Wikipedia
Onecoin is marketed as a virtual cryptocoin, based on Bitcoin and other cryptocurrencies, but without an actual public and transparent blockchain. Promoted by Onecoin Ltd, a Gibraltar company lead by Bulgarian Ruja Ignatova.
The company and the scheme is on observation list of many authorities, among them are authorities in Bulgaria, Finland, Sweden, Norway and Latvia. Currently, none of the countries have declared Onecoin as criminal activity but authorities have warned of potential risks involved in business like Onecoin. On 30 September 2015 in Bulgaria, FSC (Financial Supervision Commission) also issued a warning of potential risks in new cryptocurrencies, giving Onecoin as an example. After the warning Onecoin ceased all activity in Bulgaria and started to use banks in foreign countries to handle wire transfers from the investors.. In March, 2016, The Direct Selling Association in Norway warned against OneCoin, comparing it to a pyramid scheme