HANOI: Police in Vietnam said they busted a multi-billion scam that centered on selling fake digital currency to unsuspecting victims on an "exceptionally large scale".
At least seven people were arrested in connection with the fraudulent platform that was visited by millions of Vietnamese people, police said Thursday.
Unlike neighbouring China which has banned cryptocurrencies outright, communist Vietnam has allowed blockchain technology to develop in a legal grey area -- barring its use for payments but letting people speculate unimpeded.
After summoning over 140 people for questioning, authorities arrested Vuong Le Vinh Nhan -- a fintech and blockchain businessman also known as Eric Vuong -- and six accomplices on charges of property appropriation and money laundering.
Since 2018 Vuong and his group created fake cryptocurrencies, issuing and selling them to investors through a platform known as ONUS, police said.
The platform, which was used by millions of Vietnamese people, became inaccessible as of March 20.
Police said investors were defrauded of "billions of dollars", without giving details.
The young-and-upwardly mobile country of 100 million has been at the forefront of crypto adoption, with an estimated 17 million people owning digital assets, according to a 2025 ranking by the consultancy Chainalysis.
Police accused Vuong of promoting fake crypto, manipulating supply and demand and adjusting prices and urged investors to contact them with more information.
In a group of ONUS investors, victims who fell for the scam expressed disappointment, with one anonymous user saying they were "devastated" after losing over $15,000. - AFP
