Cryptocurrency investment scams are resurfacing.

After a period of calm, cryptocurrency scams are now resurfacing.

Scamming people, taking down websites…

In recent days, the online community has been abuzz with numerous opinions and complaints accusing an individual named NNA of luring many people into investing in the SCSJ cryptocurrency project 5-6 years ago. Specifically, during the 2019-2020 cryptocurrency boom, many people transferred money to NNA's account to invest in the SCSJ project, with a minimum of $1,000 (approximately 25 million VND), and were provided with accounts and passwords to log in to the website. From their initial coins, they were promised a 10x or 100x increase when the project was listed on an exchange. Many people believed this and transferred money to NNA's personal account to buy cryptocurrency, amounting to $5,000 - $10,000 (equivalent to 125 - 250 million VND), while also encouraging and introducing acquaintances to invest as well.

However, not long after, the website crashed, investors couldn't access it, and the SCSJ cryptocurrency wasn't listed on the exchange. NNA then apologized and admitted to being a victim of the scam. Investors at the time still believed it was just bad luck and reluctantly accepted their losses. But unexpectedly, recently, NNA posted on a social media group boasting about buying a house in Hoi An to open a homestay business. Many investors responded, expressing suspicion that A. profited greatly from the previous cryptocurrency scam to acquire such a lavish property and a luxurious lifestyle.

An outraged investor stated that, trusting NNA's promises, she transferred $5,400 to invest in SCSJ in September 2019. A month later, when she asked NNA to sell her coins, NNA told her to "wait until the price goes up, then sell, and if anyone wants to buy, help me sell it." Shortly after, the website crashed. "I also have to blame myself for believing the overly attractive offers of the project that you and your cousin created to scam people. The messages are still there. But for five years you haven't given me a satisfactory explanation," the investor shared…

Cryptocurrency investors need to be careful and avoid falling into scams.

PHOTO: DAO NGOC THACH

You may also like

Removing numerous obstacles for businesses when deploying E10 gasoline.VTV.vn - Government Resolution No. 29/2026/NQ-CP on piloting a number of policies in implementing the roadmap for using E10 bioethanol is of significant importance.

Launching a nationwide campaign to collect DNA samples from relatives of fallen soldiers whose information has not been identified.VTV.vn - On the morning of June 24th, in Hanoi, the Ministry of Public Security held a ceremony to launch a nationwide campaign to collect DNA samples from relatives of fallen soldiers whose information has not yet been identified.

Gasoline and diesel prices today, June 25th: Continue to fall sharply.Gasoline and diesel prices continued to fall sharply today, June 25th, reaching their lowest level in four months as the market anticipates a return to normal shipping activity through the Strait of Hormuz.

Cryptocurrency scams like the one described above have been quite common in the past. Since the beginning of the year, the police have continuously uncovered and prosecuted numerous organizations and individuals who enticed and defrauded investors. Most recently, in February, the Cau Giay District Police (Hanoi) reported that since 2023, two individuals, Do Huy Hoang and Hoang Van Quyet, had conspired and contacted Alexsandr Mamasidikov (39 years old, Uzbekistani nationality) to distribute and sell the MPX cryptocurrency through the website Crossfi.org, advertising that they were operating in the global cryptocurrency field.

Subsequently, this group posted a lot of information about future cryptocurrency projects, advertising the potential of the XFI cryptocurrency to solicit and sell the MPX energy currency (the perpetrators advertised that MPX could be "mined" to obtain XFI). During the process of luring investors, the perpetrators organized trips to Dubai for their "victims"; advertised the possibility of using Visa cards integrated with XFI to pay at supermarkets and stores; and manipulated the value of XFI… all in order to sell MPX and thereby embezzle investors' assets.

Investigations have revealed that nearly 2,000 victims fell prey to this sophisticated cryptocurrency scam, with the total amount stolen exceeding 2 trillion VND. According to investigators, CrossFi, formerly known as MinePlex, caused a stir in the cryptocurrency investment community by claiming to be a decentralized electronic bank. By promising attractive returns, this model raised millions of USD over the years…

"Copyright" scams

Since the beginning of March, the government has requested relevant ministries and agencies to submit pilot projects for managing digital assets. Immediately afterwards, on some forums about investing in cryptocurrencies, individuals began to entice investors to quickly buy cryptocurrencies because once the legal framework is in place, "Vietnam officially allows it, then cryptocurrencies will have the opportunity to increase in value"...

