Vietnamese authorities have recently dismantled a significant cross-border cryptocurrency fraud ring. This operation, led by the police in Nghe An province, resulted in the arrest of five individuals involved in various crypto-related scams. The fraudsters, linked to an offshore network based in Laos, engaged in a variety of schemes, including “pig butchering” and fake crypto investment platforms like “Biconomynft.”

These scams typically started by gaining victims’ trust through social engineering tactics, often posing as romantic interests on social media platforms. Once the victims were emotionally invested, the scammers manipulated them into making large cryptocurrency investments, promising high returns. Initially, the victims would receive small amounts of money back, creating the illusion of legitimate profits. However, after securing more significant investments, the scammers would lock their accounts and make withdrawals impossible.

One victim alone was defrauded out of over $700,000. Overall, this scam network is estimated to have stolen millions from individuals across the region, with some operations also tied to South Korea, where 230 people fell victim to similar schemes.

This bust highlights the growing threat of crypto fraud in Southeast Asia and underscores the importance of vigilance when dealing with online investments and relationships.