Samoan Prime Minister Warns “Avoid OneCoin” Cryptocurrency MLM Scam

Prime Minister Tuilaepa Aiono Sailele Malielegaoi of Samoa is concerned about local promotion of Onecoin and has personally issued a warning against the investment. News source Samoa Observer reported that Prime Minister Malielegaoi stated: “We have had people from overseas who came here to promote this scheme and we have had them visit the Central Bank of Samoa and the end result was this is just that – a scheme. The Central Bank cautioned against the One Coin scheme and we should avoid it.”

OneCoin claims that it sells education packages. However, prospective investors are also promised strong returns if they invest in OneCoin’s Ponzi points. Prime Minister Malielegaol explained, “You invest $1,000 and then in four months, your cash is 10 times more, which means you can in $10,000. This is a snare that is used to catch people’s people.”

Interestingly enough, those who do further research will notice that Samoa is not a huge traffic source for OneCoin or OneLife websites. Further, OneCoin investors have not been able to withdraw their promised ROIs since January 2017, which begs the question of who is actually falling for OneCoin?

The company recently held a regional event in Argentina in August and there has been speculation that the event was to establish a banking operation across South America. The platform has also given up on direct bank wires after losing many bank accounts when its shell companies were exposed. It was also determined that the company was using local investors to launder new investment through private banks.