Latest update from Hanoi Police, the Department of Cyber Security and Prevention of High-tech Crimes in collaboration with the Department of Criminal Investigation, Hanoi Police, has busted a group of individuals involved in the issuance and promotion of investment in virtual currency projects.
From 2022 to the present, the suspects have raised up to 7.86 million USD (equivalent to approximately 200 billion VND) from over 3,000 investor accounts.
Previously, through intelligence work, the Department of Cyber Security and Prevention of High-tech Crimes, Hanoi Police, discovered that Dang Quoc Thang (DOB: 1986, residing in Hanoi) established Maxx Group Company to promote and introduce virtual currency projects, notably “Wingstep” and “Game Naga Kingdom.”
For each virtual currency project, Thang received a percentage ranging from 5% to 50% of the raised funds. Ngo Khac Trung (DOB: 1991, residing in Thanh Hoa province; Director and legal representative of Maxx Group Vietnam Company) was Thang’s subordinate and was in charge of promoting and attracting investments for the projects.
Investors would download the “Wingstep” application from the website “moiza.io”, deposit BUSD (1 BUSD equals 1 US dollar), and then purchase NFT shoes ranging from 100 to 1,200 USD per pair. Daily, users could walk or run using the Wingstep app to earn WST tokens, which could then be exchanged for BUSD.
Thang introduced this project as a Korean venture with high and long-term profitability. For each referral, the perpetrators earned 5% of the investment amount from F1 and 3% from F2. Subsequently, Thang and his accomplices organized promotional events to attract investors to the project. Approximately 50 investors participated, investing around 300,000 USD (equivalent to 7.2 billion VND). The Wingstep project operated from May 2022 to August 2022, after which it became illiquid, and investors could no longer withdraw their funds. All investor funds were embezzled.
Regarding the Game Naga Kingdom project, participants would purchase game NFTs such as Monkey, Chicken, Dog, Pig, or “Linh Thu” in Vietnamese, with prices ranging from tens of millions to hundreds of millions of dong (for example, the NFT Pig cost 400,000,000 VND).
After purchasing the NFTs, investors played the game to earn “Maga” tokens, which could be converted into BUSD. This project was promoted by Dang Quoc Thang in collaboration with the project owner, Nguyen Thanh Loc (DOB: 1997, residing in Ninh Binh province). Thang presented it as a blockchain-based game with NFT issuance, offering high returns (5-8% per month) and a referral commission of 10% of the total investment (5% F1, 3% F2, and 2% F3).
During the promotion and consultation process, a total of 20 investors participated, investing 60,000 USD (equivalent to 1.5 billion VND) in the project. However, after approximately three months of operation, the Game Naga Kingdom project collapsed, and the game became unplayable. All investors in this project incurred losses and lost their entire investment.
Dang Quoc Thang at the Naga Kingdom Project introduction event. (Photo: CATTP)
During the investigation, the suspects admitted that the aforementioned projects were not licensed to operate in Vietnam. However, motivated by profit, they provided misleading information to investors, portraying the projects as lucrative and promising quick capital recovery and high returns. In reality, the projects only operated for a short period before encountering technical issues, ceasing operations, and resulting in investor losses.
Based on the collected evidence, on August 1, 2025, the Hanoi Police Investigation Agency initiated a criminal case and prosecuted and detained three individuals, including Dang Quoc Thang, Nguyen Thanh Loc, and Ngo Khac Trung, on charges of “Using computer networks, telecommunications networks, and electronic devices to appropriate assets.”
Numerous investors have fallen victim to similar schemes orchestrated by Dang Quoc Thang and his accomplices. The Hanoi Police encourage anyone who has been affected by these projects to contact the Criminal Investigation Department (Officer Doan Van Bang) or the Department of Cyber Security and Prevention of High-tech Crimes (Officer Nguyen Hong Tien) for legal resolution.
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