On October 7, VietNamNet learned from a source that the Hanoi Police Department is working with Shark Binh to clarify allegations linked to AntEx.

Before AntEx, law enforcement had uncovered various scams involving digital currency investment.

On August 21, Hanoi Police announced that its Cybersecurity and High-Tech Crime Prevention Division, in coordination with the Criminal Police Department, had dismantled a group accused of launching and promoting fake crypto investment projects. Since 2022, the suspects had allegedly raised around $7.86 million (approximately VND 200 billion) from over 3,000 investor accounts.

During surveillance operations, police discovered that Dang Quoc Thang (born 1986, based in Hanoi) had established Maxx Group to promote fake crypto projects, including two major schemes: "Wingstep" and "Game Naga Kingdom."

In the Wingstep project, investors downloaded the app via moiza.io, deposited BUSD (1 BUSD = 1 USD), and purchased NFT sneakers priced between $100 and $1,200. By using the app to walk or run daily, users earned WST tokens which were converted back to BUSD. Thang falsely claimed this was a legitimate, high-yield project from South Korea.

Thang and his associates promoted Wingstep through media events and community engagement. Around 50 investors poured in approximately $300,000 (VND 7.2 billion). The project ran from May to August 2022 before becoming illiquid, leaving investors unable to withdraw funds. All funds were allegedly misappropriated.

In the Game Naga Kingdom scam, participants purchased NFT game characters priced from tens to hundreds of millions of dong. For instance, one "NFT Pig" was sold for VND 400 million (about $16,400).

Players earned MAGA tokens through gameplay, which were then converted into BUSD. Promoted as a blockchain-based project, it promised monthly profits of 5-8%, with referral bonuses of 10% (5% for F1, 3% for F2, 2% for F3). Around 20 investors lost $60,000 (VND 1.5 billion) when the game collapsed after three months.

Separately, police in Phu Tho dismantled a transnational criminal organization using telecommunications networks to commit fraud through an illegal multi-level marketing scheme. The group operated under the guise of selling a cryptocurrency called PaynetCoin (PAYN), defrauding investors inside and outside Vietnam of billions of US dollars.

Investigations revealed that the suspects, operating primarily in Ho Chi Minh City, ran illegal multi-level marketing activities using websites like FMCPAY.com and AFF2024.com. New investors were urged to activate investment packages with the promise of commissions for referrals. The model followed a Ponzi structure - using new investors’ money to pay earlier participants.

On July 15, 2025, Phu Tho’s Economic Security and Investigative Security Divisions, in collaboration with national police units, raided multiple locations across Phu Tho, Hanoi, and Ho Chi Minh City.

Initial findings showed the group had created the PAYN token in 2021 and structured payouts in a pyramid scheme. Investors were promised monthly profits between 5% and 9%, depending on the package.

PAYN was used as the primary currency for returns, which participants were instructed to convert into USDT via FMCPAY.com, and subsequently into USD or VND.

The group falsely claimed PAYN was a legitimate token registered in the US, accepted for airline tickets and hotel bookings. However, no such vendors actually accepted PAYN.

Through seminars and online groups, the scam lured thousands of investors, raising billions of dollars.

Authorities in Phu Tho have since charged 20 suspects with “violating regulations on multi-level business practices” and “using computer networks and electronic devices to appropriate assets” under Articles 217a and 290 of the Penal Code. Police have seized assets including cash, foreign currency, and real estate worth thousands of billions of dong.

In another case, the Criminal Police Department, alongside Hanoi Police, busted a group operating the “WorldMall.app” cryptocurrency scam. This platform raised tens of billions of dong from unsuspecting investors.

The suspects developed a mobile app called “WorldMall.app” and a corresponding WM token. To attract participants, they launched promotional campaigns, livestreams, and false claims about a team of foreign experts.

They promised annual profits between 8% and 21%. Thousands were lured in before the project collapsed. Authorities in Hanoi have charged five individuals with “fraudulent appropriation of assets” under Clause 4, Article 174 of the Penal Code.

In June, Dong Nai Police also filed charges against a group running the Matrix Chain (MTC) crypto exchange. The suspects promised “super profits” and deceived nearly 10,000 billion VND (approximately $410 million) from investors.

On June 7, police arrested five people, including Nguyen Quoc Hung (41), Bui Thi Thanh Nga (34, both from Hanoi), Ho Long Tri (45, from Ho Chi Minh City), Dinh Huu Hay (34, from Binh Dinh), and Than Van Hiep (43, from Bien Hoa).

They allegedly promoted the worthless MTC token via events and a national-level multi-level system. Victims were lured by the illusion of high returns.

Thousands were tricked into investing, resulting in losses of nearly $410 million.

Le Minh