Crypto scam: Vietnamese police arrest 5 in crypto fraud ring

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As a seasoned analyst with a background in cybersecurity, I’ve seen my fair share of online scams and fraudulent activities. The recent dismantling of this international crypto fraud network is a welcome development, especially considering the alarming amount of money lost by unsuspecting Vietnamese citizens.

International cryptocurrency fraud ring has been broken up by the Vietnamese authorities, resulting in the apprehension of several individuals who allegedly defrauded Vietnamese people out of billions of Vietnamese Dong.

In the Golden Triangle Special Economic Zone of Laos, a scheme orchestrated by criminal elements ensnared victims through deceptive romantic connections and sham cryptocurrency ventures, as reported by the Vietnamese news source Thanh Niên.

On October 4th, authorities from Nghe An, Vietnam, announced the arrest of five Vietnamese suspects in connection with a case. Among these suspects, two were relatively young, aged 21 and 22 years old.

From September 2023 onwards, they enticed people to invest in a fictitious investment platform named “Biconomynft”, accumulating more than 17.6 billion VND (equivalent to around $710,000) through fraudulent activities.

One victim was defrauded of more than 1 billion VND ($40,000).

Pig-butchering and romance scams

One method of rephrasing in a clear and conversational manner is: Romance scams, sometimes referred to as “pig butchering” schemes, operate by swindlers establishing relationships with victims under the guise of romantic intentions or friendship.

As a crypto enthusiast, I’ve come across situations where unscrupulous individuals manipulate trust and persuade potential investors, including myself, to pour substantial funds into supposedly profitable ventures. Once we’re on board, they entice us to invest in what appears to be a promising cryptocurrency project.

On the contrary, the person pretending to be legit usually has no plans to give back the funds, instead, they disappear with the money.

Here in Vietnam, the suspects exploited social media platforms to cultivate friendships with potential victims, ultimately persuading them to invest in a fraudulent cryptocurrency application.

Following the detention of two people, the investigation broadened, leading to the capture of an extra three suspects. All of these individuals have been accused of fraud and are currently being held while more investigation takes place.

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2024-10-04 17:20