OneCoin Ponzi Scam Allegedly Resurfaces as OneLink With Ties to Simon Le

An infamous ponzi scheme has allegedly resurfaced under a new name, and is now operated by a prominent top earner in the company. The new entity is called OneLink and is a clone of the OneCoin ponzi scheme that The Times has described as “one of the biggest scams in history” as it brought in an approximate $4 billion worldwide.

OneCoin’s collapse led to the prosecution of 98 people across the globe, although its founder, Ruja Ignatova managed to evade authorities and made off with 500 million euros of laundered funds. She remains at large since 2017.

OneLink is OneCoin’s spiritual successor and copycat clone, run by former OneCoin “captain” Simon Le (real name Le Quoc-Hung). The new company reportedly surfaced on March 5th, 2020 under the domain “onelinknetwork.” Although he does not appear on the website, screenshots of a video presentation made by Le were posted by that ties him to the new company.

Le has a sordid history with OneCoin and is believed to have joined the company during its inception. As a Vietnamese national, Le made most of his money by luring numerous victims in Vietnam into the organization, which quickly promoted him to the upper echelons of OnecCoin. He is alleged to have continued to promote the scheme even after the company’s Sofia offices were raided by Bulgarian police in 2018.

How much Le managed to steal from victims is unknown. He is reportedly hiding out in either Vietnam or Dubai – neither of which have extradition treaties in the US to face punishment for his involvement in OneCoin.

How OneLink works is as follows. The company offers no products or services, but people can promote OneLink’s affiliate program to others in order to earn commissions. The scheme has numerous aspects to its total compensation plan, which rely on recruiting others to fill an affiliate’s “downline.” Affiliates earn a recruitment commission of 10 percent as well as a residual commission via a binary compensation structure. A further matching bonus can be earned from an affiliate’s downline.

OneLink offers additional perks as part of being a top earner of the ponzi. People can reportedly earn a Rolex watch, a gold Rolex watch, or a ‘special reward’ for reaching the illustrious ‘Crown Diamond’ status inside the organization. Membership prices for OneLink start from $40 in USDT and can range up to $5,000 depending how much one is willing to invest.

The new ponzi directly copies OneCoin in many aspects from its compensation structure to the ‘services’ that are provided to affiliates. Most of the features have simply been renamed or rebranded under OneLink, such as its education package, e-commerce platform, trading platform, and charity scheme.

As a further stab in the back to the original OneCoin victims, Le offers them an “exclusive program” in exchange for being part of his new organization. Participants can redeem their old accounts for points in the new ponzi – but only if they first hand over more money to Li for the privilege.

A final remainent of OneCoin can be found in the new platform’s return projections, which was a core recruiting tactic of getting new people in the scam. Just as with the former, OneLink gives wholly unrealistic and made up numbers under its ‘OLX Internal Value Roadmap’ for how quickly the ponzi will grow in size before it either implodes or is shut down by authorities.

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Author: Matthew North

Crypto Related Losses Skyrocket Despite Hacking Crimes Dropping Significantly

  • According to a Q4, 2019 survey by CipherTrace users have lost 4.5 billion in Ponzi scheme and fraud scams while hacking-related scams have significantly dropped
  • Banks have also fallen prey as US banks unsuspectingly facilitate illegal transactions

Losses in 2019 shot up by 160% despite hacking crimes dropping by 66%, this was according to a 2019 Q4 report by CipherTrace, a cryptocurrency intelligence firm. Amounting to $4.5 million just in the previous year.

Dave Jevans, CipherTrace CEO, stated they had seen a major bump in crimes where the unsuspecting users were duped by Ponzi schemes, mainly set up by people inside the system. This would make investors pull the plug on the cryptocurrency investments that are hurting the systems built around digital assets.

“We noticed a significant uptick in malicious insiders scamming unsuspecting victims or leaching on their users through Ponzi schemes.”

A common use case is the crypto wallet and exchange PlusToken Ponzi scheme where unsuspecting clients lost $3 billion in a single scam. There has also been the Canadian Exchange, QuadrigaCX, clients lost close to $135 million after the founder of the company passed away suddenly.

