Vietnamese authorities like dismantled what they listing because the country’s ideal crypto fraud to this level, involving the ringleader and accomplices on the lend a hand of a multibillion-greenback Ponzi plan built spherical the digital token Paynet Coin (PAYN).
The Phu Tho Provincial Police acknowledged on Aug. 11 that the suspects lured thousands of victims in Vietnam and in one other country into an illegal multilevel advertising (MLM) operation disguised as a crypto funding platform, in line with a file by native media outlet Công an Nhân dân.
The spend of net sites comparable to FMCPAY.com and AFF2024.com, the community promised investors monthly returns of 5%–9% and extra commissions for recruiting others. Funds from unusual contributors were feeble to pay earlier investors, a conventional Ponzi development, per the authorities.
Investigators identified Nguyen Van Ha, forty five, from Gia Lai Province, because the mastermind. Despite having no formal IT practicing, Ha allegedly commissioned developers to make the PAYN blockchain, a refined security intention, and a rewards program designed to seem legitimate.
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PAYN scam falsely claimed US registration
The plan additionally misled contributors by claiming PAYN is also feeble to guide flights and accommodations and that its swap changed into as soon as registered in america, claims authorities vow were totally fabricated.
To manufacture trust and entice more victims, the community organized lavish seminars at 5-big name venues, portraying PAYN as a sound, high-return funding. Authorities tell Ha in my thought siphoned spherical $200 million for his agree with spend.
At the time of the arrests, cash changed into as soon as accumulated flowing into the platform from investors in countries in conjunction with India and the Philippines, authorities acknowledged.
Consistent with the Vietnamese on-line newspaper VnExpress, Police like seized and frozen sources worth $38 million, in conjunction with cash, foreign currencies and trusty property. Per the file, 20 were arrested within the case to this level.
Ha, his deputy Phan Viet Lap, and diverse defendants face expenses of violating MLM laws and the usage of electronic networks to suitable property below 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 line with CertiK. While Q2 saw $800 million misplaced across 144 incidents, a 52% drop in worth and 59 fewer hacks when in contrast with Q1, the year’s total to this level is already up simply about 3% from 2024.
After accounting for $187 million in recovered funds, adjusted losses stand at spherical $2.2 billion.
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