One Coin, Much Scam: Swedish Bitcoin Foundation Issues Warning Against OneCoin

The Swedish Bitcoin Foundation released an official statement regarding OneCoin, a cryptocurrency Ponzi scheme that has been around since early 2015.
Mats Henricson, the chairman of the Swedish Bitcoin Foundation, wrote in an official statementthat the organization believes OneCoin is a fraud and that users who are relatively new to digital currencies and the cryptocurrency industry must be cautious when approaching OneCoin-related programs.
Henricson said:
‘OneCoin has grown immensely large and billions have been put into this phenomenon. But OneCoin is not like the other crypto currencies such as Bitcoin.’
He further stated that the technical aspects of the ‘cryptocurrency’ is vulnerable and broken, while the economical side of OneCoin proves its fraudulent pyramid scheme-like structure.
He added:
‘We therefore conclude that OneCoin is a fraud and therefore call for caution.’

This post was published at Coin Telegraph on 2016-09-14.