Vietnamese Police Arrest Gang Accused of $394M Matrix Chain Scam

The police in Vietnam has arrested a gang accused of orchestrating a crypto -wambling that deceives tens of thousands of people for an amount of almost $ 400 million (VND10 trillion).

“Many elite officers and soldiers” who work around the clock for 200 days were involved in dismantling the matrix chain, According to the Ministry of Public Security.

It is claimed that victims were seduced with the promise of “super big profit” and healthy committees, but officials said that the sign that they finally bought was worthless.

Four men and one woman – born between 1980 and 1991 – have been held, with detectives that search their qualities and workplaces.

Officials claim that a system was founded at several levels in three regions in Vietnam, with failed investors told to pay a nominal fee of 1 USDT to download the software from the Matrix chain.

Of the money collected, around 40% were spent on “regional leaders” who try to recruit new users and were spent 5% on marketing, using the rest for lush purchases.

Detectives said that the alleged leader of the gang, Nguyen Quoc Hung, considered buying houses, apartments and land in various Vietnamese cities.

Promotional events and training sessions were also launched on Telegram and Facebook – involving victims to make further deposits by set goals.

It is estimated that the matrix chain had more than 185,000 registered accounts, with 394.2 million USDT deposited and led by Safepal Wallets.

A statement suggests that Hung is known to contact anonymous developers on Telegram to develop the platform on his behalf in 2023 – and paid $ 20,000.

It is also claimed that he checked a wallet with 100 million MTC tokens together with a conspirator and manipulated his market value to extract additional funds of victims.

According to the local news site VnexpressDozens of alleged accomplices are now being investigated with regard to the pyramid schedule.

Research Chainalysis last year showed that Vietnam was in fifth place in the Global Crypto Adoption Index – compared to 2023 in two places.

In March, Vietnamese Prime Minister Phạm Minh Chính ordered the Ministry of Finance of the Land and the State Bank of Vietnam to introduce a legal framework for digital assets, with a view to offering a “safer, more transparent environment for crypto transactions.”