Digital Asset Fraud: Beware of "sky-high" profit promises

(Dan Tri) - The digital asset market in Vietnam is growing strongly, leading to the emergence of a series of sophisticated fraud models.

Digital asset fraud is becoming increasingly complex (Photo: The Anh).

Potential market and lurking traps

The digital asset market is making great strides thanks to an increasingly complete legal corridor. The National Assembly passed the Law on Digital Technology Industry on June 14, which for the first time includes regulations on digital assets.

This is an important milestone, creating a solid foundation to protect investors and promote the development of domestic enterprises.

Ms. Nguyen Van Hien, Vice President and General Secretary of the Vietnam Blockchain and Digital Assets Association (VBA), commented: “Recognizing crypto assets as legal not only creates a basis to protect investors and handle violations, but also promotes domestic enterprises to develop legitimate innovative models.”

However, along with this development, fraudulent activities in cyberspace are also becoming increasingly complex.

Estimates from research firm Triple-A show that in Vietnam, more than 17 million people own crypto assets, ranking 7th in the world . The rate of freelancers holding crypto is more than 85%, ranking first globally.

These figures show that blockchain and digital assets are growing rapidly and at an unprecedented scale. This also makes this technology a lucrative target for cybercriminals with increasingly sophisticated fraud methods.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, shares stories about the world and Vietnam cryptocurrency market (Photo: VBA).

Total cryptocurrency-related losses in 2024 will reach $9.3 billion, up 66% from 2023 (according to the FBI Internet Crime Complaint Center).

Of these, investment fraud accounts for the largest proportion (62%, equivalent to 5.82 billion USD), followed by data leaks and fake technical support (2.08 billion USD), other tricks - love fraud, impersonation, blackmail... (about 1.43 billion USD).

Recognize common signs of fraud

To help investors be more vigilant, Mr. Pham Gia Khanh, Technology Director of NippyLabs JSC, pointed out 5 high-risk signs that need to be paid close attention to.

In particular, users need to be wary of offers that promise profits exceeding 15% per year.

These unrealistic interest rates are often a "bait" to attract inexperienced investors.

Users also need to be careful with the following cases:

Tokens lack transparent information: Tokens have almost no clear information on mainstream media channels or social networks.

Invitations to invest in areas you don't understand: Invitations to invest in areas like meme coins, DeFi, Layer 1, Layer 2 when you don't have any knowledge.

Promotion through unreliable channels: Introductions from individuals or groups of new acquaintances, only advertised in closed groups or related to multi-level marketing models, KOLs (influencers) on social networks.

Source: https://dantri.com.vn/cong-nghe/lua-dao-tai-san-so-can-trong-truoc-nhung-loi-hua-loi-nhuan-tren-troi-20250809140954443.htm