Police in Hanoi, Vietnam, have stopped a cryptocurrency scam that had already stolen around 30 billion Vietnamese dong, worth approximately $1.17 million, from about 400 people and 100 businesses.
According to VTV, Vietnam’s national television channel, the scheme was run by a group called Million Smiles.
It targeted individuals and businesses with false promises tied to a token called Quantum Financial System (QFS).
Did you know?
Subscribe – We publish new crypto explainer videos every week!
5 Best Crypto Portfolio Diversification Strategies (Animated Explanation)
The Hanoi City Police Department uncovered plans for the group to hold a large meeting with 300 potential investors to push QFS further.
The group aimed to collect investments ranging from 4 to 5 million dong, equivalent to $190, from individuals and up to 39 million dong (around $1,350) from businesses.
However, before the meeting could happen, law enforcement intervened. Officers raided the company’s headquarters, seizing documents, computers, and other materials.
Investigations revealed that the QFS token was fake and not legally recognized in Vietnam. The operation was exposed as a scam designed to exploit trust and encourage financial contributions.
QFS was promoted as a unique cryptocurrency, claiming it was linked to spiritual beliefs and ancient treasures. Million Smiles promised those who invested would gain access to a special financial system offering benefits like interest-free funding.
In Lagos, Nigeria, the Economic and Financial Crimes Commission (EFCC) shut down fake crypto and online relationship scams. How did the case unfold? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
