Virtual Ad Platform, New DealShaker Reveals All About Fraudulent, OneCoin Project: No Real Blockchain, Ledger or Wallet!

It has been recently revealed that news outlet, Behind MLM had gotten hold of a New DealShaker report, which disclosed that OneCoin had no blockchain, ledger or wallet – leading to the arrest of leader, Konstantin Ignatov.

As it turns out, Ignatov was initially arrested on March 6, 2019, at the Los Angeles International Airport. Based on Finance Feeds’ reporting, he was charged with “wire fraud conspiracy” in relation to OneCoin, which has since been described as a “multi-level marketing network through which members receive commissions for recruiting others to purchase crypto packages.”

OneCoin was also advertised as being founded on a private blockchain, which never existed. In addition, investors were promised an initial coin offering – one that never ended up taking place. The US government has since assigned a team to further investigate the matter between April 26 and May 27, 2019.

Before getting too much into detail, here’s an overview of the people involved and the report itself. As per Behind MLM, this report was sent by Duncan Arthur’s New DealShaker development team to Veselina Valkova. It was then provided to OneCoin’s leaders – most of whom turned to Sofia Bulgaria for “crisis meetings”.

Here’s how the report started:

“We can all understand the confusion, anger and frustration among the people that have had the inside view to the last week’s communications going on […] Either way, the truth will be laid out […].”

During January and February of 2018, many of OneCoin’s developers were leaving the team. The report noted that one developer, “Momchi”, took not only “most of the so-called ‘keys’ but also knowledge of how these systems were put together.” In addition, its system had been highly known for its bugs, which has since led to the disappearing of CoinSafe coins.

DealShaker was supposedly the one to build a new platform for the cryptocurrency project. A formal contract was neither signed nor was the consulting firm responsible for the two firms’ communication were around anymore. More was shared in terms of what was expected of the partnership:

“One of the main terms for this New DealShaker development to take place is that “ONE” would provide APIs that connect the systems to each other. That is, to be able to do what every other blockchain technology company with ease provides […] After several initial calls with staff at Sofia, it was again promised on the calls that APIs would be provided or helped with.”

Upon waiting and waiting (almost seven months), the team at ONE simply said, “Here is the code, you try to figure it out.” Evidently, New DealShaker was frustrated and tried to reach Sofia’s IT administrator – and it turns out neither them nor ONE knew how the code works. This also appears to be the case for OneCoin’s leader!

Now that Sofia was of no help, New DealShaker had to work things out with the help of Ignatov. Eventually, the team was provided with a database consisting of ONE’s users and their account balances because they weren’t sure how APIs work. Furthermore, it was found that they had no blockchain – something that has been highly advertised.

According to Behind MLM, “New DealShaker team weren’t willing to replicate their platform without seeing proof the funds actually existed for withdrawal,” something that was never provided because developer, Momchi either took or destroyed it. Clearly, there is a problem with how ONE operates – especially considering the fact that only one developer had access to more or less the entire system.

Later on, New DealShaker came across whitepaper from the ONE team, which surprised the team considering how poorly their interactions have been going and the fact that said features were never present. This is also the same time when Ignatov got arrested – with New DealShaker’s Duncan Arthur being investigated by the FBI. The report continues:

“The 7th of May 2019, we discover that the repository code storage of the “ONE” system is updated with brand new ‘commits’, where new services suddenly appear. Things like: Wallet Manager, Transaction Manager, APIs to a OneCoin backend and blockchain?!?”

Seeing everything unfold, New DealShaker decided to pull themselves out of the deal – ceasing any communication with ONE team because they felt it could lead to criminal activity. As per their words:

“We cannot be a part of a criminal activity or a conspiracy to commit any type of crime or even be implied to have been a part of such. The facts are clear: There is no real blockchain, just a simple blockchain script that is running as a php code …There is no mining and have never been, again just a script that is running on the server and also confirmed by Ruja Ignatova and Sebastian Greenwood … There is no ledger … There is no explorer … There is no wallet service ….”

Since New DealShaker’s report, the OneCoin team have supposedly thrown Duncan Arthur and his team under the bus and have since deemed the report as being false. New DealShaker has supposedly “gone underground” for safety reasons – noting that they will no longer associate with OneCoin. As for what’s to come of OneCoin, we have yet to hear about Ignatov’s arrest and the DOJ’s decision regarding a potential 20-year sentence.

The views and opinions expressed in the article No Real Blockchain, Ledger or Wallet do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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