Vietnamese police have dismantled an international crypto fraud network, arresting multiple suspects for swindling billions of VND from Vietnamese citizens.&nbsp;
The operation, led by criminals working from the Laos’ Golden Triangle Special Economic Zone, involved scams enticing victims into fake romantic relationships and fraudulent crypto investments, <a href="https://thanhnien.vn/loi-keo-dau-tu-tien-ao-lua-dao-hang-chuc-ti-dong-qua-mang-185241004114931215.htm" target="_blank" rel="noopener noreferrer nofollow">according</a> to local news outlet Thanh Niên.
On October 4, authorities from Nghe An, <a href="https://crypto.news/tag/Vietnam/" target="_blank" rel="noopener noreferrer nofollow">Vietnam</a>, reported that five Vietnamese suspects were arrested for their involvement in the scheme.&nbsp;Two of the five individuals were young — aged 21 and 22.
Starting in September 2023, these individuals lured victims into investing in a fraudulent platform called “Biconomynft,” amassing over 17.6 billion VND (approximately $710,000).
One victim was defrauded of more than 1 billion VND ($40,000).
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/nearly-200-south-koreans-in-their-20s-hold-over-750k-in-crypto-report/"> Nearly 200 South Koreans in their 20s hold over $750k in crypto: report </a>
<h2 class="wp-block-heading" id="pig-butchering-and-romance-scams">Pig-butchering and romance scams</h2>
Romance scams, often dubbed as <a href="https://crypto.news/us-government-attempts-to-seize-200k-in-tether-that-was-part-of-pig-butchering-crypto-scam/" target="_blank" rel="noopener noreferrer nofollow">pig butchering scams</a>, involve fraudsters befriending victims under the pretense of a <a href="https://crypto.news/u-s-federal-trade-commission-warns-of-crypto-romance-scams/" target="_blank" rel="noopener noreferrer nofollow">potential love interest</a> or friendship.&nbsp;
In these scams, fraudulent actors gain the trust of their victims and convince them to make large investments in seemingly lucrative schemes. Once persuaded, victims are lured into investing in a promising cryptocurrency opportunity.
However, the scammer typically has no intention of providing any returns and vanishes with the money.
In this case in Vietnam, the suspects used social media accounts to build relationships with victims, eventually convincing them to invest in their fake crypto app.&nbsp;
After the arrest of two individuals, police expanded the case, apprehending three additional individuals.&nbsp;All suspects face charges of fraud and are in custody pending further investigation.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/crypto-phishing-losses-drop-to-43m-in-september-scam-sniffer/"> Crypto phishing losses drop to $43m in September: Scam Sniffer </a>

Crypto scam: Vietnamese police arrest 5 in crypto fraud ring

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