Vietnamese Police Expose Multimillion-Dollar Crypto Scam Networks
by aria-crypto.com
January 6, 2025 at 16:25
Vietnamese Police Expose Multimillion-Dollar Crypto Scam Networks
Vietnamese police arrested four individuals in Dong Nai Province for defrauding over 200 victims of approximately $157,300 through a fake crypto-mining website named BitMiner.
The suspects, led by Tran Minh Quang, registered the site under a Singapore domain and posed as a Dubai-based company.
They sold nonexistent crypto-mining packages and educational materials, creating a façade of legitimacy while funneling investments into their own controlled wallets.
This crackdown is part of Vietnam's broader efforts to tackle digital asset fraud, uncovering similar schemes across the region.
In a related operation, police dismantled a network that deceived over 400 individuals and 100 businesses out of around $1.17 million by promoting a sham cryptocurrency, the Quantum Financial System (QFS) coin.
The group behind this scam exploited the allure of high returns supposedly backed by "ancient family treasures" and offered misleading financial support offers to businesses.
Authorities seized computers and documents that revealed extensive fraudulent activities during a raid on this group's headquarters.
Efforts to combat these sophisticated crypto scams continue as similar criminal activities surface in neighboring countries including Hong Kong, where police recently arrested 31 linked to a global fraud network using deepfake technology in dating scams.
These arrests highlight a disturbing trend in Southeast Asia, involving international victims trapped in cybercrime rings under the guise of enticing job offers.
The crackdowns underscore a rising vigilance against crypto-related fraud, urging potential investors to remain cautious and well-informed.
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