OneCoin to Launch OFC Cryptocurrency ICO, a ERC20 Smart Contract Token
OneCoin to Launch OFC ERC-20 Token, But There Is A Catch
Many OneCoin investors were eagerly waiting for a OneCoin points public trading date to be revealed in the company’s “big announcement” scheduled today. However, instead, we got OneCoin announcing a new OFC ERC20 token ICO.
What this means is that OFC will be a new set of points available for OneCoin affiliates to invest in. The tokens that an investor has accumulated since 2014 will be rendered useless. Rather than use OneCoin’s non-existent blockchain, instead OFC will be launched on the Ethereum platform.
Anyone who wants to publicly trade their OneCoin points is going to have to wait at least another eleven months, after which there will no doubt be some other distraction pulled out. This is because despite taking only a few minutes to set up, OneCoin are going to drip feed OFC tokens to investors till October 2019.
Intended timeline for OneCoin:
- OneCoin intends to start selling pre-generated OFC tokens from October 8th, 2018 till January 7th, 2019.
- 120 billion pre-generated OFC tokens will be flogged to what remains of the gullible OneCoin affiliate base for €0.02 to €0.06 EUR.
- In April 2019 the company will release 30% of invested tokens, with the final amounts released on October 2019.
OneCoin has not provided any reasons for delaying giving out pre-generated and already invested in OFC tokens by nine months. As OneCoin ICO website shows a number of third-party exchanges featured a “exchanges that we are contracting”, it suggests that the company hopes to list its ERC20 OFC token publicly at some point.
Notably, on August 23rd, the company removed the OFC ERC20 smart contract code from their website which was done to avoid scrutiny. A closer look at the source code reveals that the company hired “ICO Promotion” to create the OFC smart contract.
In an attempt to mask the source, the rest of the image URLs on the website have been encoded. It appears however that someone forgot to encode the last few image URLs.
These events cements the notion that OneCoin has been nothing more than a ponzi scheme for the past few years.