2 trillion VND multi-level gambling ring
Nguyen Tuan Anh, 32 years old, operated a gambling and betting ring on the Vitsa platform using a multi-level marketing scheme to attract players, with transaction volumes totaling 2,000 billion VND.
On May 1st, the Hai Duong Provincial Police announced that they have initiated legal proceedings against Tuan Anh and 12 others to clarify their involvement in the case.GambleandOrganized gambling.
According to the investigation, Tuan Anh bought a binary options trading platform online, naming it Vitsa. Binary options are a form of investment where participants make money by predicting whether the trend of an asset will increase or decrease within a specified time frame, where "binary" represents two outcomes: 1 or 0, meaning win or lose.
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| Some of the suspects in the case. Photo:Hai Duong Police |
Tuan Anh then recruited many accomplices to work under him to operate the gambling ring. The system developed in Hai Duong, Hanoi, and many other provinces and cities to directly gamble and organize gambling. Gamblers on the Vista platform (address vista2.trade) placed bets on wins and losses based on the fluctuating price chart of the Bitcoin cryptocurrency. The minimum bet was 1 USDT per bet (1 USDT is equal to 1 USD).
This system operates on a multi-level model. "Upstream" investors receive a 1% profit on the total transaction amount of their directly connected "downstream" accounts. Profits at each subsequent level are divided by 2, up to the final level, level 7.
To attract players, the group posted information on social media and organized online meetings to provide instructions on how to operate. Whoever recruited more people would directly profit from that "target."
Police determined that from December 29, 2021 to April 8, the total amount of money wagered by gamblers on the Vitsa platform was nearly 2 trillion VND.
