Vietnamese Authorities Uncover Massive Cryptocurrency Scam

Vietnamese police have dismantled a cryptocurrency scam of unprecedented scale, involving billions of dollars. According to Foresight News, the operation led to the arrest of blockchain entrepreneur Vuong Le Vinh Nhan, also known as Eric Vuong, and six associates on March 26. They face charges of illegal possession of property and money laundering. Since 2018, the group allegedly created and sold fraudulent cryptocurrencies through a platform named ONUS, which catered to millions of Vietnamese users and became inaccessible on March 20. Authorities accuse Eric Vuong of promoting fake tokens, manipulating supply and demand, and adjusting prices. Over 140 individuals have been summoned for investigation.