Vietnamese police have dismantled a world crypto fraud community, arresting a number of suspects for swindling billions of VND from Vietnamese residents.
The operation, led by criminals working from the Laos’ Golden Triangle Particular Financial Zone, concerned scams attractive victims into faux romantic relationships and fraudulent crypto investments, in response to native information outlet Thanh Niên.
On October 4, authorities from Nghe An, Vietnam, reported that 5 Vietnamese suspects had been arrested for his or her involvement within the scheme. Two of the 5 people had been younger — aged 21 and 22.
Beginning in September 2023, these people lured victims into investing in a fraudulent platform referred to as “Biconomynft,” amassing over 17.6 billion VND (roughly $710,000).
One sufferer was defrauded of greater than 1 billion VND ($40,000).
Pig-butchering and romance scams
Romance scams, usually dubbed as pig butchering scams, contain fraudsters befriending victims beneath the pretense of a possible love curiosity or friendship.
In these scams, fraudulent actors acquire the belief of their victims and persuade them to make massive investments in seemingly profitable schemes. As soon as persuaded, victims are lured into investing in a promising cryptocurrency alternative.
Nevertheless, the scammer sometimes has no intention of offering any returns and vanishes with the cash.
On this case in Vietnam, the suspects used social media accounts to construct relationships with victims, ultimately convincing them to put money into their faux crypto app.
After the arrest of two people, police expanded the case, apprehending three extra people. All suspects face prices of fraud and are in custody pending additional investigation.
