On May 28, the Dong Nai Provincial Police, in coordination with the Ministry of Public Security and functional forces from multiple localities nationwide, simultaneously launched an operation and successfully dismantled one of the largest cryptocurrency investment fraud networks in Vietnam's history. This network operated nationwide, using sophisticated methods to defraud investors of a total of over 10,000 billion dong through a cryptocurrency project called MTC.
According to initial investigation results, the fraud organization was led by Nguyen Quoc Hung and Bui Thi Thanh Nga, operating in a disguised multi-level marketing scheme. The perpetrators attracted over 138,000 participants by painting a picture of high-profit investments with the MTC cryptocurrency - a coin with absolutely no real market value.
To build the system, the group hired programmers to develop a digital platform, establishing a SafePal digital wallet integrated with the B2B Smart Trade transaction system. Users were charged 1 USDT per account, which was then allocated through a multi-level mechanism: 40% shared among "leaders", 5% for project promotion, and 55% withdrawn by the leading group for embezzlement.
Additionally, the group listed the MTC coin on the decentralized exchange PancakeSwap to build investor confidence. However, to control and manipulate prices, they retained 11 wallets containing hundreds of millions of MTC, conducting internal transactions to artificially raise prices and continue extracting USDT from new participants.
Not stopping there, the perpetrators organized multiple groups on social platforms like Facebook and Telegram to train "leaders", build an investment community, and promote the project. During their communication, the group promised high interest rates and attractive commissions to attract more investors and quickly expand their network.
By the time of discovery and dismantling, the network had registered over 138,000 accounts, with investors depositing a total of over 394 million USDT, equivalent to over 10,000 billion dong at current exchange rates. This is considered the largest cryptocurrency investment fraud in Vietnam's history, shocking public opinion and urgently calling for tighter regulation of the rapidly developing cryptocurrency market.
