Le Quoc-Hung, one of the top officials of the crypto Ponzi scheme OneCoin, has returned with a new Ponzi scheme of his own. Per news reports, he’s resurfaced and is now promoting an identical scam operation, known as OneLink.
Learning from the Masters
Also known as Simon Le, Le Quoc-Hung was one of the top recruiters for OneCoin. And he was there from the very onset. The Vietnamese scammer was one of the people responsible for the platform’s astronomical rise, and his exploits were so prominent that he earned the rank of recruitment captain.
BehindMLM, one of the leading anti-Ponzi data sites, explained that the Vietnamese had positioned himself as the captain of OneCoin’s subsidiary, the OneLife network, after the scheme had become exposed for the scam it was.
At the time, OneCoin founder Ruja Ignatova and her brother, Konstantin Ignatov, were under indictment and had to flee (Ignatov was later captured, of course). In their absence, however, he stepped up and kept the platform going for a little while longer.
Now that OneCoin has been shut down and is no longer operational, however, Le has gone on to set up shop for himself. BehindMLM explained that he used the OneLife platform to float his own scam, while also trying to get even more investments from the OneCoin scam. The news medium posits that he’s either hiding out in Dubai or still in his home country.
OneLink: A Simple OneCoin knock-Off
The new scam operates in the same manner as the old. However, instead of a non-existent token, the self-proclaimed “affiliate network” offers simply membership in the scheme itself to investors.
Members will have to invest using dollar-backed stablecoin Tether and exchange their tokens for OLX points. Investment packages range from $100 to $5,000, while everyone will need to pay a flat membership fee of $40.
The scheme promised affiliate marketers 10 percent of the money invested by new investors, with extra commissions from the recruits’ downstream referrals as time goes on. Affiliates are also ranked by the amount of money they’re able to milk off recruits, with material bonuses like watches, promised to the most prolific recruiters.
As for OneCoin itself, the scheme has unraveled, and its top officials are now facing the music. Konstantin Ignatov, the co-founder, is currently in federal custody and awaiting his sentencing.
However, the New York Southern District Court postponed his sentencing hearing earlier this month. The FBI had requested the postponement, explaining that Ignatov had begun co-operating with them to find more top company officials. They also believe that he could have some significant information on the whereabouts of his sister.
The company’s victims have also filed a $4 billion class-action suit against it and its founders, although their case appears to have run into a snag as lead plaintiff Donald Berdeaux has now missed several hearings.