Without knowing much, any form of investment solicitation that promises returns more than three times the bank deposit interest rate is a sign of fraud. Because in any market, no one can guarantee 100% success for every investment.

Financial market expert Phan Dung Khanh

Financial market expert Phan Dung Khanh warns: Like many other scams, individuals will find excuses to present new scenarios, but the essence remains the same. They promise large profits in a short time, a week, a month… even a "refund if you lose" offer, but in reality, no one has received any compensation. These chat groups will continuously post content on social media showing many people making huge profits (but all edited, accompanied by images of supercars, luxurious villas, photos with celebrities)… The final trick to end the scam is that the website becomes inaccessible and the individuals who introduced the scheme disappear. Mr. Khanh emphasized: "Even without knowing much, any form of solicitation or investment promotion that promises profits more than three times the bank deposit interest rate is a sign of fraud. Because in the market, no matter the field, no one can guarantee 100% success with every investment."

You may also like

Global gold prices fell sharply, and crude oil prices plummeted.TPO - In the trading session on June 24, world gold prices continued to fall, and oil prices also extended their decline as the market expected oil supply through the Strait of Hormuz to be restored following positive signals from negotiations between the US and Iran.

The Dow Jones reversed course and rose, while the Nasdaq continued to face pressure from technology stocks.Wall Street closed the trading session on June 24th (early morning of June 25th in Vietnam time) with clearly mixed results. While the Dow Jones maintained its upward momentum thanks to the industrial and travel sectors, the Nasdaq continued to weaken under selling pressure on technology and artificial intelligence (AI) stocks.

Dong Thap Provincial Tax Department intensifies efforts to clean up tax identification numbers.In implementing Decision No. 595/QD-CT of the Tax Department on the deployment of the "Cleaning up tax identification numbers - Removing bottlenecks in business" campaign, the Dong Thap Provincial Tax Department has been strengthening solutions, reviewing and handling violations to create a favorable and transparent business environment.

According to lawyer Truong Thanh Duc, Director of ANVI Law Firm, Vietnam currently has no regulations related to digital assets and cryptocurrencies, but there are also no provisions prohibiting them. Therefore, it can be considered a "grey area" in this field. Even if the government issues a pilot regulation on cryptocurrency management, it would not be related to trading on international exchanges or many current virtual currencies, especially those issued by individuals. Therefore, investors who trust individuals and contribute money to invest in cryptocurrencies still bear the risk of losing money without any protection from any authority. Many cryptocurrencies introduced by groups of individuals have no fundamental value and are quite vague in terms of application or the possibility of being traded on exchanges. "The nature and risks involved in investing in cryptocurrencies are unknown and have always been the case, as they are not listed on well-known international exchanges. Therefore, investors should be cautious of offers to invest with promises of high returns," said lawyer Truong Thanh Duc.

The Ministry of Finance announced on March 11th that it had submitted Proposal No. 64/TTr-BTC to the Government outlining a draft Resolution on the pilot implementation of cryptocurrency issuance and trading. In this proposal, the Ministry of Finance suggests a coordinated management mechanism between agencies such as the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam to promote market activity while minimizing financial security risks and ensuring stability in the financial and monetary markets. Cryptocurrency issuance and trading are rapidly developing in terms of issuance volume, transaction value, and complexity. Activities related to cryptocurrencies are vibrant, diverse, and attract a large number of participants, posing numerous risks and impacting monetary policy, trade, and security in several countries, including Vietnam. The pilot implementation allows regulatory agencies to thoroughly study and assess the feasibility and practical conditions of implementation, minimizing illegal activities such as money laundering and terrorist financing, protecting investors, and creating a foundation for the development of a transparent, safe, and sustainable financial market.

Source: https://thanhnien.vn/lai-ro-len-lua-dao-dau-tu-tien-so-185250406164158362.htm