Countries around the world have been cracking down on fraudulent cryptocurrencies and multi-level pyramid schemes which are going on in the disguise of cryptocurrency investment. OneCoin is one such name which has been controversial across the globe. Bulgaria, Finland, India and Italy have launched investigations on this pyramid scheme already - and the latest country to join the fight against OneCoin is the island nation of Samoa.

The Central Bank of Samoa has now begun an investigation against the OneCoin cryptocurrency investment scheme. OneCoin is one of the most controversial names in the markets at the moment, almost in line with the likes of BitConnect, which shut down a few months ago. In 2017, Italy imposed a fine of 2.59 Million Euros on the platform for using Pyramid tactics. 

The Samoan central bank is investing if existing investors have been a victim of fraud, as the company has been aggressively targeting new investors in the nation. OneCoin’s pitch to prospective investors is rather outlandish, as it promises 10x RoI in four months - which is a clear sign of a pyramid scheme. Interestingly, as per reports from local media, some Ministers from the Church, too, may be implicated in this scheme. However, more details are yet to emerge what role they have been playing in the scam.

The awareness around cryptocurrency scams is growing at a global pace. While the US has been leading the fight against crypto-scams such as BitConnect and Davorcoin, etc, other nations too, have begun this fight against pyramid schemes and cryptocurrency frauds. Recently, countries such as Samoa and the Philippines too, have been fighting against these scams. 

In an interview to the Samoa Observer earlier this week, the Central Bank of Samoa's governor, Maiava Atalina Ainu'u-Enari said: “This is a snare that is used to catch people's money. You invest $1,000 and then in four months, your cash is ten times more, which means you cash in $10,000.” 

The Central Bank of Samoa has also issued an official statement which warns investors about investing into these Ponzi schemes and to be careful in general before investing in cryptocurrencies. The bank specified that they have not endorsed any cryptocurrency business in the nation. The statement from the bank reads: 

"Several cryptocurrency promoters have contacted CBS seeking endorsement for their business and product; however they were not able to satisfy the government's requirement of providing the relevant information for due diligence purposes."

The bank’s Governor also added that OneCoin is not the only coin which is on their radar at the moment. She said that the bank wants to ensure that the citizens get more aware and alert about investing in these cryptocurrency scams. OneCoin is in legal trouble in its home country of Bulgaria too, as the Bulgarian Special Prosecutor’s Office has raided the corporate offices of OneCoin in Sofia, Bulgaria. The fate of OneCoin is likely to be a shutdown scenario, similar to that of other ponzi schemes such as BitConnect