Vietnamese authorities have dismantled what they described because the nation’s largest crypto fraud so far, arresting the ringleader and accomplices behind a multibillion-dollar Ponzi scheme constructed across the digital token Paynet Coin (PAYN).
The Phu Tho Provincial Police mentioned on Monday that the suspects lured hundreds of victims in Vietnam and abroad into an unlawful multilevel advertising (MLM) operation disguised as a crypto funding platform, according to a report by native media outlet Công an Nhân dân.
Utilizing web sites corresponding to FMCPAY.com and AFF2024.com, the group promised traders month-to-month returns of 5%–9% and extra commissions for recruiting others. Funds from new contributors had been used to pay earlier traders, a basic Ponzi construction, per the authorities.
Investigators recognized Nguyen Van Ha, 45, from Gia Lai Province, because the mastermind. Regardless of having no formal IT coaching, Ha allegedly commissioned builders to create the PAYN blockchain, a complicated safety system and a rewards program designed to look professional.
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PAYN rip-off falsely claimed US registration
The scheme additionally misled contributors by claiming PAYN might be used to guide flights and accommodations and that its trade was registered in the USA, claims authorities say had been fabricated.
To construct belief and appeal to extra victims, the group organized lavish seminars at five-star venues, portraying PAYN as a professional, high-return funding. Authorities allege Ha personally siphoned about $200 million.
On the time of the arrests, cash was nonetheless flowing into the platform from traders in international locations together with India and the Philippines, authorities mentioned.
According to the Vietnamese on-line newspaper VnExpress, Police have seized and frozen belongings value $38 million, together with money, foreign currency echange and actual property. Per the report, 20 have been arrested within the case thus far.
Ha, his deputy Phan Viet Lap, and different defendants face costs of violating MLM laws and utilizing digital networks to acceptable property beneath Vietnam’s Penal Code.
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Crypto hack losses hit $2.47 billion in H1
Losses from crypto hacks, scams and exploits reached $2.47 billion in the first half of 2025, in response to CertiK. Whereas Q2 noticed $800 million misplaced throughout 144 incidents, a 52% drop in worth and 59 fewer hacks in comparison with Q1, the yr’s whole thus far is already up virtually 3% from 2024.
After accounting for $187 million in recovered funds, adjusted losses stand at about $2.2 billion.
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