Vietnamese authorities bust cross-border crypto fraud ring
Vietnamese authorities have dismantled a cross-border fraud ring involved in cryptocurrency scams and romance schemes, resulting in substantial financial losses.
The group, operated by foreign criminals from Laos, defrauded victims of tens of billions of dong.
Key Vietnamese suspects, trained in digital deception, were arrested for their roles, which included luring victims into fake cryptocurrency investments.
The fraud network, which preyed on Vietnamese citizens, was uncovered in Nghe An Province.
The operation was led by foreign nationals based in the Golden Triangle Special Economic Zone in Laos' Bokeo Province.
The criminals used romance scams to establish trust with their targets before manipulating them into investing in fraudulent digital currencies.
Among those arrested were Vietnamese suspects Vi Van Linh and Kha Van Úc.
Linh joined the fraudulent group in Laos in September 2023 and scammed a resident of Lam Dong Province out of 17.6 billion dong through the “Biconomynft” platform.
Úc defrauded the same individual of an additional 1 billion dong.
The group used fake social media profiles, posing as wealthy individuals to deceive their victims.
Once trust was established through romantic interactions, victims were encouraged to invest in a bogus cryptocurrency platform.
Small returns were provided initially to gain credibility, but as larger sums were invested, victims’ accounts were frozen, leaving them with significant losses.
Following the arrests, authorities extended the investigation and detained three more individuals: L?c Van Tào, Luong Van Hi?n, and Vi Th? L?.
It was revealed that these individuals had been trained by the foreign-led group to carry out the complex fraud scheme.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitwise Expands into Ethereum Staking with New Acquisition
Litecoin Redefines Itself as Memecoin, Stirring Up the Crypto Space
IBIT had a net inflow of US$125.2 million yesterday
ARKB had a net outflow of $159.7 million yesterday