Vietnamese police arrest 5 in crypto fraud ring

Vietnamese police have busted an international crypto fraud network, arresting multiple suspects for defrauding Vietnamese citizens of billions of VND.

According to local news outlet Thanh Niên, the operation, carried out by criminals working in Laos’ Golden Triangle Special Economic Zone, involved scams that enticed victims into fake romantic relationships and fraudulent crypto investments.

On October 4, authorities in Nghe An, Vietnam, reported the arrest of five Vietnamese suspects for their involvement in the plot. Two of the five were teenagers; They are 21 and 22 years old.

Starting in September 2023, these individuals convinced victims to invest in the fraudulent platform called “Biconomynft”, which collected more than VND17.6 billion (approximately $710,000).

One victim was defrauded of more than VND1 billion ($40,000).

Pig butchery and love scams

Romance scams, often referred to as pig slaughter scams, involve scammers befriending victims under the pretext of a potential love interest or friendship.

In these scams, fraudulent actors gain the trust of their victims and persuade them to make large investments in seemingly lucrative schemes. Once convinced, victims are encouraged to invest in a promising cryptocurrency opportunity.

However, the fraudster usually has no intention of making any return and disappears with the money.

In this case from Vietnam, the suspects used social media accounts to establish relationships with victims and eventually persuaded them to invest in fake crypto apps.

After two people were detained, the police expanded the investigation and caught 3 more people. All of the suspects face fraud charges and are being held in custody pending further investigation.