TechFlow reports that on December 30, according to Cointelegraph, Vietnamese police successfully cracked down on a $1.17 million cryptocurrency scam, protecting 300 potential victims. The fraud was orchestrated by the company "Million Smiles," involving a fraudulent token called QFS (Quantum Financial System), which had swindled 30 billion Vietnamese dong ($1.17 million) from approximately 100 businesses and 400 individuals.
The company used false marketing claims linking QFS to ancestral treasures and spiritual beliefs, promised unrealistic high returns, and claimed that holding QFS tokens would enable access to financing without collateral or interest. Police raided the headquarters of "Million Smiles," seizing relevant documents and equipment, and found that the QFS token was not legitimate.
