Update (12/16): Thank you for the overwhelming positive sầu feedbaông chồng on this article – we here at are glad we could help inkhung readers on the dangers of ponzi schemes such as OneCoin và BitKingdom! Keep spreading the word; it will really help to take these scam companies down!

If you’re interested in a safe và fraud-miễn phí way to lớn invest, trade, or make remittance with bitcoin, why not try out our Bitcoin wallet?

Recently, there are many scams that have sầu targeted Singaporeans & Malaysians. We want to lớn educate our users so they vì not become victims of scams.

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According lớn a survey done by Telenor, a global telecommunications company, 46% of Malaysians have sầu fallen for at least one scam. Of those 46%, 6 in 10 have lost money from the scam. In Singapore, online-commerce scams are the only type of crime still on the rise. We should educate ourselves & take the necessary precautions lớn avoid being scammed.

This time, we breakdown 3 recent scams in Singapore and Malaysia: BitKingdom, OneCoin, and DHL scams.

Pyramid schemes involving Cryptocurrencies

If you have sầu been following this, then you would have sầu seen our previous scam alert post on MMM. Since that Ponzi scheme has collapsed, many have sầu taken its place. I will introduce và dissect the OneCoin and BitKingdom scams.

The BitKingdom Scam –Your bitcoins are doomed!


What is it?

BitKingdom claims that you can “help people” by giving bitcoins. For this, you will get an amazing 30% return per month. It is actually a pyramid scheme and you are taking money from new users. BitKingdom has targeted users in Malaysia và Vietphái nam.

Why is it a scam?

You give BitKingdom bitcoins to lớn “help” people. In return, when you need money, people will give sầu you bitcoin with no obligation khổng lồ repay.

For “providing help”, your bitcoins will grow 30% every month. When you need money, you can “get help” by withdrawing money that you have put in. Every time you deposit & withdraw money, you have sầu khổng lồ purchase và use tokens issued by BitKingdom.

Consider that when you “get help”, you are not paying back more money than you took out. Where does the extra 30% per month come from?

The business Model behind this is is simple – it is a Pyramid scheme. When more people join và “provide help”, the more they can “promise” khổng lồ pay existing users. These newer users are also called downlinks. The continuation of such a scam is entirely dependent on getting more downlinks, so that the scammers can promise money from the new users to lớn the old ones.

Still don’t believe sầu me?

Why don’t you read their terms và conditions for yourself? Cliông xã “TOS” from their trang web và scroll down…

Don’t say we didn’t warn you!

The OneCoin Scam – One Con

What is it?

OneCoin is a “cryptocurrency” that does not really**exist, selling “educational materials” that only works on their currency, based on bogus “mining”. The team is made up of career scammers who have sầu effectively manipulated people into lớn giving up their money.

Around the region, we noticed a large number of people from Vietnam giới, Vương Quốc Của Những Nụ cười và Malaysia interested in OneCoin, & we think that this is a dangerous trend for real cryptocurrencies in Southeast Asia.

The website looks nice. How can this be a scam?

OneCoin claims to lớn be a cryptocurrency. But there is no proof that it is valued on the market or used as a currency. The only places online which claims OneCoin is real are OneCoin-affiliated websites. The only exchange that lists OneCoin,, is owned by OneCoin. Creation of new OneCoins are completely centralized by the company.

After spreading misinformation và tricking people into parting with their money, OneCoin will disappear one day along with all of the investors’ money.

How does the scam work?

The attraction khổng lồ potential users is the high yield offered by OneCoin. First, you pay $30 khổng lồ become a OneCoin affiliate. You can then buy one of their packages, which allows you khổng lồ earn commissions from downlink. These packages give sầu you “tokens” to lớn start “mining” OneCoins.

By promoting their products to lớn your friends, you get to lớn earn a percentage of revenue from each sản phẩm bought by your friends. When your friends start promoting the packages to lớn their friends, you then get a percentage of revenue from sales downline from you. The reality is that these packages bởi not add value to your money or your knowledge. This is purely a pyramid scheme.

The price of OneCoin is mix by the company, and only increases over time. This does not make any economic sense! All market-traded cryptocurrencies fluctuate in price throughout the day.

