Capturing Madam Ngo: The Pursuit of an Elusive Fugitive

Breaking News: Madam Ngo, the Mastermind Behind a $300 Million Crypto Scam, Arrested in Thailand

Madam Ngo and her accomplices lured victims with promises of monthly profits ranging from 20% to 30%. They also employed influencers and celebrities to convince people to invest with them. Victims were invited to seminars where false information was disseminated, claiming that the investments were risk-free and highly profitable. Those who recruited others to invest were offered commission, resembling a pyramid scheme.

Initially, victims were allowed to withdraw small profits to build trust. However, once larger investments were made, communication would cease. Over 2,600 individuals fell victim to this scam, resulting in a collective loss of at least $300 million.

Vietnamese authorities, upon discovering that Theu had fled to Thailand, coordinated with Thai Police and Interpol to apprehend her and her two male companions. During interrogation, Theu confessed to promoting fraudulent investments. Most of the money obtained from victims was funneled to the mastermind, while Theu’s share was laundered through real estate investments.

While hiding in Thailand, Madam Ngo received money from Vietnam through a local bank account. She would then withdraw large sums of cash, approximately 1 million baht per transaction, to avoid detection. Madam Ngo is currently in Thai police custody, awaiting extradition to Vietnam.

Commenting on the case, Ms. Nguyen Van Hien, Vice President of the Vietnam Blockchain Association, stated, “The crypto market is witnessing increasingly sophisticated scams that combine technology and psychology, trapping even cautious investors.” Mr. Tran Huyen Dinh, Head of the Fintech Application Committee of the Vietnam Blockchain Association, added that one common scam involves creating fake tokens with names and logos resembling reputable cryptocurrencies.

Unsuspecting investors may mistakenly purchase these tokens. Another tactic, known as the “honey pot,” involves locking the selling function of tokens, trapping investors’ capital. A highly technical scam involves rug pulls, where developers promote projects, attract users to buy tokens, and then suddenly remove all liquidity from decentralized exchanges, causing token values to crash overnight.

An apparently harmless but extremely dangerous form is the “airdrop” scam. Free tokens that suddenly appear in wallets may be technical traps. If users interact or access links provided by the issuers, they may inadvertently grant access to their wallets, resulting in the loss of all valuable assets.

Ms. Nguyen Van Hien further elaborated on the combination of psychological and technological scams, including the Ponzi or pyramid scheme, which exploits the desire for quick and safe profits. These schemes promise unrealistically high returns, using funds from new participants to pay earlier investors. When the money flow stops, the system collapses, leaving participants with nothing.

Additionally, phishing scams are on the rise, with fraudsters replicating the interfaces of reputable exchanges, wallets, or sending fake emails and messages to trick users into revealing private keys, recovery phrases, or OTPs. Another tactic involves impersonating celebrities or major projects, where scammers create social media accounts resembling influential figures to promote “insider investment opportunities” or “token airdrops,” luring users to send money or personal information.

Lastly, the pump-and-dump scheme remains a familiar market manipulation tactic. A group of speculators secretly buys a little-known token, generates hype, and plays on investors’ FOMO. Once the price surges, they quietly sell their holdings, leaving small investors holding devalued tokens.