Vietnamese police crack down on an international cryptocurrency scam network

Vietnamese Police Dismantle International Cryptocurrency Scam Network

The Vietnamese police have recently made a breakthrough by dismantling an international cryptocurrency scam network operating within the country. Scammers have defrauded billions of VND from Vietnamese citizens, using fake romances and virtual investments to achieve their criminal goals.

Scammers Operating from the Golden Triangle Economic Zone in Laos

Criminals, operating from the Golden Triangle Economic Zone in Laos, conducted organized activities aimed at extorting money from innocent individuals. Their deceptive methods included luring victims into fake romances and false investments in cryptocurrencies such as Bitcoin and Ethereum.

Suspects Arrested and Amount of Funds Extorted

As a result of police actions in Nghe An, five Vietnamese suspects were arrested, two of whom were of a very young age – 21 and 22 years old. The group of suspects extorted over 17.6 billion VND since September 2023, equivalent to around 710,000 USD. One victim was deceived out of over 1 billion VND, approximately 40,000 USD.

Romance Scams in the Cryptocurrency Environment

Romance scams, commonly referred to as „love scams,” are schemes in which perpetrators build seemingly trustworthy relationships with victims in order to deceive them. Fake investors, through emotional manipulation, persuade victims to invest in convincing yet false cryptocurrency ventures.

Effectiveness of Scammers Using Social Media

In this case, scammers used social media accounts to gain victims’ trust and persuade them to invest in a cryptocurrency app called „Biconomynft.” Following the arrest of two individuals orchestrating the scheme, the police expanded the investigation and apprehended three more suspects, currently held in custody pending further investigative procedures.

In summary, the actions of the Vietnamese police have led to the dismantling of a criminal group specializing in cryptocurrency scams that have drained significant amounts of money from innocent citizens. It is important to be cautious and aware of the risks associated with virtual investments to avoid becoming another victim of fraudsters operating in the digital space.