OneCoin was one of the largest scams to take place in the crypto industry as it defrauded investors of billions of dollars from around the world. One of the top earners of the OneCoin scam Simon Le, whose real name is Le Quoc-Hung, has brought back the scam under a new name, OneLink. He registered the OneLink Network domain last month, but the marketing and recruitment have been ongoing for months.
Simon Le is using social media to lure new investors.
Simon Le has been using social media platforms to promote his scam and lure in investors to invest in the scheme. He has mainly relied on video-sharing giant YouTube, using famous gaming personalities to attract traction. OneLink works like any other pyramid scheme fraud. It costs investors at least $100 to invest in the scam, earning them 250 OLX points. The money is paid in stablecoin Tether (USDT). Like with any other Ponzi scheme, an investor only receives compensation if he recruits others, receiving 10% of the investment from those he has directly recruited. The OneLink scam also assigns its investors into different levels that determine how much they earn.
OneCoin scam operated even after the arrest of its leader.
This is not the first time that OneCoin has surfaced even after law enforcement arrested its leader and forced the other into hiding. The scam was still alive in Japan, also holding public events. Konstantin Ignatov, the co-founder of OneCoin, was arrested last year. He is still yet to face a sentence from the court. The mind behind one of the largest crypto scam in history, Ruja Ignatova, is still on the run from authorities. She managed to escape with over $500 million and is still at large.
Reports claim that Simon Le is currently residing in either Dubai or Vietnam, two countries that have no extradition treaties with the United States. This makes it much harder for law enforcement agencies to bring him back and indict him for running a Ponzi scheme.
