Before Shark Binh’s AnTEx, a Series of Multi-Trillion-Dollar Crypto Scams Were Dismantled by Police

Virtual Currency Scams: Unveiling the Schemes of “Wingstep” and “Naga Kingdom”

On August 21, Hanoi Police announced the dismantling of a criminal group involved in issuing and promoting investments in virtual currency projects, defrauding over 3,000 investors of $7.86 million (approximately 200 billion VND). Led by Dang Quoc Thang (born in 1986, Hanoi), the group established Maxx Group to promote the “Wingstep” and “Naga Kingdom” projects.

With Wingstep, users downloaded the “moiza.io” app, purchased NFT sneakers priced between $100–1,200 per pair, and earned WST rewards by walking or running, which could be converted to BUSD. The project operated from May 2022 to August 2022 before losing liquidity, leaving approximately 50 investors with a total loss of $300,000 (7.2 billion VND).

For Naga Kingdom, players purchased in-game NFT characters (including a Pig NFT priced at up to 400 million VND) to earn “Maga” tokens, convertible to BUSD, with promised returns of 5–8% monthly and referral commissions up to 10%. The project collapsed after three months, causing 20 investors to lose $60,000 (1.5 billion VND).

The Cross-Border PaynetCoin (PAYN) Scam

Recently, Phu Tho Provincial Police, in collaboration with the Ministry of Public Security, dismantled a transnational organized crime group operating an illegal multi-level marketing scheme using the virtual currency PaynetCoin (PAYN).

Since 2021, the group created PAYN on the Blockchain platform, promising monthly returns of 5–9%. Investors received PAYN rewards, convertible via platforms like FMCPAY.com and AFF2024.com into USDT, USD, or VND.

The group falsely advertised that PAYN was accepted for airline tickets and hotel payments and claimed to be registered in the U.S. They organized numerous seminars and developed a pyramid-style multi-level marketing network, raising billions of dollars.

On July 15, 2025, Phu Tho Police conducted raids in Phu Tho, Hanoi, and Ho Chi Minh City, charging 20 suspects with “Violating Regulations on Multi-Level Marketing” and “Using Computer Networks and Electronic Means to Appropriate Assets” (Articles 217a and 290 of the Penal Code). Assets worth thousands of billions of VND were seized and frozen.

“WorldMall.app” – The High-Profit Virtual Currency Scam

The Criminal Police Department of the Ministry of Public Security, in collaboration with Hanoi Police, dismantled a group using advanced technology to promote the virtual currency “WorldMall.app” (WM).

The group developed the “WorldMall.app” software, created the WM token, and organized high-profile seminars and livestreams, introducing a “foreign CEO team” to gain trust.

Investors were promised annual returns of 8–21%. Within a short period, the group raised billions of VND from thousands of individuals.

Hanoi Police have initiated legal proceedings, charging five suspects with “Fraud to Appropriate Assets” under Article 174, Clause 4 of the Penal Code.

Prosecution of a Group Defrauding Nearly 10,000 Billion VND via the MTC – Matrix Chain Platform

In June 2025, Dong Nai Provincial Police arrested and charged five suspects, including Nguyen Quoc Hung (41), Bui Thi Thanh Nga (34), Ho Long Tri (45), Dinh Huu Hay (34), and Than Van Hiep (43), with “Fraud to Appropriate Assets.”

The group established the MTC (Matrix Chain) virtual currency exchange, organized promotional events, and attracted nationwide investors with promises of “super profits.” The system was divided into Northern, Central, and Southern regions, operating as a multi-level marketing scheme.

Tens of thousands of individuals were lured into investing, with a total amount nearing 10,000 billion VND. Authorities identified this as one of the largest virtual currency scams in Vietnam’s history.