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Jimmy Aki
Author
Jimmy Aki
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Vietnamese police arrested four individuals on January 5, 2025, in Dong Nai Province for defrauding over 200 victims of 4 billion Vietnamese dong ($157,300) through crypto-linked schemes.
A local report identified the suspects, led by Tran Minh Quang, as the masterminds behind a Vietnamese crypto scam operating just outside Ho Chi Minh City.
They allegedly created a fake crypto-mining website called BitMiner, registered under a Singapore domain.
Vietnamese Crypto Scam Proceeds Transferred to Suspects’ Wallets
The group posed as a Dubai-based company, selling fake crypto-mining packages and education materials to appear legitimate.
They also recruited multiple collaborators to spread fake promises about their investment opportunities.
Rather than using the funds for legitimate crypto mining, the scammers directed all investments into wallets controlled by Quang and his accomplices.
This arrest is part of a broader crackdown in Vietnam, where authorities have recently uncovered other digital asset fraud networks.
One such network defrauded over 400 individuals and 100 businesses of an estimated $1.17 million by promoting a fake cryptocurrency called the Quantum Financial System (QFS) coin.
The group falsely claimed the coin was a high-return investment backed by “ancient family treasures.”
Victims were enticed with fraudulent offers of capital support for business ventures, requiring neither collateral nor interest payments.
A raid on the group’s headquarters uncovered computers, documents, and other materials that exposed the full scale of the fraud.
Concerns Rise Over Vietnamese and Global Crypto Scam Networks
Efforts to combat crypto scams extend beyond Vietnam.
In Hong Kong, police recently arrested 31 individuals connected to a global fraud network that targeted victims across Taiwan, Singapore, Malaysia, and the United States, amassing 34 million Hong Kong dollars ($4.37 million).
The scammers employed AI deepfake technology to create convincing fake identities, often impersonating attractive individuals to initiate romantic relationships online.
Once trust was established, victims were persuaded to invest in fraudulent crypto platforms.
Meanwhile, reports from late 2024 revealed a disturbing trend in Southeast Asia, where thousands of Indian nationals were lured by fake job offers promising lucrative opportunities.
Upon arriving in Vietnam, Thailand, Cambodia, or Myanmar, they were trapped in cybercrime rings and forced to participate in fraudulent schemes.
These operations ranged from fake cryptocurrency investments to online dating fraud.
Victims were coerced into creating deceptive social media profiles, often impersonating women, to solicit money from others.
