The Vietnamese police announced the successful dismantling of the largest cryptocurrency fraud scheme in the country’s history, linked to the Paynet Coin (PAYN) token. During a large-scale operation, law enforcement detained 20 individuals, including the main suspect — 45-year-old Nguyen Van Ha from the Gia Lai province.
This is reported by Business • Media
Fraud Mechanism and Scale of Losses
According to the investigation, the organizers attracted thousands of investors from Vietnam and other countries through online platforms FMCPAY.com and AFF2024.com. Participants were promised returns of up to 9% per month and additional rewards for bringing in new investors. The classic financial pyramid operated using funds from new participants, which were directed towards payments to previous investors.
“Thousands of victims in Vietnam and abroad invested in Paynet Coin under promises of returns of up to 9% per month.”
The organizers positioned Paynet Coin as a legitimate project registered in the USA, with the capability to book airline tickets and hotels, as well as its own exchange. To enhance trust, they held presentations in five-star hotels.
Investigation Results and Parallels with Other Cases
Authorities claim that Nguyen Van Ha personally withdrew about $200 million. At the time of the arrests, the flow of funds from investors, including from India and the Philippines, had not ceased. The police of Phu Tho province froze and confiscated assets worth $38 million, including cash, foreign currency, and real estate.
Ha, his deputy Phan Viet Lap, and other participants have been charged with violating multi-level marketing laws and illegally using electronic networks to misappropriate property.
In July 2025, a large-scale cryptocurrency scheme was also uncovered in Ukraine, with victims including citizens from Germany, Slovakia, the USA, Canada, and the Czech Republic. The fraudsters posed as employees of non-existent investment companies and were fluent in foreign languages.
It is worth noting that Terraform Labs co-founder Do Kwon previously pleaded guilty to fraud involving $40 billion.