Vietnamese police arrest five cryptocurrency scam suspects, suspected of embezzling over $530,000 in funds

PANews January 18 News, according to Crypto Politan reports, Vietnamese police in Da Nang arrested five suspects involved in operating a cryptocurrency scam ring. The Vietnamese police stated that these suspects, based in Cambodia, were running cryptocurrency scam activities. The scam allegedly mimicked the Nasdaq exchange, with the suspects embezzling 14 billion VND (approximately $532,800).

The police also mentioned that these suspects possessed a powerful telecommunications network and electronic devices, enabling them to carry out illegal activities from their residences in Da Nang. The gang used Zalo and Telegram to create dozens of fake accounts, post false trading activities, impersonate investment experts to lure victims into investing, and falsely report profits. After embezzling funds, the money was transferred through multiple bank accounts and ultimately converted into cryptocurrency to conceal its origin.