Vietnam Police Bust Billion-Dollar Crypto Ponzi Ring Behind Paynet Coin Scam: Report

Vietnam Busts Multibillion-Dollar Paynet Coin Ponzi Scheme, 20 Arrested

The post Vietnam Busts Multibillion-Dollar Paynet Coin Ponzi Scheme, 20 Arrested appeared on BitcoinEthereumNews.com. Vietnamese authorities have dismantled what they described as the country’s largest crypto fraud to date, arresting the ringleader and accomplices behind a multibillion-dollar Ponzi scheme built around the digital token Paynet Coin (PAYN). The Phu Tho Provincial Police said on Monday that the suspects lured thousands of victims i…

Vietnam Cracks $200M Crypto Ponzi Scheme, 20 Arrested

Authorities in Phu Tho Province revealed that the network drew in thousands of investors from Vietnam and abroad through a fake investment platform masked as a multilevel marketing program. Victims were promised monthly returns of up to 9% and recruitment bonuses, with payouts funded by money from new participants. Investigators named Nguyen Van Ha, 45, from Gia Lai Province, as the architect of the scam. Though he had no formal IT background, p…

Vietnam Police Uncover $1 Billion Crypto Scam with Paynet Coin: Details Inside

In a major crackdown, Vietnamese law enforcement has dismantled a complex cryptocurrency Ponzi scheme that reportedly amassed over a billion dollars from unsuspecting investors. The fraudulent operation centered around a digital currency called Paynet Coin, which authorities say was used to defraud a large number of people across multiple countries. Details of the Ponzi Scheme The criminal network behind the Paynet Coin scam promised investors h…

Vietnam police bust billion-dollar crypto Ponzi ring behind Paynet Coin scam: Report

Vietnam’s police say they have arrested 20 people in what they say is the country’s largest crypto scam, a multibillion-dollar Ponzi scheme built around Paynet Coin.

Vietnam Charges 20 in Alleged Billion-Dollar Paynet Coin Crypto Fraud - Fintech Singapore

Vietnamese police in Phu Tho Province have charged 20 people over an alleged cryptocurrency fraud involving Paynet Coin (PAYN) that authorities say stole billions of dollars from victims in Vietnam and overseas, VnExpress reported. The group, led by Nguyen Van Ha, from Gia Lai Province, is accused of creating the token on a blockchain and promoting it through websites such as FMCPAY.com and AFF2024.com. Investors were promised monthly returns of…