In Vietnam, law enforcement announced the uncovering of a massive cryptocurrency scam, which has become the largest in the country’s history. The scheme was organized around the Paynet Coin (PAYN) token, and according to the police, 20 individuals are involved in the fraud, with 45-year-old Nguyen Van Ha from Gia Lai province being considered the main organizer.
This is reported by Finway
Investor Recruitment Scheme and Promises of High Returns
The organizers attracted thousands of investors from Vietnam and abroad using the platforms FMCPAY.com and AFF2024.com. They promised a monthly income of up to 9% and incentivized the recruitment of new depositors through bonuses. According to the investigation, the funds from new participants were directed in the classic style of a financial pyramid to pay previous investors.
“The funds from newcomers were directed to pay old investors, indicating a classic financial pyramid scheme, law enforcement emphasized.”
The perpetrators positioned Paynet Coin as a legitimate project registered in the USA, with the ability to book tickets and hotels, as well as the existence of a supposedly registered exchange. To enhance trust, they organized presentations in five-star hotels.
Scale of Losses and Accountability of Organizers
According to the police, Nguyen Van Ha personally withdrew approximately $200 million. Even at the time of the arrests, funds were still coming in from investors, including citizens from India and the Philippines. The authorities in Phu Tho province confiscated assets worth $38 million, including cash, foreign currency, and real estate.
The detained individuals, including Ha’s deputy, Phan Viet Lap, have been charged with violating the multi-level marketing law and illegally appropriating property through electronic networks.
It is worth noting that similar schemes are also surfacing in other countries. In July 2025, law enforcement in Ukraine uncovered a large-scale scam disguised as investments in crypto assets. Victims of the Ukrainian fraudsters included citizens from various countries, including Germany, Slovakia, the USA, Canada, and the Czech Republic. Participants in the scheme posed as employees of fictitious investment companies and were fluent in foreign languages.
Cryptocurrency scams remain one of the most serious challenges for investors worldwide. Experts urge thorough verification of any investment proposals and caution against promises of guaranteed returns.