Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.


China Arrests 98, Recovers Record $266M from OneCoin Ponzi

China Arrests 98, Recovers Record $266M from OneCoin Ponzi

Support free writers: > send a tip

written by

The Zhuzhou County Procuratorate in Hunan Province, China has arrested and prosecuted 98 people associated with the OneCoin cryptocurrency pyramid scheme, and has recovered CNY 1.7 billion (approximately USD 266 million at time of writing) in the process. This is the largest number of people involved in an investigation and the largest amount of economic loss recovered by the agency.

OneCoin is a global pyramid scheme based out of Copenhagen, Denmark. In China it is called Weika Coin. OneCoin generated huge outflows of capital from 20 different Chinese provinces, with 2 million registered accounts in China. Investors in China collectively put over CNY 15 billion into the scheme. Most of this money exited China and went to people in foreign countries at the top of the pyramid scheme, seriously endangering national financial security and stability.

The OneCoin organization claimed that it was a second generation of cryptocurrency after Bitcoin and already had a huge following, and promised tremendous returns for investors. It was impossible to view the inner-workings of OneCoin without buying a non-refundable starter package, the least expensive of which cost EUR 130 and the most expensive a whopping EUR 36,330.

When purchasing OneCoin a user receives tokens that have no value, and they can submit these tokens for “mining” where the tokens eventually become OneCoins. This isn’t true cryptocurrency mining where a user is rewarded for putting their computing power towards maintaining and securing the network. There is no evidence that OneCoin ever had a blockchain to maintain and secure, and the inner-workings of the “mining” process were secretive.

If a user received OneCoin from “mining” – itself no guarantee – these could be traded for EUR on a private exchange on the website up until January 2017 when the exchange shut down without notice. Once the exchange shut down, there was no way to recover any money since it was exchanged nowhere else, unravelling the scam.

OneCoin was a classic pyramid scheme where users would get other people to invest and receive EUR referral rewards for doing so. These rewards were paid from other investments, so OneCoin did not have enough money to cover all of its balances. There were also strict selling limits for OneCoin preventing people from cashing out too much at once. Eventually, withdraw requests exceeded the amount of money OneCoin had in its bank and the pyramid collapsed.

Numerous countries besides China have opened investigations and taken legal action against the founders of OneCoin, as well as the people who helped the OneCoin Ponzi scheme proliferate by getting other people to invest. The OneCoin website has remained offline. Its founder, Ruja Ignatova, is facing criminal charges in multiple countries but has disappeared.


Follow on Twitter at

Telegram Alerts from at

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter