Vietnamese authorities uncovered a massive cryptocurrency scam involving over 138,000 investors across the country. With nearly $400 million stolen and a series of real estate purchases, digital wallets, and referral schemes, this case is now among the largest cryptocurrency frauds in Southeast Asia.

Matrix Chain: A Scam Wrapped in Blockchain Hype

This scam was executed under the guise of a fake cryptocurrency platform called "Matrix Chain" (MTC). It was created by a group led by Nguyen Quoc Hung, which mimicked legitimate cryptocurrency exchanges, but was actually a cleverly disguised multi-level marketing (MLM) scheme.

Participants were promised high monthly returns and encouraged to invite others to join the system, making it appear self-sustaining. The platform required a nominal fee using a stablecoin - 1 USDT through the SafePal wallet system - for new users to join. The low entry barrier increased the illusion of legitimacy, allowing rapid growth in user numbers.

Within a few months, MTC attracted 138,000 users and raised $394 million, equivalent to about 10 trillion Vietnamese Dong ($400 million). Most of this money was not invested or traded but was directed straight into the pockets of the system's creators.