Le Quoc-Hung, a key figure in the notorious OneCoin Ponzi scheme, has launched a new crypto Ponzi scheme — OneLink
Since joining the scam in 2014, Quoc-Hung, also known as Simon Le, allegedly recruited thousands of investors into OneCoin from his home country of Vietnam — before becoming a significant player and recruitment ‘captain’.
Accordinging to media outlet, BehindMLM, Le positioned himself and the captain of OneCoin’s OneLife network after the scheme’s co-founder, Konstantin Ignatov, was arrested and the subsequent hiding of Ignatov’s sister, Ruja Ignatova.
Le then used OneLife as a platform to prompt his new scam, in addition to continuing to solicit investment into the OneCoin scam. Le is believed to be hiding in either Dubai or Vietnam.
Key OneCoin recruiter launches new investment scam
OneLink comprises a classic Ponzi scheme, offering no products for affiliates to sell beyond membership in the scheme itself.
Members invest into OneLink using the stablecoin Tether (USDT) in exchange for OLX points — with investment packages ranging from $100 to $5,000 on top of a $40 membership fee. Affiliate marketers are promised 10% of the funds invested into the scheme by recruits, with residual commissions from downstream referrals also flaunted to attract marketers.
Affiliates are ranked according to volume of investment they can generate from victims, with Rolex watches listed among the bonuses offered to entice prolific marketers.
Several leading figures from the OneCoin scam are currently involved in legal proceedings. Co-founder, Karl Greenwood, faces a pre-trial conference in June, and OneCoin lawyer, Mark Scott, faces charges for alleged money laundering, and an ongoing class-action lawsuit.
Crypto Ponzi schemes continue to proliferate
Numerous crypto Ponzi schemes have shuttered over the years, with their principal actors going into hiding. Some of these include Bitconnect, OneCoin, and PlusToken. Despite the prevalence of these scams, new schemes continue to emerge and achieve alarming levels of success.
AntiMatter Kingdom, a Chinese cloud mining scheme that began operating on April 1, has absorbed roughly 1,607 Bitcoin (BTC) in less than four weeks.