OneCoin users have sầu also found difficulty withdrawing their money from their accounts, as they are restricted khổng lồ withdrawing small amounts at a time và pay withdrawal fees each time.

OneCoin is not a cryptocurrency. If you are looking for a cryptocurrency to lớn trade/ invest in, you can buy Bitcoins (with us!), Litecoins, Ethereum, NEM etc.

Other resources about the OneCoin scam:

“One Coin, Much Scam: OneCoin Exposed as Global MLM Ponzi Scheme” – CoinTelegraph

“Buyer Beware! The Definitive sầu OneCoin Ponzi Exposé” –

Caution – Legality

Pyramid schemes are not sustainable businesses and will not last.

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There will be a day when it collapses. It may be tomorrow, or it might be a few years from now. There will be a day, when people will start demanding their money back from the “investment fund”. When these people reach a critical mass, the scheme will collapse when everyone realizes that there isn’t enough money in the fund lớn get their money baông xã.

Please note that promotion of Pyramid/Ponzi schemes are illegal in both Singapore and Malaysia.

How can I distinguish between a real cryptocurrency businesses & a scam?

**1. Real businesses will receive support on other independent websites.**Pyramid schemes receive more negative sầu attacks on discussion forums & reputable cryptocurrency news websites.

2. Real businesses bởi not advertise high returns.Cryptocurrency prices can be very volatile and that is completely khổng lồ be expected, and returns khổng lồ investors & traders vary. Pyramid schemes attract attention with their boasting of a low-risk, high-return investment portfolio. In the real world, low-risk, high return does not exist, & you are taking more risk than you can stomach.

3. Real businesses vì chưng not need you lớn refer to lớn remain viable.Pyramid schemes, on the other hand, will not survive sầu without them. That is why there is so much advertising và spreading of misinformation by these schemes. Legitimate businesses have sầu high manpower costs making sure that they are providing a real service khổng lồ people, và bởi not have sầu such high kinh doanh budgets as pyramid schemes.

4. Real businesses let you take your money out.Pyramid schemes will collapse if people took their money out, so scammers either make it impossible, or extremely costly and troublesome to lớn take money out after you have invested.

What you must do:

Do not invest in BitKingdom or OneCoin, and tell your friends and family not to invest. You may thua thảm some from withdrawing, but losing some money is better than losing all your money. Learn about the legitimate cryptocurrencies out there. Understand how they work and what features they have sầu. Consider the risks before giving your money.

And please, please vày not promote such fraudulent schemes.

**DHL Scam (Parcel Scam) **

What is it?

This is a phishing and an impersonation scam. The scammer pretends to be a customer service representative from a courier company (such as DHL) to lớn phish for your personal information. Then, they will impersonate a police officer lớn dem& money from you for “breaking the law”.

How it works

There are a few variations of this scam. An example of a typical scam:

You will receive sầu an automated Call from a “courier”, who says you have a parcel stuông chồng in China. Puzzled by the Call, you dial “9” to lớn talk to lớn a customer service representative.

The “customer service representative” demands your personal identification information. By giving them your personal information, you would have sầu fallen for their psychological triông chồng to lớn gain your trust. This makes it more likely that you will trust the scammers.

With your personal information, the caller would then transfer you to a “police officer”. This “police officer” will inkhung you that your parcel contained contrab&. They will ask you for money to resolve sầu the problem.

If you believe what they say, then you would have sầu lost your money. They can also use the personal information you gave them to create kém chất lượng IDs for another scam.

What you must do

Hang up! Do not give sầu strangers any personal information, & definitely do not send them money. Educate your family members, especially the elderly, about this scam. Teach them not to pichồng up calls from unfamiliar numbers, & talk lớn you before sending large sums of money.

Final Note

Armed with this information, we hope that you will only accept information from trustworthy sources và exercise judgement before parting with your hard-earned money. If you have sầu paid khổng lồ these schemes, we wish you all the best in retrieving your money, and hope that you will not thua kém money lớn these scammers. is not affiliated with any of such schemes. Investors must do their own due diligence before committing their money.

We recommkết thúc that everyone stay away from BitKingdom, OneCoin và other so called “high-yield investment schemes” and Pyramid schemes. If you have sầu noticed a new scam proliferating, notify us at hello