Vietnamese authorities have formally charged 20 individuals in connection with what police describe as one of the largest cryptocurrency scams in the country’s history, allegedly defrauding investors of billions of dollars through the digital token Paynet Coin (PAYN).
The investigation, led by police in Phu Tho Province, centers on Nguyen Van Ha of Gia Lai Province, who is accused of orchestrating the scheme. According to officials, Ha and his associates developed the PAYN token on a blockchain platform and marketed it aggressively via websites such as FMCPAY.com and AFF2024.com.
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Ponzi-Style Promises and False Claims
Authorities allege the group enticed investors with promises of monthly returns between 5–9 percent and lucrative referral bonuses for recruiting new participants, features that investigators say mirror a classic Ponzi scheme structure.
Payouts were made in PAYN tokens, which could be exchanged for Tether (USDT) and then converted to cash. The operators also promoted the token as a U.S.-registered digital asset, allegedly claiming it could be used for travel bookings and other services. Investigators say these claims were false, with no verified agencies accepting PAYN for payments.
Seizures and Ongoing Investigation
Police have confiscated substantial assets tied to the suspects, including cash, foreign currency, and real estate valued at trillions of Vietnamese dong. The extent of international victimization remains under review, with authorities suggesting that the fraudulent operation targeted both domestic and overseas investors.
Officials warn that cryptocurrency scams are increasingly using sophisticated online marketing tactics to lure inexperienced investors, often masking fraudulent schemes as legitimate blockchain projects. The case remains under active investigation, and authorities have not ruled out additional arrests or charges as they work to trace the full financial flows of the alleged scheme.