Vietnam’s $400M Crypto Sting: How a Fake Exchange Fooled Thousands!
ietnamese police bust a $400M crypto scam tied to a fake exchange, Matrix Chain, arresting 16 fraudsters. Over 138,000 investors were duped by promises of high returns. Can you spot the next crypto con?
On May 28, 2025, Vietnamese authorities dismantled a massive $400 million cryptocurrency scam orchestrated by the Matrix Chain (MTC) platform, arresting 16 suspects, including leaders Nguyễn Quốc Hùng and Bùi Thị Thanh Nga, per Crypto News. The fraudulent exchange, promoted with a slick interface and fake whitepaper, lured over 138,000 investors with promises of 1.5–2% daily returns, amassing nearly 10 trillion VND, per Invezz. Funds were laundered through real estate purchases in northern Vietnam, investigators revealed.
The scam’s scale highlights Vietnam’s crypto enthusiasm, with 20% of adults owning digital assets, per Statista, making it a prime target for fraudsters. Matrix Chain’s polished marketing mirrors tactics seen in global scams, exploiting trust in unregulated platforms. Posts on X emphasize the need for due diligence, urging investors to verify platform legitimacy.
For beginners, this underscores the dangers of “too-good-to-be-true” crypto schemes. While Vietnam’s cybersecurity forces scored a win, recovering only 10% of funds so far signals challenges ahead. Protect yourself by using reputable exchanges, enabling two-factor authentication, and diversifying investments to avoid falling for the next big scam.
NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
