In a recent report, a crypto fraud ring, it was witnessed that the Vietnamese authorities arrested a group of scammers for scamming on social media networks with fake cryptocurrency schemes and Romance Scam.
The crime ring was run by foreign criminals from within the Golden Triangle SEZ in Bokeo Province, Laos and costed its victims tens of billions of dong. Members who were good in digital scams (most of them Vietnamese) have been below the 2nd level and were trained to use fake crypto-currencies for scamming. Tindaon, based in the Vietnamese province Nghe An, had been designed specifically to go after people in Vietnam.
Fraud Ring Gets Exposed By Vietnamese Authorities
The group used romance scams to lure victims into investing in fake digital currencies. Five Vietnamese suspects, including Vi Văn Linh and Kha Văn Úc, have been arrested. Linh allegedly joined the fraud ring in Laos in September 2023 and swindled a resident of Lam Dong Province out of 17.6 billion dong through the “Biconomynft” platform. Úc also tricked the same individual out of another 1 billion dong.
After their arrests, authorities widened the investigation and charged three more people: Lộc Văn Tào, Lương Văn Hiền, and Vi Thị Lệ. Police found that these suspects had been trained by the foreign-led group to carry out the scam. The group created fake social media profiles, pretending to be wealthy individuals, and built romantic relationships with their targets.
Once trust was gained, victims were persuaded to invest in a fraudulent cryptocurrency app. At first, small returns were provided to make the scam seem real, but as victims invested more, the scammers seized larger sums and froze their accounts.
Australian Police Bust Fraudulent Crypto Ghost Platform
The Australian Federal Police (AFP) made a significant move against organized crime by seizing $9.3 million worth of cryptocurrency. This operation exposed a hidden encrypted communication platform called Ghost, leading to the arrest of its suspected creator. Using digital forensics, investigators managed to access the suspect’s crypto accounts. With past operations already resulting in millions of dollars in seized assets, the ongoing efforts aim to further dismantle criminal networks.
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Last week, the AFP announced that its Criminal Assets Confiscation Taskforce (CACT) seized the cryptocurrency on September 17 as part of Operation Kraken, which focuses on the alleged mastermind behind Ghost. This encrypted platform was a key tool for organized crime groups.
The 32-year-old man from Narwee was arrested for supporting the criminal organization. High-ranking law enforcement institutions managed the operation with the Criminal Assets Confiscation Taskforce (CACT) which started operations in 2012. The CACT comprises of personnel from the Australian Taxation Office, AUSTRAC, centrelink and many other offices. Its most recent information reveals that its enforcement since 2019 has confiscated criminal assets worth over $ 1.1 billion.
Some resources raised through confiscation are paid to the Confiscated Assets Account. This account finances Australian suppression of criminality and law enforcement. The Australian Federal Police (AFP) stated that the inquiry is still in progress and funds recovered may be passed over to the Commonwealth at a later stage.
LEGO Reports Removal of Crypto Scam Token From Its Site
Toy manufacturer LEGO Group has reportedly removed a “LEGO Coin” token scam that briefly appeared on its homepage after being hacked on Oct. 5, reports state. X user and LEGO enthusiast “ZTBricks” was among the first to spot the scam, which promised “secret rewards” to those who bought the LEGO Coin.
Those who clicked the “Buy Now” button beneath the message were reportedly taken to the phishing site. LEGO hasn’t publicly commented on the incident — however, the LEGO Coin message and the “Buy Now” link no longer exist on its homepage. The company reportedly told consumer tech product platform Engadget that the cryptocurrency scam only “briefly” appeared on its homepage and that no user accounts were compromised.
With this move from the Vietnamese police department, issues of running fraud rings in the region will be reduced and kept in check. The border crypto space is working to ensure safety from all angles.
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