Vietnamese police have cracked an encryption fraud case named Matrix Chain, involving an amount close to 400 million USD. According to an announcement from the official website of the Vietnamese Ministry of Public Security, the police in the same province of Vietnam, in conjunction with police from multiple locations, have cracked the encryption fraud case named Matrix Chain, involving an amount of 394.2 million USDT (approximately equivalent to nearly 100 trillion Vietnamese dong), and arrested 5 main suspects.

The group is suspected of establishing a virtual currency platform "Matrix Chain" (MTC) to carry out large-scale fraud. Since 2023, the group has lured over 138,000 accounts to invest through a multi-level pyramid scheme and false promises, and transferred funds through the SafePal wallet, illegally profiting and purchasing multiple properties. The main perpetrator, Nguyen Quoc Hung, once spent 20,000 USD to hire an anonymous developer to build the platform, and manipulated 100 million MTC tokens to manipulate the price to carry out the fraud.