🌎 Vietnam Authorities Bust Major Crypto Scam

Vietnam Authorities Crack Down on Major Cryptocurrency Scam

Authorities in Vietnam have cracked down on a major cryptocurrency scam that defrauded over 400 locals and 100 businesses out of roughly $1.17 million.

Million Smiles: A Fake Token Scheme

The Hanoi police have apprehended the general director and seven key suspects involved in a cryptocurrency fraud scheme involving the sale of a fake token created and operated by a company whose name translates to “Million Smiles.”

The scammers promised exorbitant returns on investments in the Quantum Financial System coin, which they claimed were backed by assets and treasures that were said to have been preserved by ancient family dynasties for hundreds of years.

How the Scam Operated

Victims were also lured in with promises of access to an exclusive financial ecosystem, where they would receive capital support for business ventures without the need for collateral or interest payments.

However, the claims were false, and the QFS coin was backed by nothing, the investigation revealed. During a raid on the company’s headquarters, police seized documents, computers, and other evidence, uncovering the extent of the fraud.

Preventing Further Damage

Police also managed to intervene just before a planned conference with 300 potential investors, preventing the scammers from further promoting the QFS coin and luring in more victims.

Scale of the Scam

The scheme targeted individuals with investment amounts ranging from 4–5 million dong (approximately $190) and businesses with demands of up to 39 million dong (around $1,350) per coin.

While active, authorities estimate the scheme may have scammed 100 businesses and nearly 400 individuals out of 30 billion Vietnamese dong ($1.17 million).

Warning Signs of a Crypto Scam

Some common warning signs of a crypto scam include:

Promises of unusually high returns on investment
Claims of exclusive access to a financial ecosystem or special opportunities
Requests for large sums of money or sensitive information
Lack of transparency or clear information about the investment

Staying Safe in the Crypto Market

As investment fraud schemes grow increasingly sophisticated and deceptive, it’s more crucial than ever for individuals and businesses to stay informed, exercise caution, and thoroughly investigate opportunities before committing.