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Vietnamese police have dismantled a large-scale virtual currency scam involving approximately 390 million USD.

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May 28, 2025

Wu Shuo has learned that Vietnamese police have dismantled a major cyber fraud case involving the establishment of a virtual currency trading platform "MTC - Matrix Chain" to lure investors. The amount involved is nearly 10 trillion VND (approximately 390 million USD), with over 138 thousand accounts defrauded. Five main suspects have been arrested. The gang attracted funds through false advertising, high return promises, and multi-level marketing schemes, while manipulating token prices for illegal profits. Part of the defrauded funds was used to purchase real estate. The case is still under further investigation.

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