Vietnamese Police Arrest Gang Accused of $394M Matrix Chain Scam
Police in Vietnam arrested a gang involved in a crypto scam that defrauded tens of thousands of people, totaling nearly $400 million (VND10 trillion). The operation, named Matrix Chain, promised high profits and commissions but sold worthless tokens. Five individuals, aged 32 to 43, were detained, and searches were conducted at their properties. The scam utilized a multi-level marketing system across three regions, requiring victims to pay a nominal fee to access the software. Approximately 40% of the funds were allocated to recruiting new users, while 5% went to marketing. The alleged ringleader, Nguyen Quoc Hung, reportedly considered purchasing real estate with the proceeds and confessed to hiring developers for the platform. Matrix Chain had over 185,000 registered accounts with 394.2 million USDT deposited. Investigations are ongoing into dozens of accomplices linked to the scheme. Vietnam's Prime Minister has directed the establishment of a legal framework for digital assets to enhance transaction safety and transparency.
