Vietnam police have unravelled a large-scale international crypto scam network, arresting multiple individuals involved in defrauding billions of VND from local citizens.
Reportedly, the police in Nghe An province arrested five Vietnamese individuals linked to the scheme. Two of the suspects were young, aged 21 and 22.
One of the scammers, who posed as a woman, gained the trust of a man from Ho Chi Minh City. The victim was deceived into investing in bogus “Biconomynft,” a fake app that promised very high returns.
As per local media reports, over several months, the scammer stole over 17.6 billion Vietnamese dong ($700,000) from the victim.
The criminals, operating out of the Golden Triangle Special Economic Zone in Laos, engaged in “pig-butchering scam”, where they lured victims into fake romantic relationships and convinced them to invest in fraudulent cryptocurrency schemes.
The group behind the scam set up fake social media profiles, presenting themselves as wealthy and successful investors. They frequently shared posts about their extravagant lifestyles, often highlighting profits from a fake cryptocurrency exchange called “Biconomynft,” which they controlled.
Once these fake profiles were created, the scammers sent friend requests to potential victims, starting conversations that led to online romantic relationships. After gaining the trust of their victims, they encouraged them to invest in “Biconomynft,” claiming it was a profitable opportunity.
To build credibility, the scammers initially sent small amounts of money to the victims, presenting these as profits from the rise in cryptocurrency value. However, once the victims invested larger sums, the group would freeze their accounts, citing various fake reasons, and seize the assets.
Vietnam Police have been increasingly cautious about financial scams in recent months. In September, police dismantled a Vietnam-based scam ring suspected of stealing over $7.5 million through phishing schemes.
Last month, the U.S. Securities and Exchange Commission (SEC) filed lawsuits against two crypto platforms, NanoBit and CoinW6, for engaging in a pig-butchering scam and defrauding investors out of more than $2 million.
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