Vietnam has revealed a Ponzi scheme that attracted thousands of investors. Authorities have arrested over 20 individuals and frozen assets worth $38 million.
The Fraud Scheme
According to authorities in Phu Tho Province, the fraudulent network attracted thousands of investors from Vietnam and abroad through a fake investment platform disguised as a multilevel marketing program. Victims were promised monthly returns of up to 9% and recruitment bonuses, with payouts funded by money from new participants. The scheme's architect was identified as Nguyen Van Ha from Gia Lai Province, who, lacking formal IT training, hired developers to create the PAYN blockchain and a rewards system.
Arrests and Seizures
Currently, more than 20 suspects have been arrested. Authorities have frozen $38 million in assets, including cash, foreign currency, and real estate. Investigations revealed that the platform continued to attract funds from countries like India and the Philippines at the time of the crackdown.
Global Crypto Fraud Losses
This case adds to a year already marked by significant losses in the crypto industry. CertiK data shows that in the first half of 2025, global losses from hacks, scams, and exploits totaled $2.47 billion, with net losses of $2.2 billion after partial recoveries.
The revelation of the fraud scheme in Vietnam highlights the importance of being cautious with investments and the need to raise awareness of the risks associated with cryptocurrencies.
