How Vietnamese Authorities Stopped a Major Crypto Fraud Scheme
In a dramatic move, Vietnamese police have successfully dismantled a large-scale crypto scam that had already defrauded victims of over 30 billion Vietnamese dong (roughly $1.17 million). The Hanoi City Police Department acted swiftly to intercept the fraudulent operation, preventing 300 potential victims from losing their hard-earned money.
The scam, known as Million Smiles, was designed to deceive businesses and individuals by promoting a fake cryptocurrency, QFS (Quantum Financial System), through a mix of bogus promises and spiritual marketing.
The Scheme: Promises of Wealth with “Mystical” Crypto
Million Smiles targeted both individual investors and businesses with an enticing offer: the chance to own QFS tokens, which were supposedly linked to mysterious ancestral treasures and even spiritual benefits. As part of the scam, the company promised investors that owning QFS would unlock access to a magical “financial ecosystem” where they could secure funding without collateral or interest—claims that were as unrealistic as they were unfounded.
But the real kicker? Investors were promised sky-high returns in exchange for their investments, which ranged from 4–5 million dong (around $190) for individuals, to as much as 39 million dong (approximately $1,350) for businesses. The scam was designed to prey on people looking for fast and easy financial gains, without any regard for the truth behind the scheme.
Vietnamese Police Foil the Plan in the Nick of Time
The police’s intervention came just in time to stop the scam from spiraling further out of control. Authorities intercepted plans for a meeting where Million Smiles intended to convince 300 customers to part with their money. During this meeting, the scammers planned to push their fake QFS tokens, promising more of the same “unrealistic” returns.
When the raid took place, law enforcement confiscated documents, computers, and other materials that pointed to the fraudulent nature of the operation. It didn’t take long for investigators to uncover the truth: QFS was entirely fictitious and had no legal standing in Vietnam. As a result, the police were able to protect hundreds of people from falling victim to this elaborate scam.
Vietnam’s Ongoing Fight Against Crypto Fraud
This is not the first time Vietnam has cracked down on fraudulent crypto schemes. The government has been actively working to protect its citizens from crypto-related scams, and the Million Smiles bust is just the latest victory in a growing series of police actions.
Earlier in October, Vietnamese authorities took down another crypto scam ring, this time in the Nghe An province. The operation, which was tied to offshore scammers specializing in “pig-butchering” and crypto investment fraud, targeted individuals with fake promises of massive returns through a bogus app called Biconomynft. One of the victims lost a staggering 17.6 billion dong (around $700,000) after falling for the fraudster’s carefully orchestrated deception.
These operations are proof that Vietnam is not a safe haven for crypto fraudsters. Authorities have made it clear that they are prepared to take aggressive action against anyone trying to scam local investors using deceptive crypto schemes.
What This Means for Crypto Investors in Vietnam
While the crackdown on crypto fraud in Vietnam is a positive sign for investor protection, it also highlights the need for vigilance. Crypto enthusiasts should be extra cautious when considering investments, especially if promises of “guaranteed returns” or access to a “magical financial ecosystem” start popping up.
The Million Smiles case serves as a stark reminder that if something sounds too good to be true in the world of crypto, it probably is. Always do your research and make sure any platform or investment opportunity you’re considering is legitimate and properly regulated.
Vietnam’s Growing Role in Combating Crypto Scams
The Vietnamese authorities are taking an increasingly tough stance on crypto fraud, and the Million Smiles bust is just the latest example of their efforts to protect the public from financial harm. As more people turn to cryptocurrency for investments, scams like this one will likely continue to be a problem, but it’s reassuring to see that law enforcement is actively working to expose and shut down fraudulent operations before they can do significant damage.
For anyone involved in crypto in Vietnam—or anywhere else—it’s more important than ever to stay informed and make smart, cautious decisions when dealing with digital assets. With authorities like the Hanoi police on the case, crypto fraudsters are finding it harder and harder to get away with their schemes.
Vietnam’s latest crypto scam bust is a testament to the country’s commitment to protecting its citizens from fraud. The Million Smiles case serves as a powerful reminder of the risks involved in the world of crypto and how important it is to be aware and stay safe when navigating this rapidly growing market.
