The authorities of Vietnam have dismantled a crypto scam worth 1.17 million dollars, saving 300 potential victims. In particular, a scheme based on fake tokens and unrealistic promises of gains and financial advantages was discovered.

Let’s see all the details in this article. 

Vietnam: the individuals responsible for a crypto scam that had already stolen over $1 million from entrepreneurs and individuals have been arrested

The police in Hanoi recently foiled an elaborate crypto fraud scheme, safeguarding the savings of 300 potential victims and stopping a scam that had already taken over 1.17 million dollars from citizens and businesses. 

According to quanto riportato by local media, the group responsible for the fraud operated under the name “Million Smiles” and promoted a fictitious token known as QFS, or Quantum Financial System.

The criminal group had created a complex and enticing narrative around the QFS token, claiming it was linked to ancestral treasures and offered extraordinary financial benefits. 

The company promised unrealistic returns and guaranteed access to a financial ecosystem free of interests and guarantees, thus attracting numerous unsuspecting investors.

The authorities discovered that the organizers had planned a large event with 300 clients to convince them to invest further in the project. 

The investment requests ranged from 4 to 5 million Vietnamese dong (about 190 dollars) for individuals, up to 39 million dong (about 1,350 dollars) for companies.

Thanks to the joint work of the Hanoi police and the national television broadcaster VTV, the scam was intercepted before it could cause further damage. 

The law enforcement forces raided the headquarters of Million Smiles, confiscating documents, computers, and other materials useful for the investigations. 

The analyses confirmed that the QFS token was completely fictitious and not recognized by Vietnamese law.

A context of continuous vigilance

Vietnam is not new to episodes of fraud in the cryptocurrency sector, but local authorities have shown a growing commitment to countering these illegal activities.

In October, the provincial police of Nghe An dismantled another crypto scam network, operating from Laos and specialized in fraudulent bank transfers.

In that case, an individual pretended to be a woman to gain the trust of a victim and convince them to invest in a fraudulent app called “Biconomynft”. This scam led to the theft of over 17.6 billion dong (about 700,000 dollars) in a few months.

In any case, the case of Million Smiles highlights the need for greater awareness among potential investors, especially in a complex sector like that of cryptocurrencies. 

Promises of rapid earnings and extraordinary advantages often hide dangerous pitfalls.

The Vietnamese authorities are working to educate the public on the risks of cryptocurrencies and strengthen laws to prevent future episodes of fraud. 

In a rapidly evolving market, international cooperation and constant vigilance will be essential to protect investors and ensure financial security.