Vietnamese authorities have dismantled what they describe because the nation’s largest crypto fraud thus far, arresting the ringleader and accomplices behind a multibillion-dollar Ponzi scheme constructed across the digital token Paynet Coin (PAYN).
The Phu Tho Provincial Police mentioned on Aug. 11 that the suspects lured 1000’s of victims in Vietnam and abroad into an unlawful multilevel advertising and marketing (MLM) operation disguised as a crypto funding platform, in accordance with a report by native media outlet Công an Nhân dân.
Utilizing web sites corresponding to FMCPAY.com and AFF2024.com, the group promised traders month-to-month returns of 5%–9% and extra commissions for recruiting others. Funds from new individuals have been used to pay earlier traders, a traditional Ponzi construction, per the authorities.
Investigators recognized Nguyen Van Ha, 45, from Gia Lai Province, because the mastermind. Regardless of having no formal IT coaching, Ha allegedly commissioned builders to create the PAYN blockchain, a complicated safety system, and a rewards program designed to seem official.
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PAYN rip-off falsely claimed US registration
The scheme additionally misled individuals by claiming PAYN may very well be used to e-book flights and motels and that its trade was registered in america, claims authorities say have been totally fabricated.
To construct belief and appeal to extra victims, the group organized lavish seminars at five-star venues, portraying PAYN as a official, high-return funding. Authorities allege Ha personally siphoned round $200 million for his personal use.
On the time of the arrests, cash was nonetheless flowing into the platform from traders in international locations together with India and the Philippines, authorities mentioned.
Based on the Vietnamese on-line newspaper VnExpress, Police have seized and frozen property price $38 million, together with money, foreign currency and actual property. Per the report, 20 have been arrested within the case to date.
Ha, his deputy Phan Viet Lap, and different defendants face expenses of violating MLM rules and utilizing digital networks to applicable property underneath Vietnam’s Penal Code.
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Crypto hack losses hit $2.47 billion in H1
Losses from crypto hacks, scams, and exploits reached $2.47 billion within the first half of 2025, in accordance with CertiK. Whereas Q2 noticed $800 million misplaced throughout 144 incidents, a 52% drop in worth and 59 fewer hacks in comparison with Q1, the 12 months’s whole to date is already up practically 3% from 2024.
After accounting for $187 million in recovered funds, adjusted losses stand at round $2.2 billion.
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