Vietnam Police Detain Suspects Over $532K Crypto Scam Imitating Nasdaq
Vietnamese authorities have arrested five individuals linked to a cryptocurrency fraud scheme that allegedly misappropriated VND14 billion ($532,800). The operation, based in Cambodia, impersonated the Nasdaq exchange to lure victims into fake digital asset investments.
The suspects—Nguyen Van Chung, Nguyen Duc Loong, Ong Khac Ming, Vu Tri Huy, and Ta Van Ba—reportedly used advanced telecommunications infrastructure in Da Nang to execute the scam. A 36-year-old woman's complaint triggered the investigation after she lost funds on a platform falsely branded as Nasdaq.
Police noted the group targeted residents across Vietnam's Bac Ninh province, promising guaranteed returns to transform their families' financial situations. Nasdaq, the legitimate second-largest stock exchange, was unaware of the fraudulent activity.
