Vietnamese authorities have dismantled what they describe because the nation’s largest crypto fraud up to now, arresting the ringleader and accomplices behind a multibillion-dollar Ponzi scheme constructed across the digital token Paynet Coin (PAYN).
The Phu Tho Provincial Police stated 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 to a report by native media outlet Công an Nhân dân.
Utilizing web sites equivalent to FMCPAY.com and AFF2024.com, the group promised buyers month-to-month returns of 5%–9% and extra commissions for recruiting others. Funds from new contributors had been used to pay earlier buyers, a basic 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 look legit.
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PAYN rip-off falsely claimed US registration
The scheme additionally misled contributors by claiming PAYN could possibly be used to e book flights and inns and that its change was registered in the US, claims authorities say had been fully fabricated.
To construct belief and appeal to extra victims, the group organized lavish seminars at five-star venues, portraying PAYN as a legit, 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 buyers in nations together with India and the Philippines, authorities stated.
In accordance to the Vietnamese on-line newspaper VnExpress, Police have seized and frozen belongings value $38 million, together with money, foreign currency echange and actual property. Per the report, 20 have been arrested within the case thus far.
Ha, his deputy Phan Viet Lap, and different defendants face prices of violating MLM rules and utilizing digital networks to acceptable property beneath 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 response to 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 thus far is already up almost 3% from 2024.
After accounting for $187 million in recovered funds, adjusted losses stand at round $2.2 billion.
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