Authorities in Vietnam have broken up an international network of cryptocurrency fraudsters, arresting five individuals who defrauded local citizens’ billions of VND. After a series of coordinated operations, the suspects, all Vietnamese nationals, were apprehended, according to Thanh Niên local news outlet.
Because of the scam run from the Golden Triangle Special Economic Zone in Laos, crooks created elaborate fake romantic relationships combined with bogus cryptocurrency investments. Two of the suspects in their early twenties played a crucial role in luring victims to scam, police in Nghe An announced.
Authorities say the group has amassed over 17.6 billion VND (about $710,000) from its fraudulent platform, “Biconomynft,” since September 2023. Scamming one victim alone brought over 1 billion VND ($40,000) into the scammers’ coffers, and others preyed upon ordinary people’s financial stress.
Romance and “Pig-Butchering” Scams
As with this scam, a “pig butchering” scam involves criminals faking romantic interest in victims, usually through social media. Then, these fraudsters gradually gain the trust of their targets before slowly introducing them to fake investment opportunities — often in cryptocurrencies. As soon as the victims put in some money, scammers disappear and leave the victims broke.
This time, the crime was facilitated using social media platforms for socialization. This led these criminals to create solid relationships with their victims to finally persuade them to believe in the fraudulent Biconomynft platform that promised huge earnings. After two suspects from the group were arrested at first, Vietnamese authorities widened the investigation and arrested three other suspects who were involved in it.
All five individuals in custody now are charged with fraud. Authorities are trying to discover how much money passed through the international network and who else was involved, and they have said the case is ongoing.
Rising Concerns Over Crypto Scams
In the past few years, crypto-related fraud has surged in Vietnam as the assets gain more popularity. To combat such crimes, law enforcement agencies worldwide are stepping up efforts, particularly those that take advantage of cryptocurrency transactions’ anonymity and the confidence of weak individuals.
New arrests highlight the importance of greater public engagement in the dangers of being scammed online, especially around cryptocurrency. Police have asked citizens to be on guard for online relationships and to thoroughly research any investment opportunity before parting with money.
International Cooperation
Authorities said cross-border cooperation is often necessary to dismantle international fraud rings. In this case, tracking the suspects’ activities required coordination with officials in Laos. Vietnam’s police have cordially cooperated with other law enforcement agencies nationwide and worldwide to bring the perpetrators to justice and let them suffer the whole sequel of their crimes.
Authorities also hope to recover some of the defrauded funds and to provide some relief to the victims of the big-time fraud. This incident is a reminder of the perils of online fraud and constant awareness in the digital world.
