On March 24, the Ministry of Public Security’s Investigation Agency issued decisions to prosecute and detain Vuong Le Vinh Nhan and Tran Quang Chien on charges of “using computer networks, telecommunications networks or electronic means to appropriate assets” under Article 290 of the Penal Code. Another individual was also prosecuted for alleged money laundering under Article 324.

Both figures are accused of creating and issuing cryptocurrencies such as VNDC and ONUS, which were sold to investors through the Onus trading platform.

From VNDC to Onus: the early foundation

Onus traces its origins to VNDC, a platform founded by Vuong Le Vinh Nhan and launched on July 1, 2019 under VNDC Holding Pte. Ltd, registered in Singapore and operating in Can Tho.

In March 2020, VNDC was rebranded as Onus, with Tran Quang Chien taking over as chief executive officer. The company subsequently moved its headquarters to Hanoi.

Vuong Le Vinh Nhan, also known as Eric Vuong, was born in 1984 and initially built his career in the pharmaceutical sector before transitioning into technology and fintech.

In September 2009, he founded TRUSTpay Group, where he served as chairman. The company operates in payment solutions and financial technology, later expanding into investment, e-commerce and fund management.

Amid the global surge of blockchain technology and cryptocurrencies such as Bitcoin and Ethereum from 2017 onwards, he pivoted toward digital assets by establishing VNDC.IO, an entity developing the VNDC stablecoin, pegged at a 1:1 ratio with the Vietnamese dong.

Beyond VNDC and TRUSTpay, Vuong Le Vinh Nhan has been involved in numerous ventures. He served as chairman of HVA Group from August 2018, stepped down in June 2020 while remaining a board member, and returned as chairman in August 2022.

In October 2020, he invested in Hanagold, a platform for buying, investing and accumulating gold online using NFC technology, alongside Pham Huu Son and Ngo Thi Thao, the company’s founder and CEO.

In 2022, he co-founded FundGo, a startup investment fund aimed at supporting innovation ecosystems. Later that year, OnusChain - a blockchain technology company - was established with three founding shareholders: TrustGroup (30%), Vuong Le Vinh Nhan (20%) and Tran Quang Chien (50%). As of late 2025, he remained chairman of OnusChain, as well as holding leadership roles within TrustGroup and HVA Group.

In September 2025, he also established DNEX Digital Asset Exchange JSC, aiming to provide exchange services under Vietnam’s pilot policy for digital asset markets. However, its charter capital stood at just VND2 billion (approximately US$82,000), far below the required VND10,000 billion (approximately US$410 million).

The operator behind Onus’ rapid growth

Tran Quang Chien, born in 1991, became widely known in the crypto investment community after assuming the role of CEO of Onus in 2020.

Prior to that, between 2017 and 2019, he founded CyStack, a cybersecurity company where he also served as advisor and board member.

Under his leadership, Onus experienced rapid expansion, particularly during the cryptocurrency market uptrend between 2021 and 2022. The platform listed numerous digital asset projects, some of which attracted investments worth tens of millions of US dollars.

User growth was equally significant. By 2025, Onus had reportedly reached more than 7 million users worldwide.

In 2022, Tran Quang Chien also founded OnusChain, a layer-1 blockchain platform designed to support digital finance and startup ecosystems for Vietnamese users.

Ambitions for global expansion

At the beginning of 2025, reports emerged that Vemanti Group, a US-based investment firm, had reached an agreement to acquire 51% of XPLOR, the Singapore-based parent company of Onus, with plans to increase its stake to 100% by October 2025.

The deal aimed to integrate Onus into Vemanti’s financial ecosystem, with ambitions to list on NASDAQ, expand internationally and develop a USD-backed stablecoin.

Following the announcement, Tran Quang Chien assumed the role of CEO of ONUS Labs and later joined the board of HVA Group.

The unfolding legal case now casts a shadow over these ambitions, marking a significant moment for Vietnam’s fast-evolving cryptocurrency sector.

Le Minh