Draken

Key Points:<ul><li>Authorities estimate investor losses of about VND 2,000 billion, involving more than 1,880 BTC, 37,000+ ETH, and 2.7 million USDT.</li><li>Vietnam Police identified Huynh Duc Van (33) as the alleged leader, accusing him of running the scheme from early 2020 until its collapse in late 2021.</li></ul>Authorities in central Vietnam have arrested eight individuals in connection with an alleged large-scale <a href="https://coincu.com/scam-alert/hong-kong-jpex-fraud-prosecution/" rel="noopener noreferrer nofollow">cryptocurrency fraud</a> scheme involving the DRK token, with estimated losses of approximately VND 2,000 billion (around USD 80 million at 2021 exchange rates), according to official statements from Da Nang City Police and state media.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0e1d04822c5f458bb893d2427e04faca.png">Huynh Duc Van arrested in the large-scale cryptocurrency fraud case. Source: Da Nang City PoliceOn 15 December 2025, Da Nang City Police, acting under a directive from the Ministry of Public Security, coordinated with the Department of Cybersecurity and High-Tech Crime Prevention and the Da Nang People’s Procuracy to simultaneously arrest eight suspects and conduct searches at multiple locations.<h2 id="vietnam-police-trace-80-million-crypto-losses-to-draken-drk-scheme">Vietnam Police Trace $80 Million Crypto Losses to Draken (DRK) Scheme</h2>Police identified Huynh Duc Van, 33, a resident of Hoa Cuong Ward, Da Nang, as the alleged ringleader. Investigators said that beginning in early 2020, Van worked with three accomplices in Ho Chi Minh City and several other individuals to create a privately issued <a href="https://coinmarketcap.com/currencies/draken/" rel="noopener noreferrer nofollow">cryptocurrency project known as DRK</a>. Authorities described the project as a “ghost” or fictitious investment scheme.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d24b62cedc444ab4b998be466f629508.png">Evidence seized in the Huynh Duc Van case. Source: Da Nang City PoliceBased on digital evidence and transaction data collected during the investigation, police estimated that the group misappropriated more than 1,880 bitcoin (BTC), over 37,000 ether (ETH), and nearly 2.7 million USDT (Tether). Authorities said the combined value of these digital assets was approximately VND 2,000 billion at 2021 market prices.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/479abb71ec2a4dd3b275b7b3d4bf33fd.png">The Bitcoin wallet suspected to belong to Huynh Duc Van with more than 1,880 BTC. Source: 24hDuring the investigation, law enforcement agencies also froze bank accounts and seized or temporarily suspended transactions involving real estate and other assets with a combined estimated value exceeding VND 600 billion, according to police statements.<h2 id="huynh-duc-van-and-seven-others-placed-in-pretrial-detention">Huynh Duc Van and Seven Others Placed in Pretrial Detention</h2>On 16 December 2025, authorities announced that the case had been formally initiated, suspects had been charged, and Huynh Duc Van along with seven others had been placed in pretrial detention. Police said the investigation remains ongoing and may be expanded as additional evidence is reviewed.Officials emphasized that all figures released so far are based on preliminary assessments and could change as the investigation continues. Under Vietnamese law, individuals convicted of fraud and misappropriation of property involving particularly large sums may face severe <a href="https://coincu.com/news/chipmixer-investigation-leads-to-46m-crypto/" rel="noopener noreferrer nofollow">criminal penalties</a>.<a href="https://coincu.com/news/vietnam-police-arrest-8-drk-crypto-fraud/" rel="noopener noreferrer nofollow">Read more on Coincu.com</a>

Vietnam Police Arrest Huynh Duc Van (Kao Van) in $80 Million DRK Cryptocurrency Fraud Case

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