Banks are Unsuspecting perpetrators

Banks have also been victims as they have unknowingly facilitated illegal cryptocurrency transactions of up to $2 billion in US banks alone. This could be mainly attributed to the fact that it has become harder for traditional financial systems to embrace emerging technology while steering clear of crypto relations. This is as banks globally continue to face fines levied by Anti-money laundering (AML) authorities of about $6.2 billion.

Jevans further explained that banks need to come up with alternative solutions of ridding their systems of illegal dealings that would finance terrorism as they had previously underestimated the percentage of digital assets that are to be found in their accounts and systems.

“Like them or not, banks have a lot more virtual assets lurking in their accounts and payment networks than most in the industry had previously thought.

Banks need new capabilities to ferret out illicit MSBs [Money Service Businesses], terrorist financing, and other major sources of risk.”

Illegal crypto merchants have also been key in funneling funds to terrorist fronts. They are usually connected to high-risk exchanges and hide the transactions by intentionally using the wrong merchant category codes (MCC) the report further read.

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Author: Lujan Odera

Top Onecoin Ponzi Scheme Recruiters Launch A Clone Called Circle Of Finance (Invicta)

  • OneCoin token Ponzi scam affiliates are in the pipeline to form a new tokenized project, Circle of Finance (Invicta).
  • Two of the top ranking officials in the Onecoin scam, Veselina Valkova and Habib Zahid, are associated with the scam.

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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Author: Lujan Odera

OneCoin May Have Used Fake Reviews in Ponzi Scheme – Is Anyone Surprised?

The cryptocurrency project launched by OneCoin which was accused of being a Ponzi scheme by authorities may have used fake reviews on Quora and TrustPilot.

The Digital Forensic Research Lab (DFRLab) said in a blog post from Wednesday that the OneCoin campaign was initiated at the same time as its founder’s (Ruja Ignatova) disappearance, after she has had many legal cases brought upon her.

In March 2019, a supposed leaders at OneCoin was arrested for perpetuating a pyramid scheme. At the same time, Ignatova was charged with money laundering, and wire and securities fraud. Lawyer Mark Scott was found guilty of money laundering as well.

OneCoin Reviewed with 5 Stars Many Times in October

Researchers at DFRLab discovered that in October 2019, OneCoin received many 5-star reviews on TrustPilot. Here’s what’s written in the research lab’s blog post:

“Of the 579 reviews for OneCoin on the site, 90 percent were positive. Of the five star ratings, about 400 were published within the span of a single month.”

The researchers also say the bad reviews were practically hidden by the 5-star ones.

The Authenticity of TrustPilot Reviews Can’t Be Determined But…

The DFRLab team couldn’t prove that the reviews aren’t authentic, as the TrustPilot’s interface doesn’t allow to make such a determination. However, the influx of good reviews is abnormal and came at the same time as OneCoin was going through some serious legal problems.

However, when the answered about OneCoin from Quora have been analyzed, there were clear signs of inauthenticity, as the profiles that left answers don’t have pictures, nor bios, and they all have revealed an interest only in OneCoin-focused discussions. The respondents claimed they were experts in the cryptocurrency field, but their answers were restricted to OneCoin’s value and viability. This is what the DFRLab blog post concludes:

“While there was no direct evidence tying these inauthentic profiles and reviews to OneCoin employees or evidence of automated activity on either platform, the profiles and favorable reviews nonetheless served to boost trust for the OneCoin brand as it faced a multibillion-dollar scandal.”

Searches on social media for the names of the respondents turned back no matching results.

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Author: Oana Ularu

OneCoin Website Ceases Operations As Authorities Zero In On the Scammers

The infamous crypto Ponzi scheme OneCoin website has gone offline several months following US government officials indicted one of the key suspects involved in the scam, Cointelegraph reports. According to MLM scam monitor, OneCoin did not return live results from Nov.30.

After investigations, an official from EurlD which hosts the registry’s domain revealed that the website has been offline following the ongoing criminal proceeding brought forward against OneCoin.

