Vietnamese police thwarted a crypto scam that defrauded $1.17 million, saving 300 potential victims and uncovering fictitious tokens.
The Hanoi City Police Department in Vietnam has prevented 300 potential victims from investing in an elaborate crypto scam that had already defrauded 30 billion Vietnamese Dong ($1.17 million) from approximately 100 businesses and 400 individuals.
Hanoi police apprehended individuals connected to Million Smiles, a company that orchestrated an illegal and fraudulent crypto investment scheme targeting Vietnamese citizens, according to VTV, the national television broadcaster of Vietnam.
Million Smiles promoted an in-house cryptocurrency, QFS, or Quantum Financial System, using deceptive advertising that linked it to ancestral treasures and spiritual claims.
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