Vietnamese police have arrested five individuals associated with a major cryptocurrency scam network, run by foreign perpetrators.
On October 4, law enforcement agencies in the Nghe An province, located on the border with Laos, dismantled a fraudulent group operating from Laos. The organized crime group specialized in fraudulent money transfers and cryptocurrency scams, including "pig-butchering" schemes and deceptive investments.
Two suspects were detained after the investigation confirmed their direct connection to the cryptocurrency scams. One of the participants joined the group in September 2023 and in February of the same year created fake social media accounts, through which he lured victims into romantic and investment fraud.
The scammers tricked victims into handing over large sums of money, promising high returns on non-existent cryptocurrency platforms such as "Biconomynft." One victim, a resident of Ho Chi Minh City, had more than 17.6 billion Vietnamese dong (around 700,000 USD) stolen.
The fraudsters followed the same scheme: they first paid small sums as "returns" to build trust, but then blocked access to the invested funds.
