OneCoin Claims It's Not a Ponzi or Pyramid Scheme

The OneCoin cryptocurrency investment project has responded to the suggestion it is a Ponzi or pyramid scheme, arguing it does not fit the narrow definition of either. In a report by Samoa Observer on May 14, the Central Bank of Samoa is quoted as saying last month that OneCoin is a "hybrid ponzi-pyramid scheme" which "laundered money through New Zealand to Samoa" and was targeting local residents through churches.

This story originally appeared on CoinDesk, the global leader in blockchain technology news and publisher of the Bitcoin Price Index