The Big Crypto Scam in Vietnam: How 20 People Fooled Thousands

Scam Involving Paynet Coin (PAYN) Nets $200 Million

Vietnamese authorities have uncovered a massive crypto scam, one of the largest frauds in the country's history. The scam revolved around a digital token called Paynet Coin (PAYN). Police arrested 20 individuals, including the mastermind behind the operation.

Thousands of Victims Across Multiple Countries

The scammers deceived thousands of people in Vietnam and other countries, promising high returns on investments. They falsely claimed that the token could be used for booking flights and hotels. The group operated through websites like FMCPAY.com and AFF2024.com, offering monthly returns of 5% to 9% and additional rewards for recruiting new investors. This was a classic Ponzi scheme, where money from new investors was used to pay old ones.

Mastermind: Nguyen Van Ha

The mastermind behind the scam was Nguyen Van Ha, a 45-year-old from Gia Lai Province. Despite having no formal IT training, Ha managed to create a fake blockchain and rewards program, hiring developers to make it appear legitimate. The group also organized luxurious seminars at five-star hotels to give the scam an air of legitimacy. Ha allegedly stole $200 million for himself.

Global Reach and Police Action

At the time of the arrests, money was still flowing in from investors in countries like India and the Philippines. Vietnamese police have seized and frozen assets worth $38 million, including cash, foreign currencies, and real estate. The arrested individuals face charges for violating multilevel marketing regulations and using electronic networks to steal money.

A Cautionary Tale

This scam serves as a stark reminder of the risks in the crypto world. It is crucial to remain cautious and conduct thorough research before investing. Scams like this can occur anywhere, and staying informed is key to avoiding such pitfalls.