Taking advantage of the ONUS exchange crash to commit fraud.

Scammers are taking advantage of the events at the ONUS cryptocurrency exchange to target panicked investors. Fraudulent schemes impersonating the platform have also emerged.

The ONUS app is currently inaccessible.

From the afternoon of March 20th, the ONUS cryptocurrency application became inaccessible, preventing users from logging in or retrieving passwords via the server. Users completely lost access to their digital assets stored on the system. When attempting to log in, the platform displayed the message: "Login error. Please check your network connection and login information."

The exchange ceased operations unexpectedly, without any prior notice, causing confusion among customers. Subsequently, fraudsters exploited this chaotic situation, spreading false information to lure ONUS investors into joining online groups. Some individuals even impersonated the exchange, luring people whose funds were being held on the platform into scams.

Within ONUS customer groups or posts related to the incident, there are many fake Facebook accounts commenting. They claim to have information related to the case and invite investors to join messaging groups to share information.

Group administrators are exploiting the panic among ONUS investors to profit through affiliate marketing.

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In a group claiming to be an ONUS partner, the administrator failed to provide any valuable information. However, after recruiting over 1,000 members, this individual disabled the communication function. Subsequently, the group leader sent a link and urged investors to "register to receive money soon."

In reality, this is a link to an international cryptocurrency exchange. When someone registers through the link, the person behind it receives a bonus. It has no connection to the ONUS app that recently experienced problems.

After realizing they had been scammed and wasted time, many people quietly left the messaging group. On social media, many investors shared that they were contacted by fake ONUS accounts to register for withdrawals. The scammers requested a 1 million VND upfront as a service fee.

ONUS is a platform with a large domestic user base, reaching millions. Furthermore, the platform focuses on simple functions, thus attracting many new customers with little knowledge or skills in investing in cryptocurrencies.

The ONUS app launched in Vietnam in March 2020, during a period when many people were new to the cryptocurrency market. The platform is headquartered in Singapore but its leadership is primarily Vietnamese, targeting domestic customers. The platform offers the VNDC stablecoin, pegged to the Vietnamese Dong, as its core product. It also allows users to deposit, withdraw, and convert between digital assets and fiat currency. This type of transaction falls within a legal opacity.

From stablecoin and wallet solutions, ONUS has gradually transformed into a multi-functional platform with services including swap, futures market, leverage, P2P, and more.

In December 2021, hackers offered to sell data collected from the ONUS platform. The hackers claimed to possess information on over 1.92 million accounts, 90% of which belonged to Vietnamese users. The total amount of stolen data reached 9 TB, including full names, emails, phone numbers, encrypted passwords, and transaction history.

ONUS (formerly VNDC) was founded by Eric Vuong, a prominent technology entrepreneur. Following the acquisition of the platform by Vemanti Group in March 2025, his title within the organization is Chairman of the Board of Directors of Vemanti Group.

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Source: https://znews.vn/loi-dung-san-onus-sap-de-lua-dao-post1637074.html