Vietnamese police have arrested five suspects in a cryptocurrency scam, accused of embezzling over $530,000

According to Crypto Politan, the Vietnamese police have arrested five suspects in the Da Nang area who are allegedly operating a cryptocurrency scam gang.

The Vietnamese police mentioned in a statement that these suspects are based in Cambodia and are running cryptocurrency scam activities. The scam is suspected of mimicking the Nasdaq exchange, with the suspects misappropriating 14 billion Vietnamese dong (approximately $532,800). The police also noted that these suspects possess a strong telecommunications network and electronic devices that allow them to carry out illegal activities from their residences in the Da Nang area. The gang utilized Zalo and Telegram to create dozens of fake accounts, posting fraudulent trading activities and impersonating investment experts to deceive victims into investing, while falsely reporting profits. After misappropriating the funds, the money was transferred through multiple bank accounts and ultimately exchanged for cryptocurrency to cover its origins.