Millions of Vietnamese investors were reportedly defrauded through a large-scale cryptocurrency scheme centred on the ONUS platform, police said, as authorities arrested key figures behind the operation.
Police identified Vuong Le Vinh Nhan, a fintech and blockchain entrepreneur also known as Eric Vuong, along with six accomplices, as central to the scam.
Investigators allege the group promoted and traded fake digital tokens, including VNDC, ONUS, and HNG, manipulating supply, demand, and prices while presenting them as legitimate investment opportunities.
Tran Quang Chien, the technical administrator of the ONUS exchange, and Ngo Thi Thao, director of HanaGold Jewelry JSC, were also among those detained.
Ngo Thi Thao, Tran Quang Chien, and Vuong Le Vinh Nhan
The Ministry of Public Security said the investigation spanned multiple cities, including Hanoi, Ho Chi Minh City, Da Nang, Can Tho, and Dak Lak.
Over 140 individuals were summoned for questioning, and authorities seized computers, mobile devices, documents, and other evidence to prevent the suspects from destroying data or dispersing assets.
Criminal proceedings were launched on 23 March 2026 for “using computer networks, telecommunications, or electronic means to commit asset misappropriation” and “money laundering,” covering activities from 2018 to the present.
Authorities allege the group used false promotions and coordinated trading to inflate token prices artificially, keeping central control over the markets.
Investors reportedly lost billions of dollars, although police have not provided a detailed breakdown.
One victim said they were “devastated” after losing over US$15,000.
The ONUS platform, formerly known as VNDC Wallet, had marketed itself as a digital asset ecosystem offering trading, staking, and investment products with more than seven million users globally by the end of 2025.
ONUS is linked to Singapore-based XPLOR and backed by the US fintech company Vemanti Group.
Vemanti confirmed it learned of the indictments through the ministry and local media and engaged US legal counsel to assess the situation.
Nhan Vuong was identified as the company’s board chairman and Chien Tran as a board member.
Despite ONUS claiming over seven million users, market data aggregator CoinMarketCap lists its token with a self-reported market capitalisation of around US$25 million, highlighting a discrepancy between reported user activity and the value of assets.
Vietnam has allowed blockchain technology to grow in a legal grey area, banning crypto for payments but permitting speculation.
The country has emerged as one of the most active retail digital asset markets, with an estimated 17 million people owning cryptocurrencies, according to a 2025 Chainalysis ranking.
Police urged victims to come forward with more information as investigations continue into the large-scale fraud network.
Adobe’s Firefly Video Model enters the AI video space, competing with OpenAI’s Sora and startup Runway. Its key advantage lies in its seamless integration with Premiere Pro, giving it a potential edge in professional video editing. But will it challenge OpenAI, or remain a limited competitor?
CatherineEthereum's Pectra upgrade, set for March 2025, will improve scalability, reduce gas fees, and enhance user experience with features like Account Abstraction and Layer 2 storage improvements. Key changes also include larger validator staking and security upgrades, positioning Ethereum for better performance in the blockchain space.
WeatherlyAfter a Twitter discussion about his Belgian Malinois, CZ hinted at creating a meme coin inspired by his pet. Initially curious about meme coins, he later suggested he might "mull it over," sparking speculation about his involvement with meme tokens on BNB Chain. This marks a shift from his past criticism of meme coins, with dog-themed coins surging in popularity following his comments.
KikyoMehmet Aydın, founder of Çiftlik Bank, was sentenced to 45,376 years in prison for running a Ponzi scheme that defrauded over 500,000 people. He fled to Uruguay but was later extradited to Turkey, where he denied the charges but was convicted of fraud and money laundering.
WeatherlyCluCoin founder Austin Michael Taylor has requested probation after pleading guilty to a $1.1 million wire fraud scheme involving cryptocurrency. But does his crime warrant such leniency?
CatherineCoinbase is trying to restart its crypto operations in India after stopping them in 2023 due to regulatory issues. It is working with Indian authorities to meet compliance rules, following Binance’s successful return to the market.
AnaisSouth Korea plans to allow institutions like charities, universities, and crypto exchanges to sell crypto assets starting in 2025, helping them convert donations and transaction fees into cash.
WeatherlyBinance founder CZ revealed his dog’s name, Broccoli, igniting a surge in BROCCOLI-themed meme coins as a potential social experiment. Despite past criticism of meme coins, CZ remains neutral, vowing not to issue tokens himself. Is this a strategic market play or an attempt to exploit unsuspecting investors?
CatherinePresident Trump signed an executive order mandating reciprocal tariffs, with plans to impose additional import taxes on automobiles, semiconductors, and pharmaceuticals, marking a significant shift in US trade policy.
KikyoCatizen has outlined ambitious plans to integrate artificial intelligence into its platform, complementing its broader strategy to expand the Mini App Center, grow its user and payment base, and extend its geographic reach.
Catherine