Can the crypto project pump and dump be prosecuted criminally?
Lawyer Ha affirmed: It is entirely possible, based on Article 174 of the Penal Code regarding the crime of fraud to appropriate property, especially when Resolution 05/2025 has recognized cryptocurrency as property.
When the team issues a token, they often retain a large portion (about 60%) and commit to gradually unlocking it. If they intentionally issue beyond the limit, secretly dump tokens for profit causing the price to crash – this act can be seen as deceitful to appropriate property.
Traces can be traced through the master wallet, unlocking history, and transactions transferring tokens to the exchange.
However, many people believe that the investigation is not easy:
1️⃣ Tokens are often distributed across hundreds of small wallets (sybil/wash wallets).
2️⃣ After dumping, they swap for stablecoins or BTC/ETH, then transfer via bridge or mixer to obscure the flow of funds.
3️⃣ They do not need to convert to VND, they can spend using crypto or through loose KYC foreign OTC.
4️⃣ Although Resolution 05 is a step forward, tracing anonymous wallets and international cooperation remains a significant gap in investigations.
👉 In your opinion, will such “pump and dump” cases be clarified soon?