200 deceived by crypto mining scam in Vietnam via Singapore website

By Phuoc Tuan January 5, 2025 | 04:59 pm PT

Tran Minh Quang (L) seen at a police station. Photo by VnExpress/Thai Ha

Over 200 people have fallen victim to a crypto mining scam in southern Vietnam by submitting VND4 billion (US$157,300) to a fraudulent platform.

Tran Minh Quang, 41, and three other individuals were arrested Saturday for the investigation of alleged fraudulent appropriation of assets in Dong Nai Province, which borders HCMC.

The police accused these individuals of developing fraudulent website BitMiner, with a Singapore domain, to lure victims to buy fake cryptocurrency Bincoin.

The group provided false advertisement to deceive users that they had a company based in Dubai.

They recruited many collaborators by promising substantial profits. These collaborators were given materials and manipulated trading accounts to deceive investors.

Investors were offered several crypto mining packages with different speeds, such as Red Diamond, Blue Diamond, Diamond Gold, Black Diamond and Green Diamond.

They were invited to many forums to be educated on crypto mining using AI and new technologies.

All of their investment, however, went to wallets controlled by Quang and his accomplices.