US EditionVietnam police bust multi-billion dollar crypto scam
Vuong Le Vinh Nhan and six others face charges after defrauding millions of investors with fake cryptocurrencies on ONUS, part of Vietnam’s growing crypto market of 17 million users.
- On Mar 26, Police arrested Eric Vuong, a fintech businessman, and six accomplices on charges of property appropriation and money laundering related to the ONUS cryptocurrency platform.
- Unlike China, which banned cryptocurrencies outright, Vietnam allows blockchain technology in a legal grey area, enabling platforms like ONUS to operate until it became inaccessible on Mar 20.
- Since 2018, Vuong and his group created fake cryptocurrencies through ONUS, manipulating supply and prices to defraud victims on an "exceptionally large scale," Police alleged.
- After summoning over 140 people for questioning, Police reported that investors were defrauded of "billions of dollars" through the platform.
- Victims expressed they were "devastated" after losing over US$15,000, reflecting risks in Vietnam where Chainalysis estimates 17 million people own digital assets among 100 million residents.
12 Articles
12 Articles
Vietnam police bust multi-billion dollar crypto scam
HANOI: Police in Vietnam said they busted a multi-billion-dollar scam that centred on selling fake digital currency to unsuspecting victims on an "exceptionally large scale".At least seven people were arrested in connection with the fraudulent platform that was visited by millions of Vietnamese people, police
The network targeted by the investigators, which had set up this false platform to deceive investors, operated on "an exceptionally large scale".
Vietnam Authorities Launch Probe Into Multi-Billion Dollar Crypto Fraud
Vietnamese authorities dismantled a massive cryptocurrency fraud scheme following coordinated raids across multiple provinces, resulting in more than 140 interrogations and the seizure of extensive electronic evidence. Rapid Response and Formal Charges Authorities in Vietnam have launched a sweeping investigation into one of the country’s largest cryptocurrency fraud cases to date, detaining several high-profile figures […]
Vietnam Targets ONUS-Linked Figures in Crypto Fraud Investigation
Vietnamese authorities have moved to curb a multi-city crypto fraud case tied to the ONUS platform, detaining several suspects accused of using false promotions and manipulated trading to siphon investor funds. The Ministry of Public Security said the operation centers on a group that sold digital tokens via ONUS, employing misleading campaigns and coordinated market activity to lure users while maintaining centralized control over price and liq…
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