📣 Vietnamese Police Foil $1M Crypto Scam, Halt New Fraud
posted 30 Dec 2024
Vietnamese authorities have uncovered and dismantled a large-scale cryptocurrency scam.
Run by a company called Million Smiles ("Triệu Nụ Cười"), a group of scammers defrauded around $1.17 million (about 30 billion Vietnamese dong) from approximately 100 businesses and 400 individuals.
Authorities intervened just as the group was planning another round of fraudulent activities, protecting 300 potential investors in Hanoi.
The scam revolved around promoting a fake cryptocurrency called QFS (Quantum Financial System). Million Smiles claimed that QFS was linked to ancestral wealth and spiritual concepts, making the token more attractive to potential investors.
They also promised investors access to a unique financial ecosystem offering benefits such as funding without collateral or interest.
According to a local report by VTV, scammers organized promotional events, including a planned conference for 300 potential investors at Bao Son Paradise in Hanoi.
Law enforcement intervened on December 24, 2024, preventing the event and detaining the company's general director along with seven associates. A search of their headquarters led to the seizure of numerous documents, computers, and other materials related to the fraudulent activities.
Investigations revealed that investors were persuaded to contribute amounts ranging from 4–5 million dong (approximately $190) to 39 million dong (about $1,350) for businesses. The QFS token, however, was entirely fictitious and not recognized under Vietnamese law.
Hanoi’s Investigation Security Agency stated that they continue to monitor and act against such fraudulent schemes to protect citizens from financial exploitation.
Authorities intervened just as the group was planning another round of fraudulent activities, protecting 300 potential investors in Hanoi.
The scam revolved around promoting a fake cryptocurrency called QFS (Quantum Financial System). Million Smiles claimed that QFS was linked to ancestral wealth and spiritual concepts, making the token more attractive to potential investors.
They also promised investors access to a unique financial ecosystem offering benefits such as funding without collateral or interest.
According to a local report by VTV, scammers organized promotional events, including a planned conference for 300 potential investors at Bao Son Paradise in Hanoi.
Law enforcement intervened on December 24, 2024, preventing the event and detaining the company's general director along with seven associates. A search of their headquarters led to the seizure of numerous documents, computers, and other materials related to the fraudulent activities.
Investigations revealed that investors were persuaded to contribute amounts ranging from 4–5 million dong (approximately $190) to 39 million dong (about $1,350) for businesses. The QFS token, however, was entirely fictitious and not recognized under Vietnamese law.
Hanoi’s Investigation Security Agency stated that they continue to monitor and act against such fraudulent schemes to protect citizens from financial exploitation.
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