On May 28th, the Dong Nai Provincial Police, in collaboration with the Ministry of Public Security’s C02 Department, and law enforcement agencies from Hanoi, Ho Chi Minh City, and several other provinces, announced the arrest of key individuals involved in a cryptocurrency exchange scheme called Matrix Chain (MTC).
Ringleader Nguyen Quoc Hung
The arrested individuals include Nguyen Quoc Hung (41 years old), Bui Thi Thanh Nga (34 years old, both from Hanoi), Ho Long Tri (45 years old, from Ho Chi Minh City), Dinh Huu Hay (34 years old, from Binh Dinh Province), and Than Van Hiep (43 years old, from Dong Nai Province). Several accomplices have also been summoned for questioning.
According to initial confessions, in February 2023, Hung contacted an anonymous group on Telegram and hired them to develop a cryptocurrency software project called Matrix Chaine (MTC) on the “SafePal” electronic wallet platform and the B2B Smart trade platform for a fee of 20,000 USDT (approximately 520 million VND). Hung then partnered with Nga, who contributed 400 million VND as capital.
To defraud participants, Hung created a “SafePal” electronic wallet and provided it to the anonymous group to install in the MTC cryptocurrency system, calling it the “platform fee wallet.” Each participant was required to pay 1 USDT (approximately 26,000 VND) into this wallet, which was then managed by Nga on her phone. Of the funds collected in the “platform fee wallet,” Hung and Nga used approximately 40% to pay the regional Leaders (those who recruited new participants), 5% for MTC promotion, and event expenses.
Other suspects and evidence
Hung and Nga kept the remaining 55% of the funds for personal use. Additionally, when listing MTC on the PancakeSwap exchange, Hung retained a “SafePal” wallet containing approximately 100 million VND worth of MTC to manipulate the program and influence prices, as well as to withdraw and appropriate USDT deposited by players.
Furthermore, Hung and Nga regularly conducted Leader training sessions and organized promotional events to build communities on Telegram and Facebook, enticing thousands of participants with promises of “super-high profits and commissions.” Through these schemes, they attracted tens of thousands of participants, with over 138,000 registered accounts and deposits totaling more than 394,000 USDT (over 10 trillion VND).
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