Vietnam Busts Cryptocurrency Mining Scam Syndicate, Over 200 Victims

BlockBeats News, January 7th, Vietnamese police recently arrested four suspects in Thanh Hoa Province who defrauded over 200 victims through a cryptocurrency-related scheme, involving a total amount of 4 billion Vietnamese dong (equivalent to $157,300).

It is reported that these suspects, led by Tran Minh Quang, created a fraudulent cryptocurrency mining website named BitMiner, registered under a Singaporean domain. The group disguised themselves as a Dubai company, selling fake cryptocurrency mining software packages and educational materials to appear legitimate. They also recruited several accomplices to spread false promises about their investment opportunities. Instead of using the funds for legitimate cryptocurrency mining, the scammers diverted all investments to wallets controlled by Quang and his associates.

This arrest is part of a larger crackdown in Vietnam, where authorities have recently uncovered other digital asset fraud networks. One of these networks defrauded over 400 individuals and 100 businesses of approximately $1.17 million by promoting the Quantum Financial System (QFS) coin.