What is OneCoin & how does it work?

Ruja Ignatova started OneCoin in 2014, claiming it worked just like any other cryptocurrency. The claim was that OneCoins could be mined (with 120 billion coins available) and used to make payments, even having an e-wallet. However, there was no OneCoin blockchain model or payment system.

Was OneCoin worth anything?

In reality, though, OneCoin was never worth anything. The supposed blockchain behind the coins never existed (more on that later). The coins users mined could never be traded outside of its website. OneCoin made money selling educational materials and using its cryptocurrency as a marketing vehicle. Ms.

Is OneCoin a e-wallet?

The claim was that OneCoins could be mined (with 120 billion coins available) and used to make payments, even having an e-wallet. However, there was no OneCoin blockchain model or payment system. The company did sell educational materials, such as courses on cryptocurrencies. This was considered its main business.

What happened to OneCoin?

OneCoin was not actively traded, nor could the coins be used to purchase anything. Its founder, Ruja Ignatova, has disappeared and co-founder Sebastian Greenwood is in jail in the U.S. The company’s main business was selling course materials, which were reportedly plagiarized in most cases.