Vietnamese Authorities Crack Down on Massive Crypto Scam
Police in Vietnam have nabbed the masterminds behind a huge cryptocurrency fraud. The scam duped tens of thousands of people out of nearly 10 trillion VND ($400 million).
The Dong Nai Provincial Police, with help from the Ministry of Public Security, led the investigation. They caught the main suspect, Nguyen Quoc Hung, and four others. the fake exchange was called MTC (Matrix Chain).
Investors were lured with promises of big profits.They had to pay a 1 USDT fee to join. The scam worked like a pyramid scheme, with rewards for recruiting others.
Over 138,000 people joined, depositing more than 394 million USDT. The scammers kept about 55% for themselves. They spent the rest on marketing and commissions.
They also laundered money through real estate. Police have seized assets and are still looking for more suspects.
This win comes as Vietnam celebrates 80 years of its Public Security Force.It’s a big step in the fight against cybercrime.
