YouTube link)
“This network was created to become and to fuel the growth of OneCoin, which I strongly believe will be the number one cryptocurrency worldwide.”
Examples of Slides used during the Coin Rush event and also in this video: State of the Nation by Dr. Ruja Ignatova (YouTube link)
Note: OneCoin is the center, the “heart” of the OneLife “ecosystem”
We can do this through:
- Market Capitalization
- Being the biggest reserve cryptocurrency in the world
OneCoin – Join the Financial revolution:
- Global – borderless, low-cost financial transactions
- Transparent – first cryptocurrency storing KYC in its new blockchain
- Vision – number one cryptocurrency in terms of market capitalization, usability and number of users
OneCoin – Join the Financial revolution:
- Borderless – Accessible, wherever your are, whoever you are.
- Easy and safe
- Powerful blockchain
- OneCoin can continue its expansion and growth
- No waiting list for mining
- Faster mining of blocks
- Merchants can be switched on earlier
- Steps towards going “public”
OneCoin has the potential to become the biggest cryptocurrency on the market
NB: measuring cryptocurrencies in terms of the total number of coins is nonsensical.
25 July 2016 – Ruja Ignatova introducing the Tycoon+ and Ultimate Packages (YouTube link)
This has nothing to do with the sale of educational packages, it is patently obvious that this is investment advice.
“Second package we’re launching, most probably most interesting for the Asian markets, and we have been asked for it, it is a big package called the Ultimate Package. This package is 118,000 euro and it has 1,311,111 tokens. So what is special about this package, except being so big? Of course it’s amazing that it has a lot of tokens and a lot of coins will come out, but it is actually the same features as the Infinity Plus package. So you can use it in the Super Combo as an Infinity Plus package. The coins will get interest in the Coinsafe, but what we will do for this package, and only for this package, we will give all the seven splits when the new blockchain is switched on. So it means you’ll get all the seven splits immediately and this package will generate over two million OneCoins … TWO million OneCoins. This most probably is the best package for anyone who wants to maximize the OneCoins, who wants to get a good mining difficulty now and actually work on a strategy to have and collect as many coins as possible.
25 July 2016 – Dr. Ruja Ignatova gives advice on Split Strategies (YouTube link)
This has nothing to do with the sale of educational packages, it is patently obvious that this is investment advice.
“Hello, this is Dr. Ruja Ignatova and today I would like to speak to you a bit about strategy. What is the right thing to do, should I put my tokens into mining, should I wait for the splits, or should I wait for the coin doubling on the first of October. ”
2m52s:“So if I may give somebody an advice, put your package on auto-mining. And we all know which packages are on auto-mining, it is the Premium Trader and the packages above.”
4m32s: “I would say the best strategy for everybody who has less than four splits to go should be, submit before the first of October the tokens into mining, profit from the coin doubling and from the low mining difficulty. However, also I believe strongly if you want to maximize your coins and your tokens, try to get yourself on an auto-mining package. It is simply the best thing, because you double the coins and you continue splitting.”
1 October 2016 – Screenshot of Live Stream of OneLife Mastermind Event, Bangkok. Presenters: Sebastian Greenwood and Ed Ludbrook
Watch this video fragment of this presentation (YouTube link). Ed Ludbrook is speaking:
- “So our message is really simple and it’s all in this one graph that you need to learn, you need to understand and it’s so simple, we have pioneered for two years, we have proven that we are the strongest, most dominant cryptocurrency in the race, in the race to achieve and create the first global reserve cryptocurrency, we are winning!“
Contradictions between Terms & Conditions and other documents
The OneLife Terms & Conditions state this:
- For the packages Infinity, Premium Trader, Tycoon Trader, Executive Trader, Pro Trader, Trader and Starter the content is educational material. The promotional tokens generated give access to the mining pools but not guarantee that and how many coins will be received. The total number of coins mined can be subject to change according to the Company’s strategy. Clients are not entitled to sell or buy coins on the internal exchange. Orders are executed based on demand and supply.
- Supreme Package: The Supreme Package will also guarantee priority trading rights in the internal practice trading platform.
- Infinity Package: the Infinity package takes the trading and mining experience a step further by offering two options for activation, each directly related to an exclusive split strategy
- Premium Trader: the premium package helps members upgrade their knowledge and gain extensive practice in mining and trading with crypotcurrency (sic)
- Tycoon + Trader: Tycoon + Traders are provided with 81 818 FREE tokens which are directly set to auto-mining feature and optimize the trading experience
6 March 2017 – OneLife Newsletter
During a couple of weeks the special Power Pack was promoted.
- “It gives you a total of 531 818 Promotional Tokens, 6/7 Splits (depending on your choice of Infinity Package), 48 750 BVs and access to all 7 levels of OneAcademy!
This is a combination of three packages: Tycoon+, Premium and Infinity. The OneLife Terms & Conditions state that the content for these packages is educational material.
With this in mind it is nonsensical to combine the Infinity Package, which on its own contains all 7 levels of OneAcademy, with a package which offers levels 1 till 6 (Premium) and an package which offers Levels 1 till 5 (Tycoon+).
It is patently obvious that this is just a trick to let members pay “double” for the educational material to get more Tokens and more OneCoins.
April 2017 – Shop with so-called “Educational Packages”
- Tycoon Trader: This package is for those who want to bring their trading skills to the top level and seriously profit from mining and trading OneCoins.
- Pro Trader: you will achieve intermediate trading skills that can help you profit from mining and trading OneCoins
April 2017 – Compliance Rules
A recent document with title Compliance rules in the onelife.eu backoffice contains the following text on page 30. This proves that formally OneLife members are prohibited to do what the company representatives do all the time.
- We are selling educational packages and give the MAs an opportunity to apply the knowledge about the cryptocurrency into practice by providing them some promotional tokens which give access to the mining pools but not guarantee that and how many coins will be received.
- Tokens provided when activate the particular package are promotional ones and give the opportunity to IMAs to apply their knowledge about cryptocurrencies they have acquired from our online education into practice.
- Remember: no one buys OneCoins or tokens
April 2017 – Product descriptions of Educational Packages
Similar texts about promotional tokens, the access to mining pools (which is not guaranteed) can be found in the General Terms and Conditions.
“Promotional Tokens” are an integral part of the products, the so-called “educational packages”
See for instance the description of the Infinity Trader Package: