Bui Quang Minh, the mastermind behind WorldMall.app.
Exposing the Multi-Level Cryptocurrency Scam
Recently, the Criminal Police Department (C02) of the Ministry of Public Security dismantled a multi-level cryptocurrency scam operating under the guise of the WorldMall.app project. Five suspects were charged with “Fraud to Appropriate Property” under Clause 4, Article 174 of the Penal Code. This case is considered one of the most prominent high-tech investigations of the year, exposing the sophisticated tactics of disguised multi-level investment schemes using cryptocurrency.
Notably, this case was supported throughout by ChainTracer—a program developed by the Vietnam Blockchain and Digital Asset Association (VBA) and the Anti-Fraud Social Enterprise Company. ChainTracer detects and traces projects showing signs of fraud and digital asset scams.
According to the investigation, starting in March 2025, a group led by Bui Quang Minh (born 1991, Hung Yen), along with Nguyen Trong Ngoc, Le Van Thanh, and others, developed the WorldMall.app application. They issued their own cryptocurrency, WM, and NFT investment packages. Through seminars, livestreams, and social media, the group aggressively promoted the scheme, promising returns of 8% to 21% per month to attract investors. Thousands of victims invested, hoping for quick profits. Within months, the group raised an estimated tens of billions of VND. Once their goal was achieved, they seized all funds and disconnected the system, leaving investors unable to withdraw their money. This is a classic Ponzi scheme, using funds from new investors to pay earlier ones before collapsing.
The VBA reported that during the investigation, ChainTracer played a crucial role in tracing transactions. Based on received information and reports, ChainTracer provided analyses related to WorldMall.app, helping law enforcement review suspicious digital wallets and account connections. This supplementary data strengthened the reconstruction of the scam’s operational structure.
Thanks to close collaboration between ChainTracer and investigators, WorldMall.app’s operations were quickly uncovered, leading to the identification of key suspects within a short period. “This success highlights the effectiveness of cooperation between government agencies and professional organizations in detecting and addressing digital space violations, rather than isolated approaches that delay progress and allow criminals to dissipate assets,” stated the VBA.
Beware of Multi-Level Scam Models
Nguyen Tran Minh Quan, Legal Director, Vietnam Blockchain and Digital Asset Association
A 2024 report by the Cybersecurity Association revealed that online fraud caused losses of up to 18.9 trillion VND that year. On average, one in every 220 smartphone users fell victim to such scams.
According to the VBA, these figures highlight the prevalence and severity of online fraud, with multi-level cryptocurrency investment schemes increasingly dominant. The WorldMall.app case is a prime example of evolving scams, showing how easily people are lured by promises of high returns without verification tools.
Nguyen Tran Minh Quan, Legal Director of the Vietnam Blockchain and Digital Asset Association, emphasized: “WorldMall.app serves as a warning about the dangers of multi-level scams. Without robust oversight and transparency, people will continue to fall victim to these schemes. We aim to build a seamless data connectivity system, enabling authorities to intervene promptly at any sign of irregularity.”
Quan also urged cryptocurrency exchanges and service providers to collaborate with detection and tracing programs like ChainTracer and authorities, proactively sharing identification data and transaction flows upon request.
Alongside investigative efforts, Vietnam’s legal framework is gradually improving. Resolution 05/2025/NQ-CP on piloting the cryptocurrency market mandates strict compliance with AML/CFT standards for service providers and market participants. This resolution is expected to foster cooperation between exchanges and authorities, rather than avoidance. This is a critical step for Vietnam to meet FATF recommendations and exit the “Grey List.”
