OneCoin is a Ponzi scheme by OneCoin Ltd and OneLife Network Ltd. Founded by Ruja Ignatova and Sebastian Greenwood, it was promoted as a cryptocurrency and blockchain project.
US prosecutors allege that the OneCoin Ponzi scheme generated approximately $4 billion USD worldwide, making it one of the biggest scams in cryptocurrency history. In China, law enforcement recovered 1.7 billion yuan ($267.5 million USD), prosecuting 98 people in the process.
OneCoin claims to sell educational material covering financial topics. This is done via its supposed e-learning platform, OneAcademy, on which Members can purchase educational packages which range in price from €110 to €55,555. Package included tokens which can supposedly be assigned to mine OneCoins. OneCoin is said to be mined at two locations in Bulgaria as well in one Hong Kong location.
The only way to exchange Onecoins for another currency was via the OneCoin Exchange. An internal marketplace for members, it allowed members to exchange OneCoins for euros. However, the marketplace had daily selling limits, limiting the amount of Onecoins which could be exchanged at any one time.