The Cyber Security and High-Tech Crime Prevention Division of the Da Nang City Police (referred to as the Cyber Security Division) on May 29th, announced that they have identified a nationwide crypto scam, resulting in losses of up to tens of billions of dong.
The division received a report from Mr. T.T.A, a resident of Da Nang, who was defrauded of 150,000 USDT (worth approximately 3.8 billion VND) through a crypto scam. Through their investigation, the Cyber Security Division identified the perpetrator as H.A.V, a resident of Ho Chi Minh City. H.A.V created multiple fake social media accounts (Telegram, Facebook, and Zalo) impersonating reputable accounts in the crypto community.
An example of the scammer’s conversation with a victim – Image: Da Nang Police
H.A.V then joined large crypto groups and platforms such as Binance, OKX, and Bitget to find potential victims looking to buy or sell large amounts of USDT. After establishing contact, the scammer would initiate a transaction and request the victim to make the first move. The stolen crypto assets were then laundered through multiple wallets and international exchanges, using accounts not registered in the scammer’s name. From 2021 until the time of the report, H.A.V had defrauded multiple victims across the country, amassing a significant amount of illicit funds.
The Cyber Security Division of the Da Nang City Police has decided to prosecute the case and continue their investigations. They urge the public to exercise caution when engaging in crypto transactions and investments, and to thoroughly research and verify information to avoid falling prey to similar scams.
In a related case, on May 28, 2025, the Dong Nai Provincial Police announced the bust of a crypto scam (MTC – Matrix Chain) that involved tens of thousands of investors and nearly 10,000 billion VND.
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