A written response from EurlD explained that the domain name is being investigated. The statement directed the interested people to go to their WHOIS to check the current condition of the company’s domain name.

This development is the most recent in a number of disclosures lately in the efforts to take down the OneCoin scam. The ponzi scheme was in operation for various years and stole money from investors to the tune of more than $4 billion.

Last month the investigators in collaboration with the prosecutors indicted a lawyer with close ties with OneCoin’s co-founder Ruja Ignatova. The prosecutors alleged that the lawyer was vital in helping Ignatova to launder the proceeds of the scam worth about $400 million.

OneCoin’s operations became suspicious in 2015 after Cointelegraph came up with an expose based on the research done by BehindMLM.

Following the expose, various governmental authorities across the world have warned their citizens against the scheme that promised innocent investors with huge returns for very few investments.

While Ruja Igantova remains on the run, her brother, Konstantin Ignatov, a fellow co-founder of the company, agreed that he was guilty for money laundering as well as fraud and could be jailed to about 90 prison years.

In the recent past, there have been cases of fraudulent crypto projects. Just this month, the developer of HEX cryptocurrency, Richard Hart, faced massive accusations and suspicions of a scam after he promised investors of free tokens including Bitcoin. HEX says it the inaugural blockchain paying high interest to its investors. Similarly, Chinese based IDAX crypto exchange closed its operations saying that its CEO had vanished with the keys to its cold wallets raising suspicion of fraudulent schemes.

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Author: Joseph Kibe

Bitcoin Price Goes Back Above $10,500 But PlusToken’s 5,575 BTC on the Move Again

  • Bitcoin price rises by 4.75%, but trader still skeptical
  • Also, the Ponzi scheme PlusToken fund becomes active yet again

After tumbling down to $9,475 level this week, Bitcoin is yet again on the move and above $10,000.

In the past 24 hours, BTC/USD saw an increase of 4.75% going as high as $10,540 level. Trading volume meanwhile is holding steady around $1.6 billion.

According to trader TraderX0X0, the bears aren’t done yet with Bitcoin. He sees the flagship cryptocurrency dropping back down to $9,700 level.

This comes as no surprise as Bitcoin is expected to make a retreat to $8,500 and fill all the gaps left by CME Group’s Bitcoin futures contracts that unlike cryptocurrency spot exchanges doesn’t trade on weekends.

However, if Bitcoin moves upwards to the $10,500 and $10,600 area, a drop to $9,700 would invalidate, TraderX0X0 said.

Ponzi Scheme PlusToken Fund Becomes Active yet Again

What’s concerning for Bitcoin price is the $3 billion Ponzi scheme PlusToken that has been dumping BTC in large amount and allegedly behind the 18% crash in Bitcoin price.

As we recently shared, this all started around early July.

But isn’t over yet.

According to blockchain security company PeckShield, PlusToken funds are on the move again. On 14th August, 5,575 BTC were moved from 1M1Tfsvb address to different addresses.

As per the PlusToken fund flow by the security firm, so far 540 BTC has gone Bittrex exchange and 663 BTC has gone into Huobi.

Back in late June, the Chinese publication, South China Morning Post reported the arrest of six Chinese nationals in Vanuatu following the complaints from authorities in China in a scam of $2.9 billion equivalent in BTC, ETH, and EOS.

Currently, Bitcoin is trading at $10,509, however, with these funds back on the move, it’s to be seen if another dump would be coming soon.

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Author: AnTy

Malta’s Financial Regulator Warns The Public Against Emirate Coin Tech, a Suspected Ponzi Scheme


The Malta Financial Services Authority (MFSA) has warned the public a possible Ponzi like a crypto-based company which has been duping the public that it is registered to operate in Malta.

In a press statement released on July 23, the financial watchdog said that Emirate Coin Tech is not a Maltese registered company nor licensed or otherwise authorized by the MFSA to provide any investment, cryptocurrency or other financial services which are required to be licensed or otherwise authorized under Maltese law.

