Vietnamese Police Bust $1M Crypto Scam, Protect 300 Victims

Vietnamese police bust $1M crypto scam in a decisive operation, preventing 300 potential victims from falling prey to an elaborate fraudulent scheme. The scam, orchestrated by Million Smiles, siphoned $1.17 million from unsuspecting individuals and businesses across Vietnam.

This milestone operation highlights the relentless efforts of Vietnamese authorities in combating crypto-related crimes.

Vietnamese police bust $1M crypto scam: Unraveling the $1M Crypto Scam

The Hanoi City Police Department uncovered the scam, which targeted over 400 individuals and 100 businesses. The fraudulent company, Million Smiles, lured victims into investing in their in-house cryptocurrency, QFS (Quantum Financial System). By promoting deceptive advertising linking the token to ancestral treasures and spiritual claims, the scammers promised unrealistic returns and benefits such as collateral-free funding.

A police spokesperson revealed, The claims of QFS being a transformative financial system were entirely fictitious. No such token is recognized under Vietnamese law.

The scam’s mechanics involved persuading individuals to invest between 4–5 million dong (approximately $190) and up to 39 million dong ($1,350) for businesses. Million Smiles arranged promotional meetings to attract more victims. The police intervened just before a significant event involving 300 potential investors.

During the raid, authorities confiscated critical evidence, including documents, computers, and promotional materials. A detailed investigation confirmed the QFS token was fabricated and lacked any legal or financial legitimacy.

Nguyen Van Binh, a cybersecurity expert, remarked, These scams exploit trust and misinformation, preying on individuals with promises of life-changing financial opportunities.

Vietnamese Police bust $1M crypto scam has built a strong reputation for aggressively tackling crypto fraud. The recent operation is just one of many examples of how the country has taken decisive action against scammers exploiting the cryptocurrency boom.

In October, Vietnamese police bust $1M crypto scam dismantled a Laos-based scam network targeting citizens with fraudulent wire transfers. This operation led to the arrest of five individuals involved in a scheme that stole over 17.6 billion dong ($700,000) through a fake crypto app called “Biconomynft.”

Le Minh Khai, a financial crime analyst, emphasized, Vietnam’s approach to crypto crimes sets a precedent in the region. These actions protect not only the victims but also the integrity of the financial ecosystem.

Vietnam’s focus on tackling crypto-related crimes stems from its rapidly growing cryptocurrency adoption rate. However, this popularity has also made it a prime target for scammers. The authorities have intensified their efforts, leveraging advanced cybersecurity tools and community education to prevent such crimes.

To further safeguard the public, the government urges citizens to verify the legitimacy of investment platforms and tokens before committing funds.

As crypto scams evolve, international collaboration is becoming vital. Authorities in Vietnam work closely with global agencies to track and dismantle cross-border fraudulent operations.

Vietnamese police bust $1M crypto scam: Expert Opinions on the Growing Threat

Richard Carlton, CEO of a global crypto exchange, commented, The Vietnamese police busting a $1M crypto scam underscores the importance of vigilance in the crypto space. While the technology offers immense opportunities, its misuse by bad actors remains a challenge.

Similarly, Nguyen Thi Lan, a blockchain analyst, stated, Public awareness campaigns should complement law enforcement efforts. Education is key to reducing susceptibility to crypto scams.

The Vietnamese police bust of a $1M crypto scam sends a clear message to fraudsters. Authorities will not hesitate to act against individuals or organizations attempting to exploit citizens. The successful operation not only highlights Vietnam’s commitment to crypto security but also serves as a model for other nations combating similar crimes.

With the cryptocurrency market’s rapid evolution, vigilance, education, and stringent law enforcement are essential to ensuring a safe digital ecosystem. As Vietnam continues its crackdown on crypto fraud, the message is clear: Scammers have no place in the nation’s financial landscape. Get more from The Bit Gazette