Vietnamese police recently uncovered a major cryptocurrency fraud case involving about 900 billion dong, or US$34.2 million, and as many as 30,000 victims. The main suspect, a prominent investor in Hanoi’s technology sector, has been formally charged.
Police said the man formed a team in 2021 under the name Antex cryptocurrency, promising a domestic blockchain and digital-wallet system and attracting thousands of investors. Although development was not completed, the suspect allegedly issued and sold tens of billions of tokens in advance, rapidly cashing out funds.
To maintain confidence, the investor also used his social-media influence to claim his Next100 blockchain fund would provide substantial support. Investigators said the money raised was instead transferred to personal accounts and affiliated companies for private spending and internal distributions, leaving many investors with total losses.
Police also alleged that the suspect used two sets of books at a real-estate company he established to conceal income and evade taxes, causing losses to state revenue.
Nine people connected with the case have been charged, and police are tracing funds and other potentially related projects. Vietnam’s Ministry of Public Security urged caution over supposedly high-return cryptocurrency projects and warned of financial fraud.
Compiled by this station
