Vietnamese authorities have dismantled what they call the largest cryptocurrency fraud case in the country to date, arresting the mastermind and accomplices behind a billion-dollar Ponzi scheme built around the digital token Paynet Coin (PAYN).
The police in Phu Tho province stated on Monday, according to local media outlet People's Public Security Newspaper, that the suspects lured thousands of victims in Vietnam and abroad into an illegal multi-level marketing (MLM) operation disguised as a cryptocurrency investment platform.
The gang used websites such as FMCPAY.com and AFF2024.com, promising investors monthly returns of 5%-9%, along with additional commissions for recruiting others. According to authorities, funds from new participants were used to pay earlier investors, which is typical of a Ponzi structure.
Investigators confirmed that 45-year-old Nguyen Van Ha from Gia Lai province was the mastermind behind the operation. Despite lacking formal IT training, Ha allegedly commissioned developers to create the PAYN blockchain, a complex security system, and a reward program designed to appear legitimate.
The scam also misled participants by claiming that PAYN could be used to book flights and hotels, and that its exchange was registered in the United States; authorities stated these claims were fabricated.
To build trust and attract more victims, the gang organized luxurious seminars at five-star venues, portraying PAYN as a legitimate high-return investment. Authorities accused Ha of personally embezzling approximately $200 million.
Authorities reported that at the time of the arrests, funds from investors in countries such as India and the Philippines were still flowing into the platform.
According to the Vietnamese online newspaper VnExpress, police have seized and frozen assets worth $38 million, including cash, foreign currencies, and real estate. It has been reported that 20 people have been arrested in connection with the case so far.
Ha, his deputy Phan Viet Lap, and other defendants face charges of violating MLM regulations and using electronic networks to misappropriate property, under Vietnamese criminal law.
According to CertiK, losses from cryptocurrency hacks, scams, and exploits reached $2.47 billion in the first half of 2025. Although the second quarter saw losses of $800 million across 144 incidents, a 52% decrease in value compared to the first quarter, and a reduction of 59 hacks, the total losses so far this year have increased nearly 3% compared to 2024.
After deducting $187 million in recovered funds, the adjusted loss is approximately $2.2 billion.
Related: FBI warns: "Fake law firms" are targeting cryptocurrency scam victims
Original article: “Reports say Vietnamese police bust billion-dollar crypto Ponzi ring behind Paynet Coin scam”
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