The Hanoi City Police Department has thwarted a crypto scam targeting 300 potential victims and defrauding approximately 30 billion Vietnamese dong ($1.17 million) from over 100 businesses – what’s going on with the latest Vietnam crypto scam?
Authorities apprehended individuals associated with Million Smiles, a fraudulent company promoting an in-house cryptocurrency called QFS, or Quantum Financial System.
The scam relied on deceptive advertising, falsely linking QFS to ancestral treasures. The scammers promised unrealistic financial returns and claimed owning QFS would grant access to a unique financial ecosystem with benefits such as collateral-free funding and interest-free loans.
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Vietnam Crypto Scam: 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 businesses.
A raid on the company’s headquarters confiscated documents, computers, and other evidence. Investigations revealed that the QFS token was entirely fictitious and not legally recognized under Vietnamese law.
🚨 Crypto Scam Foiled in Vietnam
Hanoi police stop a $1.17M crypto scam, protecting 300 victims from QFS fraud. Arrests made, but awareness is key to fighting crypto 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 crypto scams. In October, police in Nghe An province dismantled a Laos-based scam ring linked to fraudulent wire transfers and crypto investment scams.
In one case, scammers posing as trustworthy individuals stole over 17.6 billion dong ($700,000) through a fake app called Biconomynft.
In June, four Vietnamese individuals were charged in the US for their alleged involvement in cyber attacks that resulted in losses exceeding $71 million for victim companies.
A Vietnam-based cybercrime group, FIN9, orchestrated the crypto heist targeting U.S. companies. The U.S. Attorney’s Office in New Jersey charged four Vietnamese nationals: Ta Van Tai, Nguyen Viet Quoc, Nguyen Trang Xuyen, and Nguyen Van Truong.
Between May 2018 and October 2021, the hackers used phishing and supply chain attacks to breach corporate 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 employs fake meeting apps to steal sensitive credentials and crypto assets.
In a report, Cado’s threat research lead, Tara Gould, detailed that scammers are leveraging artificial intelligence (AI) to craft convincing websites and social media profiles that mimic legitimate companies.
The malicious app, initially called “Meeten,” has undergone several rebrands. It now operates as “Meetio” and previously used domains such as Clusee.com, Cuesee, Meeten.gg, and Meetone.gg.
Once downloaded, the app deploys a Realst information stealer to extract sensitive data, including Telegram logins, banking information, and cryptocurrency wallet credentials.
Similar schemes have surfaced recently. In August, on-chain investigator ZackXBT identified 21 developers, likely linked to North Korea, using fake identities to infiltrate crypto projects.
Additionally, in September, the FBI warned of North Korean hackers targeting crypto firms 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 over $300 million in losses.
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