Vietnamese police recently arrested four suspects in Dong Nai Province, who defrauded over 200 victims through cryptocurrency-related schemes, involving an amount of 4 billion Vietnamese dong (approximately $157,300).
It is alleged that the suspects led by Tran Minh Quang created a fake cryptocurrency mining website called BitMiner and registered it under a Singapore domain. The gang disguised themselves 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 transferred all investments to wallets controlled by Quang and his accomplices.
This arrest is part of a broader crackdown in Vietnam, where authorities recently uncovered other digital asset fraud networks. One of these networks defrauded more than 400 individuals and 100 businesses out of approximately $1.17 million by promoting Quantum Financial System (QFS) coins.