OneCoin Ponzi Point Test 1 – “Mining”

A. Summary of Conclusions

  1. The amount of OneCoins in the OneCoin Account Transaction History after submitting (Promotional) Tokens is calculated as follows: Number of OneCoins = Number of submitted Tokens divided by Mining Difficulty (value 70 during this investigation).
  2. The OneCoins appear in the OneCoin Account Transaction History immediately after submitting Tokens. The new OneCoins in the OneCoin Account are the result of a straightforward division of the number of Tokens by the Mining Difficulty, which is executed immediately.
  3. For none of the “mined” OneCoins a Transaction is visible on the Blockchain screens, while the website states that the OneCoin Blockchain consists of every transaction ever performed in OneCoin, and that detailed information on each mined block and performed transactions is visible. This is conclusive proof that the Blockchain info at the very least is incomplete and therefore invalid by definition (including OneCoin’s own definition).
  4. Because the Blockchain is invalid, there can be no real mining process, which manes that Mining “User Pool” and “Coins found” data are just a façade.

B. Objective of this investigation

  • The author of this article has tried to execute an objective investigation.
  • None of the data on the screenshots have been manipulated. Only some personal data on screenshots are hidden; comments and rectangular boxes have been added to highlight specific elements.
  • This page contains a mix of old and new screenshots. The original “old” screenshots were made on 30 November 2016, when this test was executed. Some screenshots were made in December 2016 after the launch of the new version of the back-office. On 28/29 December 2018 we checked all evidence and created new screenshots of Block and Transaction data, with up-to-date hyperlinks.

The complete procedure is step by step reproducible by anybody with a OneLife account with Promotional Tokens.

The aim of this analysis is to submit Tokens for the “mining” of OneCoins, to check the consistency and completeness of the transactions and other data which are visible in the Blockchain explorer on the OneLife backend website ( The consistency with info about the alleged OneCoin cryptocurrency and blockchain presented by the company on the web pages has been checked also.

Information supplied by the OneCoin company
As stated on the page “The OneCoin Blockchain Consists of Every Transaction Ever Performed in OneCoin”.

The Frequently Asked Questions page contains the following info:

  • “At OneCoin, we are able to execute your transactions in a minute thanks to the powerful blockchain – a technological innovation that stores cryptocurrencies. The OneCoin blockchain is based on protocols that authenticate, validate and store information in consistent, unbroken sequences.”

This info on the cryptocurrency page is also relevant:

  • “OneCoin is not a pre-mined cryptocurrency, meaning that the OneCoin miners create the market. By mining the coin, transactions are added and recorded to the OneCoin ledger, comprised of all past transactions. The ledger resembles a chain of blocks, which confirm that a certain number of transactions have been made.”

The “miners” are the OneLife Independent Marketing Associates, or IMAs. According to the OneLife Terms and Conditions they get free Promotional Tokens with the educational packages they buy.
“The promotional tokens generated give access to the mining pools of “Onecoin” but not guarantee that and how many “onecoins” will be received. The total number of “onecoins” mined can be subject to change according to Onecoin’s strategy. The members to whom “onecoins” are attributed are not allowed to sell them.”

Finally there is a relevant text underneath the animated GIF on the Blockchain page, especially the sentence in bold (old layout):

  • “IMPORTANT: The above graphics is used for pure visual purposes and should not be perceived as a real representation of the blockchain system. The blockchain is based on a pre-programmed mathematical algorithm which allows for finite amount of solutions to occur – also called mining. You can see detailed information on each mined block and performed transactions in the tables above.

C. Procedure
We used the following procedure during this analysis:

  1. Submit Tokens for mining, ten times in a row. With the Difficulty (aka Difficulty Factor) set on value 70, each Token should generate 1/70 = 0.01428571 OneCoins/”ONE”. The sequence of submitted Tokens was 1, 1, 1, 4, 5, 1, 1, 1, 1, 1.
    NB: this test was executed one day before 25 November 2016 when the Difficulty was increased to 79 Tokens.
  2. Check on the Tokens Account whether the Tokens are submitted for mining, at which timestamps, and which Difficulty was applicable.
  3. Check on the OneCoin Account how many OneCoins are created, at which timestamps, and which Difficulty was applicable.
  4. Check on the Blockchain and Mining pages which transactions for mined OneCoins are visible. Ten transactions should be visible if all mining actions are successful.
  5. Check on the Mining page if the “Your Pools” and “Coins Mined” data are complete and consistent with the other visible data.

D. Fact Finding and Analysis – with screenshots
The process of submitting the Tokens started at Thursday 24 November 2016 19:30:00 GMT/UTC. The entire process, including the creation of screenshots of the Tokens Account, OneCoin Account and Mining page immediately after submitting Tokens, took about 2.5 minutes.

