Police in Vietnam said they busted a multi-billion-dollar scam centered on selling fake digital currency to victims on an exceptionally large scale. At least seven people were arrested in connection with the fraudulent platform that was visited by millions of Vietnamese people, police said on March 26. Since 2018, Vuong and his group created fake cryptocurrencies, issuing and selling them to investors through a platform known as ONUS.
The platform, used by millions of Vietnamese people, became inaccessible as of March 20. Police said investors were defrauded of billions of dollars. After summoning more than 140 people for questioning, authorities arrested Vuong Le Vinh Nhan – a fintech and blockchain businessman also known as Eric Vuong – and six accomplices on charges of property appropriation and money laundering.
The young and upwardly mobile country of 100 million has been at the forefront of crypto adoption, with an estimated 17 million people owning digital assets, according to a 2025 ranking by consultancy Chainalysis. Police accused Vuong of promoting fake crypto, manipulating supply and demand as well as adjusting prices and urged investors to contact them with more information. Victims expressed disappointment, with one anonymous user saying they were devastated after losing over US$15,000 (S$19,300).
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