TechFlow news, January 18 — According to Crypto Politan, Vietnamese police have arrested five suspects in the Da Nang region over allegations of operating a cryptocurrency scam ring.
In a statement, Vietnamese authorities said the suspects operated from Cambodia, running cryptocurrency fraud operations that allegedly mimicked the NASDAQ exchange. The scheme is suspected of embezzling 14 billion Vietnamese dong (approximately USD 532,800). Police noted that the suspects possessed sophisticated telecommunications networks and electronic equipment, enabling them to carry out illegal activities from their residences in the Da Nang area. The group used Zalo and Telegram to create dozens of fake accounts, posted fraudulent trading activities, impersonated investment experts to lure victims into investing, and falsely reported profits. After embezzling funds, the money was transferred through multiple bank accounts and ultimately converted into cryptocurrency to conceal its origin.
