Tag: Blockchain Association of Uganda

There are several ponzi schemes today purporting to be cryptocurrency businesses. New Vision on 28th November run a story exposing one such company, Global Cryptocurrencies Ltd. These companies, including OneCoin and Dagcoin are scams fleecing society disguised as cryptocurrency businesses.

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OneCoin in a ponzi scheme that is promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both founded by Dr. Ruja Ignatova, who went missing in 2017. After her disappearance, the OneCoin leadership was taken over by her brother Konstantin Ignatov, who was in March 2019 arrested in Los Angeles for charges of money laundering.

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OneCoin in a ponzi scheme that is promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both founded by Dr. Ruja Ignatova, who went missing in 2017. After her disappearance, the OneCoin leadership was taken over by her brother Konstantin Ignatov, who was in March 2019 arrested in Los Angeles for charges of money laundering.

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The Blockchain Association of Uganda is issuing this investor alert to warn the general public about fraudulent investment schemes that may involve bitcoin and other cryptocurrencies.  

A Ponzi scheme is an investment scam that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, rather than engaging in any legitimate investment activity, the fraudulent actors focus on attracting new money to make promised payments to earlier investors as well as to divert some of these “invested” funds for personal use. Ponzi schemes are prosecutable under the laws if Uganda.. Read more

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