In late November, details emerged of the OneCoin Ponzi scheme spinoff, Circle of Finance (Invicta) which sounded a whole lot more like the its predecessor. According to BehindMLM, the company is incorporated under the name TradeInvicta, an Estonian based shell company set up by Heaven Invest and exists in name only, no transactions made through it.

According to general company information from the Estonian authorities, TradeInvicta is registered under Veselina Valkova and Habib Zahid, two of the many Onecoin scammers, who ran away with over $1 billion USD in users funds. Habib is believed to have been a top recruiter in Onecoin scam with Veselina playing a more key role as one of the inner circle members of the founder of Onecoin, Dr. Ruja Ignatova, who has since vanished.

At the launch of the Circle of Finance (Invicta), many of those who followed were convinced the project was a resurrection of the Onecoin scam. However, through their marketing and advertisements, the new entity is branding itself as a completely different platform despite offering the same corny promises Onecoin offered investors.

The new platform promises to offer users a network including forex, network marketing, e-commerce, payment processing and exchange & remittances. Only exchanges were missing from Onecoin’s initial plan.

This is a pretty basic MLM scam that is mainly targeting the Onecoin customers who were scammed earlier and the newbies in the field with an option to cash out on an exchange sound interesting. While the site is yet to be up and running, it is important for cryptocurrency investors to be on the lookout. We will follow up any details arising from the Ponzi as it arises.

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