Massive cryptocurrency fraud investigated in HCM City
Police in Ho Chi Minh City are coordinating with relevant agencies to examine an alleged cryptocurrency fraud involving over 32,000 people and a sum of 15 trillion VND (666 million USD).
Police in Ho Chi Minh City are coordinating with relevant agencies to examine an alleged cryptocurrency fraud involving over 32,000 people. (Photo: tienphong.vn)
HCM City (VNA) – Police in Ho Chi Minh City are coordinating withrelevant agencies to examine an alleged cryptocurrency fraud involving over 32,000people and a sum of 15 trillion VND (666 million USD).
Vice Chairman of the municipal People’s Committee Le Thanh Liem said he hasdirected police to investigate the case.
In December 2017, the committee issued a document directing the management andsettlement of cryptocurrency and e-money in the city, he said.
Cryptocurrency is considered an illegal non-cash payment method in Vietnam. Theuse of virtual money as a means of payment is prohibited and will be handledaccording to the country’s legal regulations, he added.
To ensure safety and security of monetary activities, the municipal People’sCommittee requested relevant units to strengthen inspection to promptly detectand address legal violations and minimise possible risks affecting businessesand people.
On April 8, dozens ofpeople gathered at the headquarters of the Modern Tech JSC Co at 68 Nguyen HueStreet, District 1, to protest the “biggest digital money fraud in history” committedby the company.
They claimed that Modern Tech advertised the cryptocurrency iFan to potentialinvestors, promising them huge monthly interest of at least 48 percent, incash, and four months as the maximum time for full payback. Those who couldinvite others to buy the digital currency would also enjoy a commission of 8percent.
The only condition for the investors was that they had to buy at least 1,000USD worth of the digital money.
More than 32,000 investors poured some 15 trillion VND into buying virtualmoney.
However, Modern Tech changed their policy following a global cryptocurrencycrash late last year which caused iFan’s value plummeted to about 1 US cent periFan.
The company no longer paid interest and principle back to the investors incash, but in iFan currency. Modern Tech set iFan’s value at 5 USD, much higherthan the market price, causing losses to the customers.-VNA
The use of cryptocurrency and blockchains in Vietnam is currently limited to just one percent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years.
According to the State Bank of Vietnam (SBV), the issuance, supplement and use of bitcoin and other similar virtual currencies for legal payment is prohibited in Vietnam.
PM Nguyen Xuan Phuc has required the State Bank of Vietnam to enhance inspection and supervision to ensure the safety of the banking system and increase the confidence of people in the system in 2018.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Police in Ho Chi Minh City are coordinating with relevant agencies to examine an alleged cryptocurrency fraud involving over 32,000 people. 
