Vietnamese police have cracked a 30 billion VND cryptocurrency scam, protecting 300 potential victims

ChainCatcher news, according to Cointelegraph, the police department of Hanoi, Vietnam, has prevented 300 potential victims from investing in a meticulously designed cryptocurrency scam that has defrauded approximately 10 billion Vietnamese dong (about 1.17 million USD) from around 100 businesses and 400 individuals.

It is reported that the Hanoi police have arrested individuals associated with Million Smiles Company, which orchestrated an illegal and fraudulent cryptocurrency investment scheme targeting Vietnamese citizens, promoting its internal cryptocurrency QFS (Quantum Financial System) and linking it to ancestral treasures and spiritual claims through deceptive advertising.