Police in Hanoi, Vietnam, have stopped a cryptocurrency rip-off that had already stolen round 30 billion Vietnamese dong, value roughly $1.17 million, from about 400 individuals and 100 companies.
In keeping with VTV, Vietnam’s nationwide tv channel, the scheme was run by a bunch known as Million Smiles.
It focused people and companies with false guarantees tied to a token known as Quantum Monetary System (QFS).
Do you know?
Subscribe – We publish new crypto explainer movies each week!
How Do KYC & AML Work in Crypto? (Defined)
The Hanoi Metropolis Police Division uncovered plans for the group to carry a big assembly with 300 potential traders to push QFS additional.
The group aimed to acquire investments starting from 4 to five million dong, equal to $190, from people and as much as 39 million dong (round $1,350) from companies.
Nevertheless, earlier than the assembly might occur, legislation enforcement intervened. Officers raided the corporate’s headquarters, seizing paperwork, computer systems, and different supplies.
Investigations revealed that the QFS token was faux and never legally acknowledged in Vietnam. The operation was uncovered as a rip-off designed to take advantage of belief and encourage monetary contributions.
QFS was promoted as a singular cryptocurrency, claiming it was linked to non secular beliefs and historical treasures. Million Smiles promised those that invested would achieve entry to a particular monetary system providing advantages like interest-free funding.
In Lagos, Nigeria, the Financial and Monetary Crimes Fee (EFCC) shut down faux crypto and on-line relationship scams. How did the case unfold? Learn the complete story.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.
With near a decade of expertise within the FinTech trade, Aaron understands all the greatest points and struggles that crypto fans face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.
Aaron is the go-to particular person for every thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to remodel the area as we all know it, and make it extra approachable to finish inexperienced persons.
Aaron has been quoted by a number of established shops, and is a printed creator himself. Even throughout his free time, he enjoys researching the market tendencies, and searching for the following supernova.
