Police in Hanoi, Vietnam, have blocked 300 potential victims from a sophisticated crypto scam that has siphoned off 3 billion Vietnamese dong (about $1.17 million) from about 100 businesses and 400 individuals, Cointelegraph reported.
Police have arrested people associated with the company Million Smiles, which promoted its in-house cryptocurrency, QFS, through false advertising, claiming to be related to ancestral treasures and spiritual beliefs and promising unrealistic returns.
The police raided the Million Smiles headquarters and seized documents, computers and other materials. The investigation showed that the QFS tokens were fictitious and not recognized by Vietnamese law.
Vietnamese authorities have a good track record of combating crypto scams. In October, Vietnamese police dismantled a crypto scam network led by foreign actors involved in fake wire transfers and investment scams.