A massive cryptocurrency scam involving the fake project DRK has been brought to light, with estimated losses amounting to over 2,000 billion VND (approximately 82 million USD). The operation, led by Huynh Duc Van, was dismantled by police in Da Nang, who arrested eight suspects connected to the fraudulent scheme.

On December 16, Da Nang Police announced they had successfully cracked the case, targeting a multi-level marketing operation disguised as a digital currency investment opportunity. The arrest operation, conducted on December 15, involved coordinated actions across multiple locations.

The ringleader was identified as Huynh Duc Van, 33, a resident of Hoa Cuong Ward in Da Nang City.

According to investigators, the scam was launched in early 2020. Van, together with three associates in Ho Chi Minh City and several others, created a fraudulent digital currency platform under the name “DRK.”

The group heavily promoted the project on social media, spreading false information and promising high returns to entice investors.

By late 2021, after attracting a significant number of victims, the group abruptly shut down the DRK platform, deleting its website, fan page, and related online communities. They then converted the stolen funds into Vietnamese dong for personal use.

Digital evidence revealed that the suspects had misappropriated over 1,880 BTC, 37,000 ETH, and nearly 2.7 million USDT - equivalent to roughly 2,000 billion VND at 2021 values.

In the course of the investigation, authorities froze related bank accounts and real estate holdings valued at over 600 billion VND (approx. 24.6 million USD). Prosecutors have officially charged and detained Huynh Duc Van and seven others on suspicion of fraud.

The case is currently under expanded investigation.

Ho Giap