Vietnamese authorities have launched a major crackdown on an alleged crypto fraud network linked to the ONUS crypto platform. The Ministry of Public Security reported on Thursday that it had uncovered the network after a long investigation.
The group allegedly created tokens such as VNDC, ONUS, and HNG and sold them to investors through the ONUS trading platform. Authorities said the operation brought in billions of U.S. dollars from investors. Even so, they have not yet released a clear estimate of the overall losses.
Fraudsters misled investors and controlled token prices to pocket billions
Authorities said the suspects used false advertising to make these projects look safe, trusted, and attractive to the public. The group also carried out fake trades to create artificial supply and demand.
Therefore, they controlled and changed token prices internally instead of letting real market activity decide their value.
The Economic Security Department led the investigation and coordinated with police teams in several provinces and cities. As the case proceeded further, authorities identified the people they believed were central to the operation and moved against them.
Vietnamese authorities arrest suspects for investigation
According to the ministry, police launched joint operations on March 20 and 21 as part of the case. Investigators searched important locations and brought in more than 140 people for questioning.
The police took away computers, phones and other things that were connected to this case. They also made sure the people who did this could not destroy any evidence or move their money. Because of this action, law enforcement protected critical evidence and prevented greater losses for victims.
This case was started by the police on 23 March because of fraud and money laundering. On 24 March, the police decided to prosecute some of the people who were suspected of doing this and put them in jail for now.
The officials said Vương Lê Vĩnh Nhân, Trần Quang Chiến and Ngô Thị Thảo were some of the people in this case. They said this group made tokens like VNDC, ONUS and HNG since 2018 and sold them to investors through the ONUS trading platform.
The Vietnamese government claimed that seven people were prosecuted and detained for allegedly using digital networks to steal property.
The ministry said the Supreme People’s Procuracy approved the charges and detention orders. The investigation is still underway, and officials said they are working with prosecutors to review each suspect’s role and proceed under Vietnamese law.
Officials warn the public to avoid risky crypto offers
The ministry also encouraged victims and related persons to contact investigators for guidance.
Meanwhile, police cautioned members of the public to be extremely cautious about online investment schemes involving so-called technology ecosystems, virtual currencies, or crypto assets that promise high returns, high interest, or commission rewards.
The schemes reportedly use illegal multi-level marketing techniques to lure more people. Police also cautioned members of the public about follow-up scams that claim to help people retrieve their accounts or help them withdraw money after the scheme goes public.