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The police in Vietnam has reported a fraudulent scheme involving “fake cryptocurrency” amounting to “many billions of dollars.” This scheme was allegedly operated by the creators of the Vietnamese platform ONUS, according to law enforcement officials.
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Authorities have apprehended seven individuals connected to the case, including ONUS founder Vuong Le Vinh Nhan. The investigation suspects Vuong of distributing counterfeit crypto assets, manipulating supply and demand, and artificially altering prices. Investors who have been affected by the platform’s actions have been urged to contact law enforcement.
The ONUS platform was established in 2018. Investigators claim that its operations “were initially fraudulent in nature”: the company issued and sold its own token to users, which “lacked real value.”
On March 20, the service ceased operations. Law enforcement estimates that millions of residents in Vietnam utilized the platform. Local media report numerous accounts from ONUS clients regarding significant financial losses. One investor informed journalists that he lost over $15,000 and described the incident as “devastating” to his financial situation.
Previously, the police in Vietnam announced the dismantling of the largest cryptocurrency pyramid scheme in the country, centered around the Paynet Coin (PAYN) token. Assets worth $38 million were confiscated from the scheme’s organizers.
