Last week OneCoin revealed they would be accepting tether through CoinPayments.
Two days later the payment processor announced it had dumped the Ponzi scheme.
As
reported by BehindMLM reader WhistleBlowerFin
on June 22nd;
OneCoin has added a new feature to their OneEcosystem Portal which allows members to “top up” their OneLife Euro cash wallet by using real cryptocurrency via payment gateway called CoinPayments (registered to Cayman Islands).
This is needed not only for paying new MLM packaged but also for their new CashSafe interest feature, and because Dealshaker has now 1.25% Euro fee with all deals.
Some time ago OneCoin introduced a new service called CashSafe which provides “guaranteed” Euro interest up to 2% per month for Euro savings. All without any licenses of course.
A June 24th YouTube video features OneCoin promoter “Sa”, explaining investment into the Ponzi scheme via CoinPayments (click to enlarge):
Two days later, CoinPayments
confirmed on Twitter
they were “not work(ing) with OneCoin anymore.”
Giving CoinPayments the benefit of the doubt, I’d assume OneCoin signed up as a merchant via one or more shell companies.
If that’s the case, fair enough. CoinPayments isn’t alone is not realizing till it’s pointed out to them (or they get suspicious of fraud taking place).
If CoinPayments
knowingly
took on OneCoin as a merchant, even if it only lasted two days, they might want to strengthen their internal vetting processes.
What happens to any tether OneCoin investors dumped into the Ponzi through CoinPayments between June 24th and 26th is unclear.
Update 20th April 2023 –
Despite their denial, as of April 2023 CoinPayments is
still providing financial services to OneCoin
.
🤖 Quick Answer
What was CoinPayments' relationship with OneCoin?CoinPayments served as a payment processor for OneCoin, enabling members to deposit real cryptocurrency into their OneLife Euro cash wallet. The processor was registered in the Cayman Islands and facilitated transactions for MLM package purchases and the CashSafe interest feature.
Why did CoinPayments terminate its partnership with OneCoin?
CoinPayments discontinued its services to OneCoin within 48 hours of the partnership announcement, following revelations that OneCoin operated as a Ponzi scheme offering unlicensed financial services including guaranteed Euro interest rates up to 2% monthly.
What was OneCoin's CashSafe feature?
CashSafe was an unlicensed financial service offered by OneCoin that promised guaranteed Euro interest returns up to 2% per month on savings deposits, operating without regulatory authorization or banking
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