Ngo Thi Theu, nicknamed 'Madam Ngo', was arrested in Bangkok, Thailand on May 23, 2025, for her involvement in a $300 million cryptocurrency scam, which harmed over 2,600 victims in Vietnam. The case, coordinated by Interpol, Thai Police, and Vietnamese Police, highlights the risks in crypto investments. The article summarizes the details of the incident, the scam model, its impact on the market, and lessons for investors in Vietnam and Thailand.

The arrest of Ngo Thi Theu

According to the People's Police, Ngo Thi Theu was arrested in a hotel in Watthana district, #Bangkok , along with two accomplices. Earlier, Interpol issued a red notice for her misconduct in scamming through cryptocurrency and forex trading platforms. Theu led the scam ring, embezzling $300 million from over 2,600 Vietnamese victims from 2018 to 2020. After fleeing to Thailand, she continued to receive money from Vietnam through bank accounts, withdrawing about 1 million Baht each time to avoid detection.

During the interrogation, Theu admitted to organizing fraudulent investment activities, transferring most of the embezzled money to the ringleader and laundering money through real estate. She is currently being held by Thai Police, awaiting extradition to Vietnam for trial.

Sophisticated scam model

Theu's network lured victims to invest through opaque crypto and forex platforms, promising returns of 20–30% each month. The tactics include:

  • Exploiting celebrities: Using influential individuals to build trust.

  • Fake seminars: Organizing events to promote misleading information, claiming risk-free investments.

  • Pyramid scheme model: Paying commissions to those who refer new investors.

  • Creating initial trust: Allowing small profit withdrawals to encourage larger investments.

When victims invest large sums of money, they lose contact and lose everything. Experts identify this as a #ponzi , relying on cash flow from new investors to pay old investors.

Impact on the crypto market

The case raised concerns about crypto investment safety in Vietnam, where the market is developing but lacks strict regulations. Thailand, with strict crypto controls, is also increasing oversight after the incident. Mrs. Nguyen Van Hien, Vice President of the Vietnam Blockchain Association, warned about tricks such as fake tokens, 'sweet traps', liquidity withdrawal (rug pull), scam airdrops, phishing, impersonating celebrities, and price manipulation (pump and dump). Mr. Tran Huyen Dinh, Chairman of the Fintech Application Committee, emphasized that Ponzi schemes can easily collapse when cash flow is interrupted, causing significant losses.

Lessons for investors

The case of Ngo Thi Theu brings important lessons:

  • Choose reputable platforms: Only trade on licensed exchanges like Binance, which have anti-money laundering checks.

  • Do thorough research: Check information from CoinMarketCap, Binance to avoid scam projects.

  • Be cautious with high returns: Promises of 20–30% profits each month are often signs of a Ponzi scheme.

  • Understand legal regulations: Be aware of crypto laws in Vietnam and Thailand to mitigate risks.

Suggestions for investors

  • Use the Binance exchange to ensure safe transactions.

  • Participate in workshops from the Vietnam Blockchain Association to stay updated.

  • Check crypto projects through reputable sources before investing.

Risk warning

Investing in cryptocurrency carries high risks due to price volatility and scams. The information in this article is for reference only and is not investment advice. Please conduct thorough research (DYOR) before making a decision.#Vietnam