Vietnamese authorities have thwarted a cryptocurrency scam orchestrated by a company called Million Smiles, preventing further losses and protecting 300 potential victims.#Binance
The scheme has already swindled about VND30 billion ($1.17 million) from about 100 companies and 400 individuals, according to VTV, Vietnam's national broadcaster.
Million Smiles promoted a fraudulent cryptocurrency called QFS, or Quantum Finance System, using deceptive claims about its financial and spiritual significance.
The company attracted investors with promises of high returns and access to a financial ecosystem that offered benefits such as financing without collateral or interest.
Hanoi City Police intervened immediately while Million Smiles was planning to hold a meeting to convince more investors.
Victims were reportedly urged to invest amounts ranging from 4-5 million dong (about $190) for individuals to 39 million dong ($1,350) for businesses.
The raid on the company's headquarters resulted in the confiscation of computers, documents and other materials.
Investigations confirmed that the QFS token was fake and not recognized under Vietnamese law.
Vietnamese authorities have been vigilant against cryptocurrency fraud.
In October, police in Nghe Province dismantled a Laos-based fraud network led by foreign operatives.
One victim from Ho Chi Minh City lost more than 17.6 billion dong ($700,000) after being tricked into investing in a fraudulent app called “Biconomynft.”
The latest measures underscore Vietnam’s commitment to combating cryptocurrency fraud and protecting its citizens.
Hanoi police stressed the importance of vigilance and encouraged the public to verify the legitimacy of investment opportunities before participating.