Vietnamese Police Arrest 5 in Crypto Scam Ring

Vietnamese police have broken up an international crypto scam network and arrested several people they think stole billions of VND from Vietnamese people

According to a local news source, Thanh Niên, the operation was run by criminals from Laos’ Golden Triangle Special Economic Zone. It involved scams that got people into fake relationships and fake cryptocurrency investments.

Five Vietnamese suspects were arrested on October 4 for their part in the plan, according to the government of Nghe An, Vietnam. Two of the five people were young, 21 and 22 years old.

Beginning in September 2023, these people tricked people into investing in a fake platform called “Biconomynft,” making over 17.6 billion VND, about $710,000.

Someone was ripped off of more than 1 billion VND ($40,000).

Scams Involving Pigs and Love

Romance scams, which are sometimes called “pig butchering scams,” involve con artists making friends with people by pretending to be a possible love interest or friend.

Scammers get their victims to trust them and then convince them to put a lot of money into plans that look like they will make them a lot. Once people are convinced, they are tricked into investing in a cryptocurrency chance that looks good.

However, the con artist usually has no plans to return the money and disappears with it.

In this case, from Vietnam, the suspects used social media to get to know the victims and finally got them to invest in their fake cryptocurrency app.

Once two people were arrested, the cops expanded the investigation and arrested three more. The suspects are all being held in jail while more research is done. They are all being charged with theft.