Vietnam has recently cracked down on a crypto mining scam group that scammed more than 200 victims. Vietnamese cops have prosecuted four suspects in Dong Nai Province who defrauded victims through cryptocurrency-related schemes involving a total amount of VND4 billion (US$157,300).
Vietnam Strikes on Crypto Mining Scam Group
The four suspects, led by Tran Minh Quang, were allegedly involved in creating a fake cryptocurrency mining website called BitMiner and registered it under a ‘Singaporean’ domain. The fugitives posed as a Dubai-based company to sell fake cryptocurrency mining packages with different speeds and educational materials, disguising themselves as a legitimate entity.
According to the local media reports, the gang also recruited several individuals to spread false promises about their investment opportunities. Instead of using the funds for legitimate cryptocurrency mining, the scammers transferred all investments into wallets controlled by Quang and his accomplices.
Crypto scams have been on the rise in Vietnam lately. Just a week ago, Vietnamese cops cracked down on a cryptocurrency scam that had already stolen around 30 billion Vietnamese dong, worth nearly $1.17 million, from about 400 people and 100 businesses.
As per local media reports, the scam was run by a group called Million Smiles and was guilty of targeting individuals and businesses with false promises tied to a token called Quantum Financial System (QFS).
Also Read: China Theft: Man Prosecuted for Stealing Crypto Worth 1.6 Million Yuan
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