OneCoin, a cryptocurrency scheme, stopped paying investors in Vietnam in September after promising a 30% return in just ten days. The multinational pyramid scheme, already under scrutiny across various countries, ran its Vietnamese operations through a mysterious figure known only as "Bamboo." Leaders at OneCoin have consistently refused to identify Bamboo.
The core scheme involved Vietnamese recruits buying OneCoin at approximately €0.6 per unit. They then pitched the digital currency to friends and family with aggressive promises of future value. Investors were told OneCoin would climb to €20 by the second quarter of the following year, then jump further to €30 by the fourth quarter of 2017. Participants received assurances that money would flow into their bank accounts if they simply waited.
These financial projections defied basic market logic. OneCoin had already been unable to pay investors for months, even at its own internal valuation of €6.95 per coin. The company never offered a credible explanation for how it would generate the funds to support payouts at the promised €20 or €30 per coin. The entire structure depended on a continuous influx of new money from new investors.
One such investor, identified only as L.M.T., deposited 66 million Vietnamese dong, approximately $2,946, in January. He stated he believed "making money has never been so easy," convinced he would soon be trading currencies from his home. His hopes, like those of many others, evaporated when payments ceased.
To keep cash flowing, Bamboo introduced what amounted to a smaller Ponzi scheme operating inside the larger OneCoin structure. OneCoin Vietnam offered participants a chance to invest 5 million dong, roughly $223, with the promise of receiving 6.5 million dong, or $290, back in a mere ten days. These interest payments, however, also stopped in September. Members now report they have no means of contacting anyone responsible for the payouts.
The recruitment apparatus for OneCoin in Vietnam appears to be slowing significantly. Traffic analytics for both the OneCoin and OneLife websites indicate that affiliate recruitment has reached a plateau. This slowdown often signals the impending collapse of pyramid structures, as the pool of new investors dwindles.
Vietnam's Banking Academy raised alarms about OneCoin. Tran Thi Linh Dung, dean of the banking department at the Phu Yen branch, described OneCoin as "a credit fraud that targets people's greed" when speaking with Tuoitre News. This official condemnation added weight to growing public concerns.
The Ministry of Industry and Trade conducted its own investigation into the scheme. It subsequently transferred all collected evidence, including materials linking the elusive "Bamboo" to the operation, to the Ministry of Public Security. This handover suggests a serious intent to pursue legal action.
OneCoin operates across numerous countries, presenting a complex challenge for authorities. It remains uncertain whether Vietnamese authorities will ultimately prosecute those behind the scheme. An estimated 65,000 affiliates in Vietnam have lost money, funds they were repeatedly told would multiply overnight. The Ministry of Public Security now holds the evidence, and the victims await action.