ChainCatcher news, according to Cointelegraph, the police in Hanoi, Vietnam, prevented 300 potential victims from investing in a carefully designed cryptocurrency scam that defrauded approximately 3 trillion Vietnamese dong (about 1.17 million USD) from around 100 businesses and 400 individuals.

It is reported that the Hanoi police have arrested individuals associated with Million Smiles Company, which orchestrated an illegal and fraudulent cryptocurrency investment scheme targeting Vietnamese citizens, promoting its internal cryptocurrency QFS (Quantum Financial System), and using deceptive advertisements to link it to ancestral treasures and spiritual claims.