Vietnamese Police Crackdown on International Crypto Fraud Ring
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- 11 Oct 2024
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Vietnamese police have successfully dismantled an international crypto fraud ring, arresting five suspects involved in a scam that swindled billions of VND from Vietnamese citizens. The fraud network, based out of the Golden Triangle Special Economic Zone in Laos, primarily lured victims through fake romantic relationships and fraudulent crypto investments, according to the local news outlet Thanh Niên.
The arrested individuals, aged 21 and 22, allegedly began their operations in September 2023. They manipulated victims into investing in a fraudulent platform called "Biconomynft," which amassed over 17.6 billion VND (approximately $710,000). One victim reportedly lost more than 1 billion VND ($40,000).
This scheme mirrors a common "pig butchering" scam, in which criminals establish fake romantic relationships via social media to gain victims' trust before introducing them to fraudulent investment opportunities, often involving cryptocurrencies. Once the victims have invested, the scammers disappear, leaving them financially devastated.
The operation began with the arrest of two suspects, prompting authorities to expand their investigation, leading to three more arrests. All five suspects now face fraud charges, while authorities are still probing the full extent of the scam, aiming to track the flow of funds and uncover any additional parties involved.
Crypto-related fraud has surged in Vietnam as digital assets gain popularity, and law enforcement agencies are ramping up efforts to combat these crimes. Police have urged citizens to be vigilant about online relationships and to thoroughly research investment opportunities to avoid falling victim to similar scams.
