OneCoin will likely go down in crypto history as one of the largest ever exit scams and is a case that has been unraveling for several years now. Earlier this year, one of its co-founders was indicted by the government for charges of money laundering and then the lawyer of the second cofounder, popularly known as a CryptoQueen, was found guilty of money laundering charges and for accepting several millions of dollars to help the co-founder launder millions across multiple countries. Despite all of these, the website for OneCoin has suspiciously remained active.

This, however, seems to have changed as which is a site that tracks MLM scams, has reported that as of December 1, 2019, the OneCoin website does not return any more information and seems to have been shut down.

Closed Down 

The reason for the websites going off-line is allegedly due to the criminal proceedings being carried out against their founders and the scamming of their users and this is according to EUurlD, which is the domain registry for the website.

“The domain name is under legal investigation. Please further check our WHOIS for the status of the domain name,” their statement says. 

Revelations have been coming out about the operations of OneCoin as far back as 2015 such as their offering unusually high returns to investors and despite many world governments and private individuals warning about the operations of OneCoin, they were able to raise up to $4.4 billion in an exit scam. Constantine Ignatova, one of the founders, has pled guilty to money laundering charges and will be facing up to 90 years in prison while his sister, commonly called the CryptoQueen, is still on the run. In the meantime, her lawyer has been found guilty of helping her launder up to $400 billion in illicit funds.

While the closure of the website might signify the end of OneCoin as an operating business, cryptocurrency-related scams still continue to persist within the industry and don’t appear to be going anywhere anytime soon despite the plethora of information and the warnings that have been issued with regards to the matter.

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