In addition, the financial regulator indicated that confidential information it holds suggests that Emirate Coin Tech is likely to be a scheme of dubious nature with a high risk of loss of money. The regulator urged the public to, therefore, to refrain from undertaking any business or transactions with the entity.

The statement said:

The MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment, crypto currency or other financial services which are required to be licenced or otherwise authorised under Maltese law.”

The entity purports to be an MFSA licensed investment and crypto exchange institution with a physical presence at 1000 Mahler Building (floor 4), Gustav Mahlerlaan 1025, 1082, Amsterdam, The Netherlands.

In addition, the company claims to be a fast-growing investment and brokerage company, founded in 2013, to transform the way people invest. The company also states that it focuses on trading and mining cryptocurrencies on contract for investors, and ensuring the highest possible return on investment within the manageable risk. The company also states that it provides various crypto-based investment alternatives that can earn you weekly returns of up to 25% of your investment.

The MFSA also reminded the consumers of financial services not to get into any financial services transaction unless they have established that the entity with whom the transaction is being made is approved to offer such services by the regulator or another reputable financial services regulator in the world. Investors are also urged to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media. The regulator urged the public to visit its official website for a list of the entities licensed to offer various financial services in the country.

A Blockchain and Crypto Hub

For years, Malta has earned its name as one of the world’s blockchain and crypto-based businesses hub. The country has a relaxed regulatory regime that encourages blockchain innovations as per the Blockchain Island concept.

Some of the blockchain and crypto industry’s renowned companies have opened bases in the European country which comprises the crypto exchange giant Binance.

In the recent past, the financial regulator has enhanced its surveillance of the domestic market. Cointelegraph reports that in March this year, the regulator appointed a blockchain-based company to monitor crypto participants were complying with the set rules and guidelines.

Is Malta’s financial regulator setting the pace in exposing fraudulent entities in the market? Let us know in the comments section.

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Author: Joseph Kibe

South African Crypto Ponzi Scheme Affirms It Has No Money To Pay Duped Investors

South African Crypto Ponzi Scheme Affirms It Has No Money To Pay Duped Investors

There is one reason not to invest in Ponzi schemes: you will be scammed. Sure, you can believe that you will have a degree of success in case you go in and get out pretty quickly, but the truth is that you will generally only lose money. This is exactly what happened to the investors of Bitcoin Wallet, a lucrative South African Ponzi scheme with a pretty uninspired name.

According to the Ladysmith Gazette, hundreds of South African investors put their money on the company and expected a high return on investment. They obviously were not able to get it. As of July 4, the company basically shut down.

Bitcoin Wallet promised returns of over 100% for investors in only two weeks. Despite how absolutely fishy this sounded, a lot of people were attracted to the investment.

Now, these investors want to know what was done with their money because the company affirmed that there is no money anymore and simply shut down. The founder of the project, a man named Sphelele “Sgumza” Mbatha, affirmed that he simply has no cash to pay the investors, so he had no choice but to shut down the business entirely.

The business was reported to receive over $2 million USD in deposits daily. In fact, there were so many people trying to get the money that they limited investors if they weren’t able to offer at least $350 USD (5,000 rand).

When asked how this happened, the founder of the Ponzi scheme only affirmed that he “didn’t know what was going on”. Far from an acceptable answer, obviously.

Also, there are suspicions that the license of the company was forged and that the creators knew right from the start that they would eventually scam the investors, which is basically the least surprising rumor ever.

In order to run its scam, Mbatha took a 10% “administrative fee” over the money deposited, which was possibly how he got so rich by fooling others and eventually ran out of money as, like in any Ponzi scheme, he was probably using the money that entering in order to pay the investors that were cashing out.

Mbatha, which has stated that he was only a “manager” of the project, affirmed that he has stopped working and that he was using an “online system” to get the money and was also awaiting for payments just like the other investors.

People are obviously pissed with him now, especially as Mbatha basically turned into a local celebrity after the success of the scam, but they will probably never get their funds now.

This is why it is important to never invest in Ponzi schemes. If something has a return of 100% in only two weeks, wouldn’t everybody invest in it?

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Author: Gabriel Machado