Vietnamese police have dismantled a massive fake cryptocurrency scheme that defrauded investors of billions of dollars, arresting seven individuals linked to the platform used by millions nationwide.
Authorities said the scam, centred on a platform known as ONUS, was orchestrated by fintech figure Vuong Le Vinh Nhan, also known as Eric Vuong, who allegedly created and sold fake digital tokens while manipulating prices and supply to lure investors. The platform became inaccessible on March 20.
More than 140 individuals were questioned as part of the probe, with suspects now facing charges including property appropriation and money laundering.
The case underscores risks in Vietnam’s fast-growing crypto market, where digital asset trading thrives in a legal grey area. With an estimated 17 million crypto users, the country has emerged as one of the world’s most active markets, making it fertile ground for large-scale fraud.
Police have urged victims to come forward, with some reporting significant losses, including one investor who said they were “devastated” after losing over US$15,000.
