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Vietnam has taken swift action to crack down on a crypto mining scam group that targeted over 200 victims, according to recent reports.
The Vietnamese authorities have prosecuted four suspects in Dong Nai Province who allegedly defrauded numerous individuals through cryptocurrency-related schemes involving a staggering total amount of VND4 billion (approximately US$157,300).
At the center of the scheme was Tran Minh Quang, who led the group and is alleged to have created a fake cryptocurrency mining website called BitMiner. The website was registered under a seemingly legitimate ‘Singaporean’ domain, and the scammers posed as a Dubai-based company selling fake cryptocurrency mining packages with varying speeds and educational materials.
Furthermore, the suspects reportedly recruited multiple individuals to spread false promises about their investment opportunities, only to transfer all funds into wallets controlled by Quang and his accomplices instead of using them for legitimate cryptocurrency mining activities.
This recent crackdown is not an isolated incident. Just a week ago, Vietnamese authorities took down another cryptocurrency scam, known as Million Smiles, which had stolen around 30 billion Vietnamese dong (approximately $1.17 million) from approximately 400 people and 100 businesses by targeting individuals and businesses with false promises tied to a token called Quantum Financial System (QFS).
As the crypto industry continues to grow, so do the number of scams and fraudulent activities that plague it. It is essential for users and investors alike to remain vigilant and thoroughly research any investment opportunities before committing funds.
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Source: http://www.cryptonewsz.com
