Bob Summerwill, Ethereum developer, calls it a “pure scam” *227

Swedish Bitcoin Foundation labels it “a fraud” and “pyramid scheme” *228
Piotr Piasecki, Advisor for the Crypto Currency Certification Consortium, labels it a “Ponzi scheme” *229
Estonian Cryptocurrency Association calls it a scam *230
Both onecoin.eu and xcoinx.com appear on the BadBitcoin BadList *231
Digiconomist gave a “Really Bad” fraud risk assessment rating *232
Petteri Järvinen, computer scientist (MSc.), asks some “open questions” *233 and calls it a scam/pyramid scheme *234

Conclusion: it is not possible to find a single, reputable, independent expert in cryptocurrency who endorses and is willing to testify on behalf of OneCoin. On the other hand, experts (who have heard of OneCoin) are unanimous in declaring it as a Ponzi/pyramid scheme and not a cryptocurrency. This is significant as it conclusively proves that OneCoin is a fraudulent scheme.

Summary of findings

The above research has demonstrated an astonishing level of fraud and deception, broken promises, hidden lies, the founders’/leaders’ bad history, bad behaviour, incompetence, economic untruths and evidence that OneCoin is NOT a real cryptocurrency. With no cryptocurrency value and the education worth a fraction of the cost of the packages, there is no actual (or very little) value in the product being sold. Also noteworthy is that the education does not match the unanimous opinion of experts. Had the education been valid, members would reach the same conclusion. That they do not means that the education is invalid and not fit for purpose; therefore we are only left with recruitment without a product, i.e. a pyramid *235 or Ponzi *236 scheme. After establishing these facts, we can now move onto looking at the Islamic ruling.


Islamic ruling

Fraud, deception, lying, cheating and scamming are condemned in Islam. This also involves unlawfully consuming people’s wealth. A single verse and Hadeeth shall suffice:
لِطاِبْلاَِب مكُنَ يْ َب مكَُلاوَمَأْ اوُلكُْأَت لَ اوُنمآَ نيَذَِلا اهَُيَأ اَي

“O you who have believed! Do not consume one another's wealth unjustly” *237

" ماِعََطلا بَحاِصَ اَي اذَهَ امَ " لاَقَ َف ًلالَ َب ُهُعِباصَأَ تَْلانَ َف اهيَِف ُهدََي لَخَدَْأَف ماٍعََط ةِرَ بْصُ ىلَعَ رَمَ ملسو هيلع للها ىلص هَِللا لوَسُرَ نَأَ . ،ةَرَ ْيرَهُ يِبَأ نْعَ يِّنمِ سَيْلَ َف شَغَ نْمَ ساَنلاُ ُهارَ َي ىْكَ ماِعََطلا قَوْ َف ُهتْلَعَجَ َلاَفَأ " لاََق . هَِللا لوَسُرَ اَي ُءامَسلاَ ُهتْ َباصَأَ لاََق .

“It is narrated on the authority of Abu Hurairah that the Messenger of Allah (ﷺ) passed by a pile of food. He put his hand in it and his fingers were moistened. He said: ‘O owner of the food! what is this?’

*226 https://twitter.com/rogerkver/status/782606840282492929

*227 https://www.reddit.com/r/ethereum/comments/4wp0br/ethereum_dev_onecoin_is_a_pure_scam/

*228 http://www.bitcoinforeningen.se/blogg/varning-for-onecoin (Swedish)

*229 http://bravenewcoin.com/news/how-not-to-blockchain-a-look-at-onecoin/

*230 http://www.estoniantrader.com/onecoin-scam/

*231 http://www.badbitcoin.org/thebadlist/

*232 http://digiconomist.net/fraud-risk-assessment-onecoin

*233 http://pjarvinen.blogspot.co.uk/2016/06/onecoin-open-questions.html

*234 http://www.iltasanomat.fi/kotimaa/art-2000001028225.html (Finnish)

*235 https://en.wikipedia.org/wiki/Pyramid_scheme

*236 https://en.wikipedia.org/wiki/Ponzi_scheme

*237 an-Nisa’ 4:29