Vietnamese police recently arrested four suspects in Dong Nai province who scammed over 200 victims through cryptocurrency-related schemes, involving an amount of 4 billion Vietnamese dong (about $157,300).
It is alleged that the suspects, led by Tran Minh Quang, created a fraudulent cryptocurrency mining website called BitMiner, registered under a Singapore domain. The gang disguised itself as a Dubai company, selling fake cryptocurrency mining software packages and educational materials to appear legitimate. They also recruited several accomplices to spread false promises about their investment opportunities. The scammers did not use the funds for legitimate cryptocurrency mining but instead funneled all investments into wallets controlled by Quang and his accomplices.
This arrest is part of a broader crackdown by Vietnam, where authorities recently uncovered other digital asset fraud networks. One of these networks defrauded over 400 individuals and 100 businesses of approximately $1.17 million by promoting the Quantum Financial System (QFS) coin.