Authorities in Vietnam have dismantled a large-scale cryptocurrency fraud scheme that allegedly defrauded investors through the sale of fake digital tokens on a fraudulent investment platform.
Police said the operation involved millions of users and generated billions of dollars in illicit proceeds, making it one of the largest crypto-related scams uncovered in the country.
According to investigators, authorities summoned more than 140 individuals for questioning before arresting seven suspects connected to the operation. Among those detained was Vuong Le Vinh Nhan, also known as Eric Vuong, a fintech and blockchain entrepreneur accused of leading the scheme.
Nhan and six accomplices were arrested on charges including property appropriation and money laundering, Vietnamese police confirmed.
Investigators allege that since 2018, the group created and promoted a series of fake cryptocurrencies and sold them to investors through an online platform known as ONUS. The platform reportedly attracted millions of Vietnamese users, many of whom believed they were investing in legitimate digital assets.
Authorities said the fraudulent tokens had no real technological foundation or underlying value and were primarily marketed through aggressive promotional campaigns promising high returns.
Victims were encouraged to purchase the tokens through the platform, often using complex referral programs and network-based marketing strategies designed to rapidly expand participation.
The case highlights the regulatory challenges surrounding digital assets in Vietnam. While the government has prohibited cryptocurrencies from being used as a legal means of payment, the broader crypto and blockchain sector operates in a regulatory gray area that still allows individuals to trade or speculate on digital assets.
Officials say this environment has created opportunities for fraudulent schemes to target inexperienced investors seeking quick profits in the rapidly evolving crypto market.
Law enforcement agencies stated that the investigation remains ongoing as authorities continue tracing financial flows and identifying additional victims connected to the platform.
The crackdown reflects Vietnam’s growing focus on tackling cyber-enabled financial crimes, particularly those involving digital assets and online investment platforms.
Regulators and police have urged the public to exercise caution when investing in cryptocurrency projects and to verify the legitimacy of platforms before transferring funds, warning that scams exploiting the hype around blockchain technology remain widespread across the region.
