On November 26, the Cyber Security and High-Tech Crime Prevention Department of Da Nang City Police dismantled a cryptocurrency investment scam ring. This sophisticated scheme lured thousands of participants through a multi-level marketing (MLM) disguise.
The Tosi cryptocurrency scheme, a fraudulent project, defrauded approximately VND 90 billion from unsuspecting 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 fictitious project named TOSI.
The duo 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, integrating personal wallets to redirect all user transactions directly into the scammers’ wallets.
Da Nang City Police successfully dismantled the operation, seizing substantial assets and crucial evidence.
To conceal their fraudulent activities, the perpetrators falsely 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 referral bonuses. When new participant recruitment stalled, they shut down the websites under the pretense of “maintenance” or “hacking attacks,” only to relaunch similar schemes.
To expand their reach, Duy and Thoa collaborated with Duong Thanh Ky (41, residing in Hai Van ward) to create the “TOSI VIETNAM” YouTube channel, producing misleading promotional videos, live streams, and seminars across multiple provinces.
The scammers recruited “Leaders” in various regions to expand their multi-level network, ensnaring victims nationwide.
Authorities determined that from 2021 onwards, the group operated three consecutive fraudulent projects, defrauding over 8,000 individuals across Vietnam of approximately VND 90 billion.
During the raid, police confiscated 11 laptops, 16 mobile phones, over 20GB of source code data, approximately 1,000 pages of documents, froze VND 1.1 billion in bank accounts, nearly 100,000 USDT in cryptocurrency wallets, and several properties linked to the scam.
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