Hanoi City Police Department foiled a cryptocurrency scam targeting 300 potential victims and swindling nearly 30 billion VND ($1.17 million) from more than 100 companies – what’s going on with the latest cryptocurrency scam in Vietnam?
Authorities have arrested individuals associated with Million Smiles, a fraudulent company promoting an internal cryptocurrency called QFS, or Quantum Financial System.
The scam relied on deceptive advertising, falsely linking QFS to ancestral treasures. The scammers promised and demanded unrealistic financial returns possession QFS will give access to a unique financial ecosystem with benefits such as collateral-free financing and interest-free loans.
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Cryptocurrency scam in Vietnam: Victims were persuaded to invest up to $1,350
Police disrupted a planned meeting where Million Smiles aimed to convince 300 attendees to invest amounts ranging from 4-5 million dong ($190) for individuals to 39 million dong ($1,350) for companies.
Raid the company’s headquarters confiscation Documents, computers and other evidence. Investigations revealed that the QFS code was completely Fake and not legally recognized under Vietnamese law.
Cryptocurrency scam foiled in Vietnam
Hanoi Police stopped a $1.17 million cryptocurrency scam, protecting 300 victims from QFS fraud. Arrests have been made, but awareness is key to combating cryptocurrency scams.
What can be done to prevent such cases in the future? Share below! pic.twitter.com/eyvSx5gKie
– Backdoor News (Backdoor_News) December 30, 2024
Vietnamese authorities have consistently taken action against cryptocurrency-related scams. In October, police in Nghe An Province dismantled a Laos-based fraud network linked to fraudulent bank transfers and cryptocurrency investment scams.
In one case, scammers posing as trustworthy individuals stole more than 17.6 billion dong ($700,000) through a fake app called Biconomynft.
In June, four Vietnamese individuals They were accused In the United States for their alleged involvement in cyber attacks that resulted in losses exceeding $71 million for the affected companies.
A Vietnam-based cybercrime group, FIN9, organized cryptocurrency theft targeting US companies. The US Attorney’s Office in New Jersey charged four Vietnamese nationals: Ta Van Thai, Nguyen Viet Quoc, Nguyen Trang Xuyen, and Nguyen Van Trung.
Between May 2018 and October 2021, hackers used phishing and supply chain attacks to penetrate company networks and steal Non-public information and employee benefits.
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Web3 workers targeted by malware campaign
Earlier this month, cybersecurity firm Cado Security Labs warned that Web3 professionals have become the latest victims of a sophisticated malware campaign that uses fake meeting apps to steal sensitive credentials and crypto assets.
In a report, Tara Gould, head of threat research at Cado, explained that scammers are leveraging artificial intelligence (AI) to create compelling websites and social media profiles that mimic legitimate companies.
The malicious app, which was initially called “Meeten”, has undergone several changes. It now runs as “Meetio” and was previously used Domains such as Clusee.com, Cuesee, Meeten.gg, and Meetone.gg.
Once downloaded, the app deploys the Realst information theft tool to extract sensitive data, including Telegram logins, banking information, and cryptocurrency wallet credentials.
Similar schemes have appeared recently. In August, on-chain investigator ZackXBT identified 21 developers, potentially linked to North Korea, using fake identities to hack cryptocurrency projects.
Additionally, in September, the FBI warned of North Korean hackers targeting cryptocurrency companies and decentralized finance (DeFi) projects with malware disguised as job offers.
Recently, Japanese cryptocurrency exchange DMM Bitcoin announced its closure following a massive security breach in May that resulted in the loss of over $300 million. losses.
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