๐ป๐ณ In a jaw-dropping takedown, Vietnamese police have busted a massive crypto scam called Matrix Chain, which swindled nearly $400 million from over 185,000 innocent investors ๐ฑ. The scheme promised โsuper profitsโ and fat commissions through a fake exchange platform using the MTC tokenโlater revealed to be completely worthless. Victims had to pay a 1 USDT entry fee just to join, all while being lured by online promotions on Telegram and Facebook ๐ฑ. The scam worked like a multi-level marketing (MLM) trap, with regional "leaders" raking in rewards for pulling in new victims.
๐ต๏ธโโ๏ธ After 200 days of nonstop undercover work, police launched synchronized raids across Vietnam, capturing the gang's mastermind Nguyen Quoc Hung and four of his key partners. Investigators uncovered that 40% of the stolen money was funneled to promoters, 5% went to fake marketing, and the rest was spent on lavish real estate, flashy lifestyles, and shady crypto wallets like SafePal. The gang even used anonymous Telegram developers to build their scammy platform for just $20,000โand walked away with hundreds of millions ๐ค๐ฐ.
๐ Authorities say the group laundered the stolen funds by investing in houses and land across northern Vietnam. Wallets were created under fake names to hide the digital paper trail, but detectives were able to seize key assets and evidence. The crackdown marks a huge victory for Vietnamโs Public Security Force during its 80th anniversary, showing just how serious the country is about fighting cybercrime and crypto fraud ๐๐ป๐ณ.
๐จ With Vietnam ranking high on global crypto adoption charts, the government is now pushing for stricter laws around digital assets to prevent future disasters like Matrix Chain. Prime Minister Phแบกm Minh Chรญnh has already ordered the Ministry of Finance and the State Bank to build a clear legal framework for crypto, aiming to make digital investments safer and more transparent ๐๐. Until then, one thingโs clearโcrypto scams are getting smarter, and investors must stay vigilant or risk losing everything ๐ตโ๐ซ๐ซ.
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