Hanoi Police Prevent Major Crypto Scam, Save 300 Potential VictimsHanoi Police Prevent Major Crypto Scam, Save 300 Potential Victims
The Hanoi City Police Department in Vietnam has prevented 300 potential victims from investing in an elaborate crypto scam that had already defrauded 30 billion Vietnamese Dong ($1.17 million) from approximately 100 businesses and 400 individuals.
Crackdown on Million SmilesCrackdown on Million Smiles
Hanoi police apprehended individuals connected to Million Smiles, a company that orchestrated an illegal and fraudulent crypto investment scheme targeting Vietnamese citizens, according to VTV, the national television broadcaster of Vietnam.
Million Smiles promoted an in-house cryptocurrency, QFS (Quantum Financial System), using deceptive advertising that linked it to ancestral treasures and spiritual claims.
In addition to promising unrealistic returns, the company falsely claimed that owning QFS would allow individuals and businesses to access a financial ecosystem with benefits like funding without collateral or interest.
Foiling the Elaborate Crypto ScamFoiling the Elaborate Crypto Scam
Law enforcement reportedly intercepted Million Smiles’ plan to host a meeting with 300 customers to further promote QFS. The fraudsters attempted to persuade individuals to invest roughly 4–5 million dong (roughly $190) and up to 39 million dong ($1,350) for businesses in the meetings.
Police raided the company’s headquarters, confiscating documents, computers, and other materials. Subsequent investigations revealed that the QFS token was fictitious and not recognized under Vietnamese law.
Related Efforts: Blockchain Strategy in VietnamRelated Efforts: Blockchain Strategy in Vietnam
Vietnam recently released a blockchain strategy, aiming for regional leadership in the technology sector. However, the country remains vigilant against crypto-related fraud.
Vietnam: Not a Safe Haven for Crypto FraudVietnam: Not a Safe Haven for Crypto Fraud
Vietnamese authorities have a strong track record of crypto crackdowns. In October, a provincial police force arrested five individuals connected to an elaborate crypto scam network led by offshore bad actors.
The Nghe An Province CrackdownThe Nghe An Province Crackdown
On Oct. 4, police from Nghe An, a province bordering Laos and the Gulf of Tonkin, dismantled a Laos-based scam ring linked to fraudulent wire transfers. The scammers were led by offshore individuals specializing in pig-butchering and crypto investment scams.
One scammer, posing as a woman, gained the trust of a man from Ho Chi Minh City. The victim was deceived into investing in “Biconomynft,” a fake app that promised exorbitant returns. Over several months, the scammer stole more than 17.6 billion dong ($700,000) from the victim.