OneCoin affiliates have not received promised payments for over a month, signaling a critical failure in the cryptocurrency scheme's financial operations. Chris Stone, an early recruit who joined in August 2014, reported that wire transfers, which previously took three days, have ceased entirely. This breakdown comes as OneCoin claimed to have over 600,000 registered affiliates.
Stone posted a desperate plea on the OneCoin Facebook page, which was later deleted. He detailed two wire transfers that left his account the previous Thursday, with four other associates also not receiving their pay. Four additional wires were still pending, with two exceeding ten days past their due date. Stone had sent more than 30 support emails seeking answers, but OneCoin refused to provide tracking numbers for the transfers they claimed to have processed. "That would be a very simple and basic thing to provide if the money was sent," Stone wrote, noting he was still waiting for the whereabouts of 2,000 euro after a week of canned or non-existent email responses.
Fellow investor Xieping Wang observed the situation, stating, "Seems no plan for our withdrawals, just grabbed money from members." Stone expressed his dwindling hope, saying, "At this point I don't expect to get it."
Other victims corroborated Stone's experience. Waan Pimsuee reported waiting three weeks without any funds. Edward McAlpin described delays of 29 and 15 days on his transfers. McAlpin dismissed OneCoin's excuses of system splits and computer delays as "ridiculous," pointing out that money transfers are instantaneous in modern banking.
The inability of a company to pay multiple investors simultaneously points to a deeper issue: insolvency. This is the typical outcome for a Ponzi scheme when the influx of new recruit money can no longer cover the demands for withdrawals. Promises of payment turn into delays, then silence, indicating that those at the top have likely absconded with the remaining funds. OneCoin's domain was registered in June 2014, two months before recruitment began.