Vietnamese authorities have dismantled an international network of cryptocurrency scammers and arrested five people who defrauded local residents of billions of dong. According to local Thanh Nien news agency, the suspects, all Vietnamese nationals, were arrested after a series of coordinated operations.
In a scam carried out in Laos’ Golden Triangle Special Economic Zone, scammers created elaborate fake romantic relationships combined with fake cryptocurrency investments. Nghe An Police said two of the suspects, both in their early 20s, played a key role in luring the victims into the scam.
The group has collected more than VND17.6 billion (approximately $710,000) from the fraud platform Biconomynft since September 2023, authorities said. More than VND1 billion (approximately $40,000) ended up in the scammer’s coffers after defrauding just one victim, while other victims preyed on ordinary people. People’s financial stress.
Romance and the “pig butchering” scam
Similar to this scam, “pig butchering” scams involve criminals faking romantic interest in victims, usually through social media. These scammers then gradually gain the trust of their targets and gradually introduce them to fake investment opportunities in cryptocurrencies. As soon as the victim puts in the money, the scammer disappears and the victim is left penniless.
This time, the crime was facilitated through the use of social media platforms for socialization. This has led these criminals to build strong relationships with their victims and eventually convince them to believe in the fraudulent Biconomynft platform promising huge profits. After the initial arrest of two suspects from the group, Vietnamese authorities expanded the investigation and arrested three other suspects involved.
All five people currently in custody have been charged with fraud. Authorities say the case is ongoing as they try to determine how much money passed through the international network and who else was involved.
Growing Concern about Cryptocurrency Fraud
In recent years, as cryptocurrencies have become more popular, Vietnam has seen a rapid increase in crypto-related scams. To combat such crimes, law enforcement agencies around the world have stepped up their efforts, particularly taking advantage of the anonymity and weak individual trust of cryptocurrency transactions.
The new arrests highlight the importance of increasing public engagement with the dangers of online fraud, especially regarding cryptocurrencies. Police urged the public to be wary of online relationships and thoroughly research investment opportunities before parting with money.
international cooperation
Officials said dismantling international fraud rings often requires cross-border cooperation. In this case, tracking the suspect’s movements required coordination with Laotian authorities. Vietnam’s police have worked wholeheartedly with other law enforcement agencies across the country and around the world to bring perpetrators to justice and make them suffer for all the crimes they committed.
Authorities also hope to recover some of the swindled funds and provide some relief to victims of the massive scam. This incident is a reminder of the dangers of online fraud and constant awareness in the digital world.
