Vietnamese authorities have apprehended a group accused of orchestrating a cryptocurrency scam that defrauded thousands of individuals of nearly $400 million. The gang, known as Matrix Chain, lured victims with promises of high profits and commissions, only to provide them with worthless tokens. After 200 days of intensive work, law enforcement successfully dismantled the operation, arresting four men and one woman aged between 1980 and 1991. The scheme involved a multi-level system across three regions, with victims tricked into paying a nominal fee to download the fraudulent software. The alleged ringleader, Nguyen Quoc Hung, reportedly used the ill-gotten funds for personal real estate investments. The group also conducted promotional events on social media platforms to attract more deposits. With over 185,000 registered accounts and millions of USDT funneled through SafePal wallets, the scam has sparked a wider investigation into pyramid schemes in Vietnam. Read more AI-generated news on: https://app.chaingpt.org/news

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