Key Highlights
- Vietnamese police dismantle ONUS crypto scam after billions lost, exposing how fake tokens and price manipulation trapped investors.
- Weak crypto oversight in Vietnam helped the ONUS scam scale fast, targeting millions as digital asset adoption surged nationwide.
- Global crypto fraud networks now link scams with trafficking and AI tactics, making attacks more complex and harder to detect.
Vietnamese police have taken down a massive crypto scam that cheated investors out of billions of dollars. Seven people were arrested, including Vuong Le Vinh Nhan, also known as Eric Vuong—Chairman of HVA Group, a company listed on Vietnam’s Unlisted Public Company Market (UpCOM); Vice President of the Vietnam Digital Asset Alliance; and CEO of investment fund FundGo—after a wide-ranging investigation.
The group exploited a real, functioning cryptocurrency platform called ONUS, which was launched in 2020 as a fintech and crypto investment super-app and had grown to claim more than 7 million users globally. Investigators say the scammers manipulated token prices and supply to trick people into investing.
As per a report, Police questioned more than 140 people during the investigation, showing how large the operation was. The ONUS platform suddenly went offline on March 20, leaving investors unable to access their funds. Many reported significant losses, with one user saying they were “devastated” after losing over US$15,000. Authorities are still collecting evidence and are urging other victims to come forward.
Inside the Vietnam crypto fraud network
Investigators say Vuong and his team started creating fake cryptocurrencies back in 2018. They promoted these coins, including VNDC, ONUS, and HNG, heavily through the ONUS platform, aiming at Vietnam’s growing number of investors. They also executed fraudulent transactions and manipulated prices to create fake demand and make people feel confident. This trick convinced many users to invest more money over time.
Vietnam’s unclear crypto rules allowed the scheme to grow quickly. The country lets blockchain technology develop but bans crypto payments. As a result, people could speculate freely without strong oversight. While Vietnam passed Resolution No. 05/2025/NQ-CP in September 2025, introducing a five-year pilot program for the crypto sector, enforcement gaps remained significant.
According to Chainalysis, about 17 million Vietnamese owned digital assets by 2025, giving scammers plenty of potential victims. Notably, ONUS’s parent company, Vemanti Group, Inc. (OTC: VMNT), is U.S.-listed, making the arrest of its board chairman a significant cross-border development.
Global scam networks and rising threats
The Vietnam bust is not an isolated case—similar crypto-linked trafficking networks have been dismantled across the region. India’s CBI uncovered a trafficking network that involved crypto scam operations in Myanmar. The CBI arrested Mumbai-based Sunil Nellathu Ramakrishnan, described as a key facilitator who helped move victims into Myanmar-based scam compounds. These centers forced victims to carry out crypto fraud, romance scams, and “digital arrest” schemes. Traffickers also lured Indian job seekers with fake employment offers in Thailand, before diverting them across borders and trapping them in harsh conditions in Myanmar’s Myawaddy region.
In the United Kingdom, regulators sanctioned Xinbi Guarantee for supporting large-scale crypto scams. Officials said the platform was connected to human exploitation networks across Southeast Asia.
“Our sanctions today send a clear message: We will not allow British people to become victims of these dreadful scams or tolerate the awful human rights abuses perpetrated in these scam centers,” said Stephen Doughty.
Crypto scams grow more sophisticated
A Chainalysis report shows crypto scams totaled at least $14 billion in 2025. Experts say this number could exceed $17 billion as more illegal wallets are identified. The average scam payment jumped 253% from last year, reaching $2,764.
Scammers are now mixing different tactics, including impersonation, AI-driven phishing, and social engineering. As a result, traditional scam categories are becoming less clear. Fraud networks operate globally, combining technology with organized crime to target victims more effectively.
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