Vietnamese police roll up international crypto fraud network: five arrests

The police in Vietnam’s Nghe An province dismantled an internationally operating network of crypto scammers on October 4. This network was run by foreign criminals and focused on cryptocurrency fraud. Five suspects were arrested during the operation, two of whom were Vietnamese directly linked to the gang.

International crypto fraud exposed

The scammers used sophisticated methods to defraud victims. One of the gang members traveled to Laos in September 2023 to join the group. In February, they created fake Facebook accounts to draw victims into a fake romance and then lure them into investment fraud.

A man from Ho Chi Minh City fell victim to this scam. The scammers convinced him to invest large amounts in “Biconomynft”, a fraudulent platform that promised sky-high returns. In total, he was defrauded of more than 17.6 billion VND (approximately $700,000).

Smart tricks to gain trust

The gang used a common strategy in investment fraud: initially paying out small profits to build trust. Once victims invested larger amounts, the scammers blocked their accounts and could no longer access their funds.

Broad cooperation leads to more arrests

The case in Nghe An is not an isolated case. Recently, South Korean and Vietnamese authorities worked together to dismantle another fraud ring responsible for the theft of more than 10 billion South Korean won ($7.5 million). This gang used cryptophishing to defraud 230 victims. After analyzing 300,000 suspicious transactions, authorities arrested 86 suspects.

Fight against crypto scammers in full swing

With these arrests, the Vietnamese police show that they are taking the fight against international crypto fraud gangs seriously. Cooperation with foreign authorities is being strengthened, and the number of arrests continues to rise.