$200 Million Paynet Coin Ponzi Busted in Vietnam

The group promoted Paynet Coin (PAYN) through two main websites, FMCPAY.com and AFF2024.com. People were told they could earn monthly profits of 5% to 9%, as well as extra payments for bringing in new members.

According to investigators, Nguyễn Văn Hà from Gia Lai Province was the main organizer. Although he had no formal background in technology, he is said to have hired programmers to create the PAYN blockchain, a security system, and a rewards program.

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These features were designed to make the project appear real. The scheme also claimed that PAYN could be used for booking travel and that its exchange was registered in the United States.

To gain trust, the group held large presentations at expensive venues. Police noted that Hà took around $200 million from the scheme. Even after arrests began, money continued to come in from other countries, including India and the Philippines.

The Vietnamese news outlet VnExpress reported that police have frozen or seized about $38 million in cash, foreign currency, and real estate. So far, 20 people have been taken into custody.

Hà, along with his deputy Phan Việt Lập and other members of the group, is facing charges of breaking multi-level marketing laws and using online systems to take money from others.

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