{"id":44634,"date":"2025-01-06T13:40:24","date_gmt":"2025-01-06T13:40:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/vietnam-police-crack-down-on-crypto-mining-scam-recover-4-billion-dong\/"},"modified":"2025-01-06T13:40:24","modified_gmt":"2025-01-06T13:40:24","slug":"vietnam-police-crack-down-on-crypto-mining-scam-recover-4-billion-dong","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/vietnam-police-crack-down-on-crypto-mining-scam-recover-4-billion-dong\/","title":{"rendered":"Vietnam police crack down on crypto mining scam, recover 4 billion dong"},"content":{"rendered":"

(Originally posted on : Invezz )<\/b>
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Police in Vietnam have taken down a cryptocurrency mining scam that targeted over 200 locals and stole over $150,000.<\/p>\n

A report<\/a> from local media outlet VnExpress claims four individuals, including 41-year-old Tran Minh Quang, have been arrested in Dong Nai Province in connection with the elaborate fraud.<\/p>\n

The scam in question was orchestrated via a fake cryptocurrency mining platform dubbed BitMiner, which offered unrealistic profit potential for investments. <\/p>\n

To mislead local authorities, the website was hosted on a domain based outside the country in Singapore.<\/p>\n

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Tran Minh Quang arrested by Vietnam police. Source: VnExpress.<\/p>\n

Quang, who is considered the mastermind behind the scheme, and his co-conspirators advertised BitMiner as a Dubai-based company, leveraging the city’s reputation as a global crypto hub to gain investor trust and mask their true intentions.<\/p>\n

The scam<\/h2>\n

According to authorities, the group recruited several promoters by promising them profits to bring in new investors. <\/p>\n

The promoters were trained to present BitMiner as a legitimate and highly profitable cryptocurrency mining platform equipped with advanced artificial intelligence-powered technologies.<\/p>\n

Further, they are equipped with manipulated trading accounts and other marketing materials to mislead victims into investing in several investment packages offered by the scammers.<\/p>\n

BitMiner offered four mining packages, namely Red Diamond, Blue Diamond, Diamond Gold, Black Diamond, and Green Diamond, each claiming to offer different levels of mining speed and profitability.<\/p>\n

To make the facade appear more real, investors were also invited to participate in online forums and training sessions where they were given presentations about advanced AI-powered mining technologies and promised guaranteed returns on their investments, the report added.<\/p>\n

However, instead of being used for cryptocurrency mining, all the funds collected from the victims were funnelled directly into digital wallets controlled by Minh and his accomplices. <\/p>\n

Authorities estimate that the scheme defrauded investors of approximately 4 billion Vietnamese dong (US$157,300) before it was dismantled.<\/p>\n

A surge in crypto scams in Vietnam<\/h2>\n

Authorities in Vietnam have had to deal with several major cryptocurrency-related scams over the past few months. <\/p>\n

Last month, Police in Hanoi raided<\/a> the headquarters of Million Smiles, a scam crypto firm that sold a fake cryptocurrency to investors and raked in over 30 billion Vietnamese dongs valued at over $1 million.<\/p>\n

Dubbed the Quantum Financial System coin, the token was advertised as being backed by ancient treasures, but in reality, it was just a gimmick. <\/p>\n

Funds acquired from investments were used for the scammers\u2019 personal gains and used to acquire office spaces in upscale villa areas to add more legitimacy to the entire act.<\/p>\n

Similarly, in October, law enforcement took down<\/a> a global crypto fraud network running romance scams operated by bad actors from the Laos\u2019 Golden Triangle Special Economic Zone. <\/p>\n

The scheme promoted another fake platform dubbed Biconomynft, which accrued over 17.6 billion VND while the scam was operational.<\/p>\n

As previously reported<\/a> by Invezz, the crypto sector lost over $3.6 billion to cryptocurrency investment scams in 2024. <\/p>\n

The post Vietnam police crack down on crypto mining scam, recover 4 billion dong<\/a> appeared first on Invezz<\/a><\/p>\n

Source link <\/a>
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(Originally posted on : Invezz ) Police in Vietnam have taken down a cryptocurrency mining scam that targeted over 200 locals and stole over $150,000. A report from local media outlet VnExpress claims four individuals, including 41-year-old Tran Minh Quang, have been arrested in Dong Nai Province in connection with the elaborate fraud. The scam […]<\/p>\n","protected":false},"author":3947362366,"featured_media":44635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[38],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/44634"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362366"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=44634"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/44634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/44635"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=44634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=44634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=44634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}