Vietnamese police have uncovered a massive cryptocurrency mining scam. More than 200 victims were tricked by a fake platform called BitMiner, resulting in total damages of over $150,000. Four suspects, including main suspect Tran Minh Quang (41), have been arrested in Dong Nai province.
How BitMiner Misled Investors
The fraudulent platform presented itself as a reputable crypto company based in Dubai, leveraging the city’s image as a global crypto hub. The website was hosted in Singapore to bypass Vietnamese authorities. Victims were seduced by promises of high returns and advanced technologies based on artificial intelligence.
BitMiner offered investment packages with attractive names such as “Red Diamond” and “Green Diamond,” each with different levels of perceived profitability. Online forums and training sessions reinforced the illusion of legitimacy. In reality, the money was transferred directly to the scammers’ digital wallets.
Total Damages and Suspects
The scammers managed to collect a total of VND4 billion, which amounts to about $157,300. Police have shut down the operation and arrested four main suspects, including Quang, who is believed to be the mastermind behind the scam.
Increasingly Crypto Fraud in Vietnam
Vietnam is experiencing an increase in crypto-related scams. In Hanoi last month, the company Million Smiles, which looted $1 million with a fake cryptocurrency called Quantum Financial System, was dismantled. An international network that operated from Laos and bilked victims of more than $750,000 through the fake platform was also previously busted. Biconomynft.
Warning to Investors
Global damage from crypto scams reached as much as $3.6 billion in 2024. Vietnamese authorities are calling on residents to exercise extra caution when investing in cryptocurrency and immediately report suspicious platforms.
Source: https://newsbit.nl/vietnamese-politie-ontmaskert-grote-cryptocurrency-scam/
