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

Vietnam just uncovered a huge crypto scam. It was one of the biggest frauds in the country's history. The scam involved a digital token called Paynet Coin (PAYN). Police arrested 20 people, including the main person behind it all. The scammers tricked thousands of people in Vietnam and other countries. They promised big returns on investments. They even claimed that the token could be used for booking flights and hotels. But it was all a lie. The group used websites like FMCPAY. com and AFF2024. com to attract victims. They promised monthly returns of 5% to 9%. They also offered extra money for bringing in new investors. This is a classic Ponzi scheme, where new investors' money is used to pay old ones. The mastermind behind the scam was Nguyen Van Ha. He is 45 years old and comes from Gia Lai Province. Despite not having any formal IT training, Ha managed to create a fake blockchain and a rewards program. He hired developers to make it all look real. The group also organized fancy seminars at five-star hotels to make the scam seem legitimate. Ha allegedly stole about $200 million for himself. At the time of the arrests, money was still coming in from investors in countries like India and the Philippines. Vietnamese police have seized and frozen assets worth $38 million. This includes cash, foreign currencies, and real estate. The arrested individuals face charges for violating multilevel marketing regulations and using electronic networks to steal money. This scam is a reminder of the risks in the crypto world. It's important to be cautious and do research before investing. Scams like this can happen anywhere, and it's crucial to stay informed.