On November 26, the Cyber Security and High-Tech Crime Prevention Department of Da Nang City Police dismantled a cryptocurrency investment scam ring. The scheme, operating under a multi-level marketing guise, lured thousands of participants.
The Tosi cryptocurrency scheme, a fraudulent project, defrauded approximately VND 90 billion from investors.
Initial investigations revealed that Nguyen The Duy (44, residing in Hoa Tien commune) and Nguyen Pham Phu Thoa (41, residing in Hai Van ward, Da Nang City) created the fraudulent project named TOSI.
The group hired programmers to develop the TOSI cryptocurrency on the Binance Smart Chain platform and established websites such as tsijp.jp, tsibank.ai, and tsigh.ai to attract investors.
Duy and Thoa recruited Duong Quang Hai (41, residing in Hoa Khanh ward) to manage the technical system, programming personal wallet integration to direct all user transactions into the scammers’ wallets.
Da Nang City Police dismantled the ring, freezing significant assets and seizing numerous related documents.
To conceal their fraudulent activities, the scammers claimed that TOSI was issued by a Japanese corporation and would soon be listed on Binance. They offered unusually high-interest investment packages and multi-level rewards. When new participants dwindled, they shut down the website, citing “maintenance” or “hacking attacks,” only to launch another scam project.
To expand their reach, Duy and Thoa partnered with Duong Thanh Ky (41, residing in Hai Van ward) to create the “TOSI VIETNAM” YouTube channel, producing misleading promotional videos, livestreams, and seminars across multiple provinces.
The scammers recruited “Leaders” in various localities to attract participants, forming an extensive multi-level network.
Police determined that from 2021 onwards, the group operated three consecutive scam projects, defrauding approximately VND 90 billion from over 8,000 individuals nationwide.
During the search and evidence collection, police seized 11 laptops, 16 mobile phones, over 20GB of source code data, approximately 1,000 pages of documents, froze over VND 1.1 billion in bank accounts, nearly 100,000 USDT in cryptocurrency wallets, and several related properties.
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