Vietnamese police arrest four suspects in crypto mining scam, with more than 200 victims

Vietnamese police have arrested four suspects in Dong Nai province who defrauded more than 200 victims of VND4 billion ($157,300) through cryptocurrency-related schemes. The suspects, led by Tran Minh Quang, allegedly created a fake cryptocurrency mining website called BitMiner and registered it under a Singaporean domain. The gang posed as a Dubai-based company to sell fake cryptocurrency mining packages and educational materials to appear legitimate. They also recruited multiple accomplices to spread false promises about their investment opportunities. Instead of using the funds for legitimate cryptocurrency mining, the scammers transferred all investments into wallets controlled by Quang and his accomplices. The arrests are part of a wider crackdown in Vietnam, where authorities have recently uncovered other digital asset fraud networks. One of the networks defrauded more than 400 individuals and 100 businesses of about $1.17 million by promoting the Quantum Financial System (QFS) coin.