Vietnamese Police Thwart $1.17M Crypto Scam, Prevent 300 Potential Victims
Police in Vietnam have foiled a crypto fraud that has so far robbed 30 billion dong ($1.17 million) from over 100 businesses and 400 individuals. Operating under the company name of Million Smiles, fraudsters targeted Vietnamese nationals with lofty returns on an in-house cryptocurrency, QFS otherwise known as Quantum Financial System.
Crypto Fraud Exposed
Million Smiles attracted people through various devious ways, claiming that their QFS token was pegged to ancestral treasures and spiritual benefits. Investors were led to believe that they would get access to a special financial ecosystem with funding without collateral or interest. These wild promises attracted innocent individuals and businesses to invest in them.
Authorities were tipped about the scam when Million Smiles organized a big meeting to sell QFS to 300 potential victims. During such meetings, attendees were asked to invest between 4–5 million dong ($190) for individuals and up to 39 million dong ($1,350) for businesses.
Police Action Thwarts Further Losses
In one fell swoop, the Hanoi City Police Department raided the firm’s headquarters and seized crucial evidence, including documents, computers, and promotional materials that were critical in their investigation process. Investigations revealed that this QFS token was fictitious and not recognized under the law in Vietnam. This timely intervention saved 300 potential victims from falling into the trap.
Vietnam’s Ongoing Fight Against Crypto Fraud
This incident simply underlines the fact that crypto fraud is a continuing battle the Vietnamese government undertakes. The Vietnamese authorities have not been new to such kind of crimes.
In October, police in Nghe An disrupted another scam group operating across borders under the organization of off-shore individuals where members used tactics such as “pig-butchering,” in which scammers gain trust over time before hoodwinking victims into fake investment.
One victim from Ho Chi Minh City was tricked into investing in a fake app, “Biconomynft,” losing over 17.6 billion dong ($700,000) over several months. These scams have highlighted the need for greater public awareness and regulatory action to protect investors in Vietnam’s growing cryptocurrency space.
Raising Awareness and Strengthening Regulation
The proactive approach by the Vietnamese government sends a warning to bad actors trying to take advantage of the crypto market. More public education and strict enforcement are needed regarding this fast-evolving business in cryptocurrency to protect investors.