The following Observations were made:

  1. All transactions on the Tokens Account and OneCoin Account were visible immediately after submitting Tokens.
  2. The timestamps of each Tokens Account transaction and the corresponding OneCoin Account transaction are exactly the same.
  3. Mining pool data “YOUR POOLS” and “COINS FOUND” became visible with some delay, after the transactions on the Tokens and OneCoin Account became visible.
  4. None of the ten OneCoin Transactions is visible on the Blockchain pages.
    NB: when we executed this test, the Blockchain pages that show details of Transactions were not available yet. Those screenshots (further down) were made later.

Mining page immediately before the first SUBMIT action (old layout and old hyperlink)
The number of Tokens were entered in the “tokens to submit” input field in the bottom left corner, ten times in a row.

Tokens Account – Transaction History immediately after 10 submits of Tokens

OneCoin Account – Transaction History immediately after 10 submits of Tokens
During a couple of minutes all ten transactions had Status “mining” to simulate the mining process. After that the Status changed into “escrowed”.

The “rakes” in the screenshot show the subtotals of the “Mining User Pool” data. The first three Token submit actions (the last three rows in this screenshot, numbers 8, 9, 10) were combined in Mining Pool with name = “65102e548a0bbeddbb0bf50e28fa4c39” for a subtotal of 0.04285713 OneCoins. The last five Token The laste five Token submit actions (numbers 1, 2, 3, 4, 5) were visible as the result of Mining pool ID “c0e2ec17943be5fc5692857c51a69d73” with a subtotal of 0.07142855 OneCoins.

  • 3 x 0.01428571 = 0.04285713 : mining actions 1 till 3, shown on the screen as 8 till 10.
  • 0.05714286 + 0.07142857 = 0.12857143 : 4 Tokens of mining action 4, and 5 tokens of mining action 5, shown on the screen as 6 and 7
  • 5 x 0.01428571 = 0.07142855 : mining actions 6 till 10, shown on the screen as 1 till 5.

See also the info in paragraph User pool data in JSON format further down.

Side by side comparison of Tokens Account (left) and OneCoin Account:

Screenshot of OneCoin Account in old layout, transaction Status “escrowed”
Note that timestamps in hours:minutes:seconds are visible, which makes comparison with the timestamps of Blocks easy. Further down hyperlinks to all Blocks created between 19:29:43 and 19:40:02 GMT/UTC are shown. None of the transactions in these Blocks match with the “Mining” transactions above.

Tokens Account Transaction History (new layout)
Selection (“Filter”) of transactions executed on 24/11/2016. In the new layout (introduced on 5 December 2016) only dates are shown.

Screenshot of OneCoin Account in new layout, transaction Status “approved”

Mining page with “User Pools” and “Coins found” after completing the process
The new data generated during this process are visible within the yellow rectangular.

User Pool data in JSON format, old hyperlink
The data in the yellow rectangular box were added during this test.

User Pool data in JSON format, new hyperlink
The data with the blue background were generated during this test. Note that “totalCoins”, the number of mined OneCoins, have 12 decimal positions, while during the test in 2016 only 8 decimal positions were shown, just like the transactions and balance in the OneCoin Account. This makes no sense at all and contributes to the proof that these Mining User Pool data are fake.

Blockchain and Transaction data
We show some examples of the data we checked on the screens.

Screenshot of Blockchain page in old layout

Block #76202, generated at timestamp 24/11/2016 19:31:53 GMT/UTC during the process of submitting Tokens

Screenshots of Block 76202, timestamp 24/11/2016 19:31:53 GMT/UTC, in new layout (three parts of the same screen)

This file contains all Transaction data in Blocks #76196 until 76210 that were created on 24 November 2016 between 19:25:00 and 19:40 GMT/UTC. The file is in plain text format and can be opened with any text editor:
Block 76196-76210 – 24 November 2016
Compare the timestamps and amounts with the Transactions in the OneCoin Account Transaction History. None of these transactions in the Blockchain match with the “mining” transactions that were generated during this test.

Hyperlinks to the Blocks generated during this test (login required):
Block 76200 timestamp 24/11/2016 19:29:43 GMT/UTC
Block 76201 timestamp 24/11/2016 19:30:48 GMT/UTC
Block 76202 timestamp 24/11/2016 19:31:53 GMT/UTC
Block 76203 timestamp 24/11/2016 19:32:54 GMT/UTC
Block 76204 timestamp 24/11/2016 19:33:51 GMT/UTC
Block 76205 timestamp 24/11/2016 19:34:56 GMT/UTC
Block 76206 timestamp 24/11/2016 19:36:00 GMT/UTC
Block 76207 timestamp 24/11/2016 19:37:01 GMT/UTC
Block 76208 timestamp 24/11/2016 19:38:01 GMT/UTC
Block 76209 timestamp 24/11/2016 19:38:59 GMT/UTC
Block 76210 timestamp 24/11/2016 19:40:02 GMT/UTC