Vietnamese authorities have dismantled the largest crypto fraud in the country’s history, arresting the leader and accomplices of a multibillion-dollar Ponzi scheme involving the digital token Paynet Coin (PAYN). The Phu Tho Provincial Police reported that the suspects deceived thousands of victims both domestically and internationally through an illegal multilevel marketing (MLM) operation masquerading as a crypto investment platform. They operated websites like FMCPAY.com and AFF2024.com, promising investors monthly returns of 5% to 9% and bonuses for recruiting others. New investments were used to pay earlier participants, typical of a Ponzi scheme. Authorities identified Nguyen Van Ha, 45, as the mastermind, who, despite lacking formal IT training, commissioned developers to create the PAYN blockchain. The scheme falsely claimed PAYN could be used for booking flights and hotels, and that its exchange was registered in the U.S. Police have seized assets worth $38 million, and 20 individuals have been arrested, facing charges related to MLM regulations and property appropriation. Read more AI-generated news on: https://app.chaingpt.org/news