How sophisticated were the methods used in the 10 trillion VND cryptocurrency scam that was busted?
Authorities have just urgently dismantled a large-scale online fraud ring that embezzled assets worth nearly 10 trillion VND, spanning from North to South Vietnam.
The main tactic used by these individuals was to set up a cryptocurrency exchange called Matrix Chain (MTC). They lured and enticed tens of thousands of people to invest enormous sums of money. According to investigators, this operation was extremely sophisticated, hidden under many complex disguises.
The ringleaders have been arrested, including Nguyen Quoc Hung and Bui Thi Thanh Nga (both residing in Hanoi), Ho Long Tri (Ho Chi Minh City), Dinh Huu Hay (Binh Dinh), and Than Van Hiep (Dong Nai).
Initial investigations revealed that, starting in February 2023, Nguyen Quoc Hung hired an anonymous group on Telegram to write software for the Matrix Chain cryptocurrency project on the SafePal e-wallet platform and the Smart trade B2B platform for $20,000. Hung and Bui Thi Thanh Nga contributed 400 million VND to implement the project.
To carry out the embezzlement, Hung created SafePal and B2B Smart trade e-wallets, providing them to an anonymous group to install into the MTC system as a "platform fee wallet".
Each participant in the project had to contribute $1 to this wallet, which was then managed by Nga. The money collected was allocated as follows: approximately 40% went to the regional leader, 5% to promotion and events, and the remaining 55% was withdrawn by Hung and Nga for personal expenses.
Notably, when launching the MTC program on the PancakeSwap platform, Hung retained a SafePal wallet containing approximately 100 million MTC so that he could manipulate the value to incentivize players or withdraw and embezzle USD deposited by players.
Hung and Nga also actively organized training for Leader groups and promotional events, building communities on Telegram and Facebook, constantly soliciting investments with promises of "super huge profits, super high commissions".
These promises attracted tens of thousands of participants, with over 138,000 registered accounts and a total deposit amount exceeding $394 million, equivalent to approximately over 10 trillion VND.
The money obtained through embezzlement was used by Hung and Nga to purchase numerous properties such as apartments, houses, and land in Hanoi, Bac Ninh, Hoa Binh, Hung Yen, and Thai Nguyen, registering them under Nga's name as well as her parents' names.
The Dong Nai Provincial Police have seized numerous related exhibits. The case is currently under urgent investigation, and other suspects are being pursued.
