Crypto scam: Vietnamese police arrest 5 in crypto fraud ring

Vietnamese police have successfully dismantled an international crypto fraud network, arresting several suspects involved in defrauding citizens of billions of VND.

According to local news outlet Thanh Nien, the operation was orchestrated by criminals operating from the Golden Triangle Special Economic Zone in Laos. The scam lured victims into fake romantic relationships and fraudulent cryptocurrency investments.

On October 4, authorities in Nghe An, Vietnam, reported the arrest of five suspects, including two young individuals aged 21 and 22. Starting in September 2023, these suspects enticed victims to invest in a fake platform called “Biconomynft,” accumulating over 17.6 billion VND (approximately $710,000) in fraudulent funds. One victim lost more than 1 billion VND ($40,000).

Romance and Pig-Butchering Scams

The scheme is an example of a romance scam, often referred to as a “pig-butchering” scam, where fraudsters establish relationships with victims under the guise of potential love or friendship. These scammers gain the trust of their targets, convincing them to invest in lucrative-sounding opportunities. Once the victims invest, the scammers typically vanish without providing any returns.

In this instance, the suspects utilized social media to build relationships with their victims, ultimately persuading them to invest in the fraudulent crypto app. Following the initial arrests, police broadened their investigation and apprehended three additional suspects. All those involved are facing fraud charges and are currently in custody as the investigation continues.