Devil's Coin: My Battle to Take Down the Notorious OneCoin
Cryptoqueen | Paperback
Jennifer McAdam
HarperCollins | William Morrow
True Crime / Cybercrime / Con Artists, Hoaxes & Deceptions / Biography & Autobiography / Women
Release date Aug 8, 2023

"The astonishing true story of the Scottish coal miner's
daughter who took on the Mafia-endorsed creators of the world's
biggest financial fraud and helped the FBI to convict them-soon
to be a major motion picture.

"Jen McAdam, Scottish grandmother and daughter of a coal miner,
was a victim of the Onecoin global crypto-currency fraud, which
conned an estimated $27 billion from ordinary people around the
world. Unlike Madoff or Enron, who relieved the world's
wealthiest investors of their cash, the genius of the Onecoin
scam was that it targeted the poorest people in the world, the
'unbanked' - people who struggled to get approval for bank
accounts, and when they realized they had lost everything, were
unlikely to be able to fight back. But they didn't bank on Jen
McAdam.

"Jen's father left her £15,000 when he died; his savings from a
living a careful life in a small Scottish mining town. Jen
wanted this money to be the start of a better life for her and
her son. She was digitally savvy, and she had heard of people
making fortunes with Bitcoin. When she saw the promotional
material for Onecoin - the founder Dr Ruja apparently featured
in the Economist, videos of celebrity attended events, gushing
video testimonials of people, just like her, who had changed
their lives. She was entranced.

"Only months later, she realized she would never see her money
again.

"Jen was one of the first victims to fight back, and despite
terrifying attempts to shut her and her growing support groups
down, she has tirelessly fought for justice for herself, her
family and friends and the millions around the world who have
lost everything, in some cases even their lives. Jen is a
modern Erin Brokovich, and this is a true David and Goliath
story, to give us all a message of hope about the power we as
individuals can have, even when things seem hopeless.

--- OpenXP 5.0.57
* Origin: The LOOK of MicroNET https://kolico.ca/ftn/micronet (618:250/1.9)

Re: Book: Devil's Coin - Aug 8, 2023
By: August Abolins to All on Tue Apr 18 2023 10:02 pm

Quick question: what was the Onecoin scam about? What was the bait?

--
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Hello Arelor!

** On Saturday 22.04.23 - 08:55, Arelor wrote to August Abolins:

Re: Book: Devil's Coin - Aug 8, 2023
By: August Abolins to All on Tue Apr 18 2023 10:02 pm

Quick question: what was the Onecoin scam about? What was the bait?

The whole thing was based on lies. The "promise" was high
gains. Ultimately it was just another Ponzi pyramind scheme.
You convince friends to buy in and you get the rewards. Those
initial "gains" were simply the monies from new buyers.

The lies were wrapped in the modern and false facade that it
was a new crytocurrency. But there never was any blockchain
behind it.

Ultimately, the process collapsed when there wasn't enough to
pay those gains. That triggered questions to OneCoin and
attracted attention to the Securities Commission. That's when
the founder and her protoges fled.

There is some info that the founder may have by now been killed
off by the mob she had ties with. There is suspicion that her
body may have been dismembered and tossed into the sea -
literally to the sharks.

--
../|ug

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Re: Book: Devil's Coin - Aug 8, 2023
By: August Abolins to Arelor on Sat Apr 22 2023 06:56 pm

The whole thing was based on lies. The "promise" was high
gains. Ultimately it was just another Ponzi pyramind scheme.
You convince friends to buy in and you get the rewards. Those
initial "gains" were simply the monies from new buyers.

Oh, so it was just "we are issuing a new cryptocurrency, go buy some from us"?

Having no blockchain behind it is a moronn's move. People who wants to have a scam currency just uses premined blocks.


--
gopher://gopher.richardfalken.com/1/richardfalken
--- SBBSecho 3.20-Linux
* Origin: Palantir * palantirbbs.ddns.net * Pensacola, FL * (618:250/24)

Hello Arelor!

Oh, so it was just "we are issuing a new cryptocurrency, go
buy some from us"?

Pretty much. I don't know the full details of their mechanism,
but I think they "simulated" currency gains on a local server,
with promises that thy were going to go public soon, or
something like that. I'm surprised people bought into it at
that early stage of its existence without "proof" of viability
except for the pyramid-type payouts.

Having no blockchain behind it is a moronn's move. People
who wants to have a scam currency just uses premined
blocks.

The tech sounds fascinating. How to "start" or launch a
cryptocurrency, etc.

--
../|ug

--- OpenXP 5.0.57
* Origin: The LOOK of MicroNET https://kolico.ca/ftn/micronet (618:250/1.9)