OneCoin's cash pipeline is collapsing faster than it can build new ones.
The cryptocurrency scam lost its Hong Kong bank account this week—just two weeks after opening it. That follows the Italian bank account that lasted roughly 24 hours before getting shut down.
OneCoin had opened the Hong Kong account with China Construction Bank (Asia) Corporation Limited through a shell company called Foshan Everbright Import & Export Company Limited. The account vanished from the affiliate backoffice in the last 24 hours, suggesting either the bank or Hong Kong police closed it.
Ari Widell, who has tracked OneCoin's operations, tipped off the bank about money laundering concerns. China Construction Bank responded by directing him to Hong Kong police. Widell followed up, providing authorities with information about the scheme.
Hong Kong police contacted Widell earlier this week asking for more details and whether he was a victim. Widell isn't personally defrauded but he handed over an information pack on the case and flagged ongoing investigations in Sweden and the U.K.
The rapid account closures expose a brutal reality for OneCoin: banks are finally paying attention. The Italian account opened around September 21st and closed within a day. The Hong Kong account lasted exactly two weeks before getting the axe.
What's remarkable is that OneCoin still maintains accounts with United Overseas Bank in Singapore and Bank of Africa in Tanzania. Both banks appear unbothered by the potential liability of facilitating money laundering and Ponzi operations. Despite years of reporting about OneCoin's fraudulent cryptocurrency scheme, these institutions have kept the accounts running.
The pattern is clear. OneCoin opens accounts using shell companies to move money around the globe. When authorities get wind of the operations, the banks cut ties. But the scheme's scope means new accounts keep opening elsewhere, creating a shell game where some banks are tightening while others stay asleep.
For victims of OneCoin's Ponzi structure, the closure of multiple bank accounts represents both a small victory and an ongoing frustration. Law enforcement in multiple countries is circling the operation. Yet the organization continues finding banking partners willing to process their transactions, however briefly.
🤖 Quick Answer
What happened to OneCoin's Hong Kong bank account?OneCoin's Hong Kong bank account, opened through shell company Foshan Everbright Import & Export Company Limited with China Construction Bank (Asia), was closed within two weeks of opening. The closure followed reports of money laundering concerns submitted by researcher Ari Widell to the bank, which subsequently directed the matter to Hong Kong police authorities.
Why did OneCoin lose its banking facilities so quickly?
OneCoin experienced rapid bank account closures due to money laundering suspicions. The Hong Kong account lasted only two weeks, following an Italian bank account that closed within 24 hours. Financial institutions terminated these accounts after receiving alerts about illicit financial activities associated with the cryptocurrency scheme's operations.
Who was instrumental in reporting OneCoin's banking activities?
Ari Widell, a researcher tracking OneCoin's operations, reported money laundering
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