• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
onecoin
Nexo

OneCoin Ponzi Steals $145K From Wrongfully Imprisoned Man

Wilma Woo by Wilma Woo
5 years ago
in News, Bitcoin, Bitcoin Education, News teaser
0
Advertisement

Perhaps the saddest example of how OneCoin’s fraudulent activities can negatively impact people’s lives has surfaced in Chinese investor Chen Man.


OneCoin Inhales $145k Compensation Cash

OneCoin, long suspected by the media, governments and investors alike to be a Ponzi scheme, defrauded Man out of over one million yuan ($145,000 USD).

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Man, who is famous for having spent 23 years in prison for a murder he did not commit, decided to invest in the scheme thinking it was “an opportunity to catch up to the modern world.”

chen-man

The funds were part of his compensation package from the Chinese government, which totaled 2.75 million yuan.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

As Sixth Tone reports citing an interview in local publication Cover, Man ignored warnings from family, friends and a documentary filmmaker following him at the time. He only admitted defeat Saturday when he realized he could not withdraw his initial investment.

“Most people are not familiar with this area, so, in this new field, I could perhaps stand on the same starting line as everyone else,” he told Cover. “I’ve been disconnected from society for too long.”

Lack of Education Still Profiting OneCoin

Man’s lawyer also tried to warn him of the risks involved with OneCoin, but his advice went unheard. The lawyer said:

I suspect that he has been involved in a pyramid scheme, and I talked to him for a long time. I’m not sure how much he took in.

Man made the investment through a Chinese company called Sichuan Kaijian Internet Technology Co. Ltd, which now appears to have closed down.

maxresdefault

During filming of the documentary about Man’s release from prison, director Zhou Qiang captured footage of a OneCoin “saleswoman” pitching the Ponzi scheme to Man.

Qiang then came in for criticism from Man’s family when it became clear he was aware of the dubious nature of OneCoin but did not make his doubts to known to relatives for three months.

Same Story Worldwide

It is highly unlikely Man will see any of his initial investment, let alone the “9 million yuan” promised in returns.

OneCoin meanwhile continues to make alarm bells ring throughout the world. Most recently Uganda’s central bank issued a public warning on the risks of investing in it, yet drew no distinction between the scheme and bonafide cryptocurrencies such as Bitcoin.

ponzi

Nigeria made a similar announcement in January.

The scam’s propagation and viral marketing strategy capitalize on the persisting lack of education among lay consumers regarding cryptocurrency, especially in developing markets.

Recently, an online “marketplace” appeared offering products and services in exchange for OneCoins, which Bitcoinist advises readers not to use under any circumstances.

At the same time, OneCoin’s online website, which poses as an ‘exchange,’ has finally gone offline possibly suggesting that the scam is nearing its endpoint.

What do you think is the best way to educate consumers about the dangers of OneCoin? Let us know in the comments below?


Images courtesy of Shutterstock, Sixth Tone

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Wilma Woo

Wilma Woo

Related Posts

Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

46 seconds ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

8 hours ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

14 hours ago
Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

21 hours ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

2 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.