Scam alert: Former OneCoin top earner reinvents Ponzi scheme with OneLink

Getting your Trinity Audio player ready...

OneCoin made off with billions of dollars in what was one of the biggest digital currency scams. But it seems one of its former high-ranking officers hasn’t had enough and is back to defraud investors. He has reinvented the scam under a new name, OneLink.

Simon Le, whose real name is Le Quoc-Hung was one of the top earners in the OneCoin scam. Hailing from Vietnam, Le allegedly recruited thousands of investors from his home country and beyond which saw him rake in millions of dollars. When the scam eventually went under, he decided he hadn’t had enough and has now brought it back under a different name.

When Konstantin Ignatov, the leader of OneCoin was arrested last year, he left a vacuum in the leadership and direction of the scam. His sister, Ruja Ignatova, managed to escape with over $500 million and is still at large. Simon Le identified an opportunity and positioned himself as the new leader. According to BehindMLM, he became the leader of OneLife in December 2019 and used the platform to promote his new scam, OneLink.

The report reveals that he registered the OneLink Network domain in March, but the marketing and recruitment has been ongoing for months.

It costs investors at least $100 to invest in the scam, earning them 250 OLX points. The money is paid in USDT. As with any other Ponzi scheme, you only receive compensation if you recruit others, receiving 10% of the investment from those you’ve directly recruited. The scam also assigns its investors into levels which determine how much they earn. Those admitted into the higher levels get to earn more money and other complementary gifts such as Rolex watches.

Simon Le has been using social media platform to promote his scam. He has especially relied on YouTube, using famous gaming personalities to attract traction. The report claims that he is currently residing in either Dubai or Vietnam, two countries with no extradition treaties with the U.S. This makes it much harder for him to be brought to book and ensures he keeps luring unsuspecting investors into his scam.

This isn’t the first time that OneCoin has surfaced even after authorities arrested its leader and forced the other into hiding. As CoinGeek reported in February, the scam was still alive in Japan, even holding public events. Still in the same month, the scammers tried to profit off a TV documentary about Ruja Ignatova, also known as the Cryptoqueen. While the TV show documents how evil OneCoin was, the scammers tried to twist it and use it to promote their scam.