Uncovering the Heist: $8 Million Stolen from 3,000 Investors by Maxx Group Vietnam

On August 21, Hanoi Police announced that the investigative agency had initiated legal proceedings against Dang Quoc Thang (DOB: 1986), Nguyen Thanh Loc (DOB: 1997), and Ngo Khac Trung (DOB: 1991) for “Using computer networks, telecommunications networks, and electronic devices to appropriate assets.”

According to authorities, Dang Quoc Thang established Maxx Group, a company promoting and introducing virtual currency projects, including “Wingstep” and “Game Naga Kingdom.”

For each virtual currency project, Thang received a commission ranging from 5-50% of the raised funds from the project owner. Meanwhile, Ngo Khac Trung, as the Director and legal representative of Maxx Group Vietnam, was responsible for promoting and attracting investments for these projects.

To participate in the “Wingstep” project, investors had to download the namesake application, deposit BUSD virtual currency (1 BUSD = 1 USD) into their accounts, and then purchase NFT shoes ranging from 100 to 1,200 USD per pair. Daily, users would open the app and either walk or run to earn rewards in WST, which could then be converted into BUSD.

As introduced by Thang, the project was purported to be from South Korea, offering stable and long-term profits. In addition, participants were incentivized with a referral commission structure: 5% for F1 and 3% for F2. In reality, around 50 people joined, investing a total of approximately 300,000 USD (equivalent to 7.2 billion VND). However, just three months after its launch (from May 2022 to August 2022), Wingstep faced liquidity issues, preventing investors from withdrawing their funds, resulting in a total loss of the invested amount.

Similarly, in the “Game Naga Kingdom” project, players invested tens to hundreds of millions of dong to purchase NFT game characters such as Monkey, Chicken, Dog, and Pig… (with the NFT Pig being advertised for up to 400 million VND). After acquiring the NFTs, investors played the game to earn rewards in the virtual currency Maga, which could then be exchanged for BUSD. This project was promoted by Dang Quoc Thang and Nguyen Thanh Loc, who guaranteed a monthly profit of 5-8% and offered a 10% referral commission. In a short period, 20 individuals invested 60,000 USD (about 1.5 billion VND). However, after three months, the project ceased operations, causing investors to lose their entire investment.

Hanoi Police stated that neither of these projects had been licensed in Vietnam. Nonetheless, the perpetrators promoted them as “quick money-making opportunities,” attracting a large number of participants.

From 2022 to the present, the group has raised a total of approximately 7.86 million USD (equivalent to 200 billion VND) from over 3,000 investor accounts, subsequently appropriating the entire amount.