The Hanoi Police have just dismantled the crypto scam project CrossFi, arresting 8 suspects and seizing many luxury assets, including Rolls-Royce and Lexus cars, along with high-end real estate valued at around 500 billion VND.
CrossFi, formerly known as MinePlex, defrauded thousands of investors through a sophisticated Ponzi scheme, luring them to buy MPX tokens to mine XFI with the promise of enormous profits. When the cash flow stopped, the system collapsed, and many victims lost tens of billions of VND.
This project organized seminars, invited influencers to create credibility, but in fact, it did not have an operating license in Vietnam.
The CrossFi bust is a wake-up call for investors about the fraudulent tricks hiding behind blockchain technology. Projects promising huge profits and committing to low risks are often signs of a Ponzi scheme.
When investing in crypto, protect your assets by doing your own research (DYOR), be cautious of "interest rate commitment" models, and do not blindly trust promises of easy profits.
#crypto #CrossFi
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