Vietnamese police have dismantled an international cryptocurrency fraud network and arrested multiple suspects suspected of defrauding Vietnamese citizens of billions of dong.
According to local news outlet Thanh Nien, the operation was led by criminals from Laos’ Golden Triangle Special Economic Zone and involved scams luring victims into fake romantic relationships and fraudulent cryptocurrency investments. It is said that he was
On October 4, authorities in Vietnam’s Nghe An province reported the arrest of five Vietnamese suspects in connection with the plot. Two of the five were young, 21 and 22 years old.
Since September 2023, these individuals have lured victims into investing in a fraudulent platform called “Biconomynft”, collecting more than 17.6 billion VND (approximately $710,000).
One of the victims was scammed out of more than VND1 billion ($40,000).
Pig butchering and romance scam
In romance scams, also known as pig-butchering scams, scammers befriend victims by feigning potential romantic interest or friendship.
In these scams, scammers gain the trust of their victims and convince them to invest large sums of money in a seemingly lucrative scheme. Once persuaded, victims are lured into investing in promising cryptocurrencies.
However, scammers usually have no intention of giving anything in return and disappear with the money.
In this case in Vietnam, the suspects used social media accounts to build relationships with victims and ultimately persuade them to invest in a fake cryptocurrency app.
After two people were arrested, police expanded the case and arrested three more people. All suspects have been charged with fraud and are being held pending further investigation.
