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Vietnam Cracks Down on $1 Million Crypto Scam, Saving Hundreds from Financial Ruin
In a major crackdown, the Vietnamese authorities have taken down a massive cryptocurrency scam worth over $1 million, saving hundreds of victims from financial devastation. The operation, code-named “Million Smiles,” had been masquerading as a legitimate digital currency investment scheme, ensnaring numerous unsuspecting investors in its web of deceit.
As revealed by the Hanoi City Police, authorities seized crucial evidence, including financial records, promotional materials, and computers, which exposed the extent of the fraudulent crypto operation. Initial investigations showed that Million Smiles had meticulously crafted an image of legitimacy, establishing offices in luxurious villas and prominent business districts, funded entirely through investor contributions.
To further legitimize their scheme, company leaders hosted frequent Zoom webinars, peddling extravagant visions of financial success tied to QFS token ownership. They falsely claimed that these tokens were backed by historic treasures and assets inherited from the “Ho Chi Minh Headquarters.” This deception targeted vulnerable individuals, including small business owners and those from modest financial backgrounds, who were enticed by the promise of becoming dollar billionaires as QFS token values surged.
However, investigators discovered that no tangible crypto assets or real backing existed behind QFS tokens, rendering them entirely worthless. The company’s leaders had no substantial financial assets of their own, instead redirecting funds collected from new investors towards maintaining the illusion of success – including the lavish branding of their offices and hosting large-scale promotional events.
One victim, a resident of Yen Bai who relied on forest farming for his livelihood, invested 39 million VND in QFS tokens, believing in the promise of wealth. Months later, he received nothing in return. This tragic tale mirrors hundreds of others who placed their trust in Million Smiles only to face financial devastation.
In response to this scandalous scheme, authorities urged citizens to verify investment opportunities, remain cautious of exaggerated promises, and report any suspicious activities to law enforcement agencies.
Source: bitcoinist.com
