Police in Hanoi, Vietnam, have dismantled a massive crypto fraud, saving 300 potential victims from financial harm. The fraudulent scheme, led by the company Million Smileshad already looted 30 billion VND (approximately €1.1 million) from 100 companies and 400 private individuals.
What exactly happened?
The company Million Smiles promoted a fake cryptocurrency called QFS (Quantum Financial System). The scammers used misleading advertising, linking the cryptocurrency to spiritual beliefs and historical treasures. They promised unrealistically high returns and exclusive financial benefits, such as interest-free loans and collateral-free financing, to gain trust.
Individual investors were urged to put in amounts of between 4 and 5 million dong ($160), while companies were enticed to invest up to 39 million dong ($1,300).
The police intervene
The authorities prevented that Million Smiles organized a meeting for 300 potential customers to further promote the fake cryptocurrency. Computers, documents and other evidence were seized during a raid on the company’s headquarters. Research revealed that the QFS token was completely fictitious and not recognized under Vietnamese law.
Crypto fraud in Vietnam: a recurring problem
Vietnamese authorities are known for their strict approach to crypto fraud. In October, police in Nghe An province dismantled an international network of crypto scammers. This network targeted victims through fraudulent apps and so-called “pig slaughter” practices, first gaining the trust of victims and then exploiting them financially.
In one of the cases, a man from Ho Chi Minh City was scammed by a woman who convinced him to invest in a fake app called ‘Biconomynft‘. Over several months, the victim lost more than VND17.6 billion ($670,000).
Importance of vigilance
Hanoi police urge caution when investing in the crypto market. “Scams like these emphasize the need for strict supervision and greater awareness among citizens,” said a spokesperson for the authorities.
Source: https://newsbit.nl/politie-in-hanoi-verijdelt-cryptofraude-van-e11-miljoen-en-redt-honderden-slachtoffers/
