On December 16, Da Nang City Police announced that they had successfully dismantled a large-scale cryptocurrency multi-level marketing (MLM) fraud ring, arresting eight suspects and uncovering an exceptionally large amount of misappropriated assets.
Eight Suspects Arrested, Ringleader Identified
On December 15, authorities reportedly deployed investigative measures to arrest eight individuals involved in the case. The ringleader was identified as Huynh Duc Van (33 years old, residing in Hoa Cuong Ward, Da Nang City). The suspects were taken into temporary custody along with related evidence.
Initial investigation results revealed that since early 2020, Huynh Duc Van had colluded with three individuals in Ho Chi Minh City and several other accomplices to establish a fictitious cryptocurrency project named DRK.
The group aggressively promoted the project on social media platforms using false and misleading information to entice the public to invest, with the intention of fraudulently appropriating investors’ assets.
Nearly VND 2,000 Billion in Digital Assets Stolen
By the end of 2021, after attracting a large number of investors, the suspects deliberately shut down the DRK project. They deleted the project’s website, fan page, and all related online communities, then converted the stolen digital assets into Vietnamese currency for personal use.
Based on documents and electronic data collected during the investigation, authorities determined that the suspects misappropriated:
- More than 1,880 Bitcoin (BTC)
- Over 37,000 Ethereum (ETH)
- Nearly 2.7 million USDT (Tether USD)
The total value of the stolen assets was estimated at approximately VND 2,000 billion at 2021 market prices.
During the investigation, the Investigation Police Agency applied procedural measures to freeze bank accounts and seize related real estate assets with a total value exceeding VND 600 billion.
Authorities have formally initiated criminal proceedings, charged the suspects, and ordered the detention of Huynh Duc Van and seven accomplices.
Police Call for Surrender and Victim Cooperation
Da Nang City Police have called on any remaining individuals involved in the case to voluntarily surrender in order to receive leniency under the law.
The police also request that individuals who were victims of Huynh Duc Van and his accomplices report to the Office of the Investigation Police Agency of Da Nang City Police Address: 47 Ly Tu Trong Street, Hai Chau Ward, Da Nang City to provide information and coordinate resolution in accordance with legal regulations.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |
