Vietnam jails 43 in $3.8B online gambling, crypto case

Members of the ring, run by four Vietnamese siblings, were charged with organizing and participating in online gambling between early 2020 and late 2021 when they were busted by police, the Ho Chi Minh City's Law newspaper reported.

Huynh Long Nhu, one of four siblings running a $3.8B online gambling, crypto ring in Vietnam, upon arrest. Photo by Tuong Van

At the end of a two-day trial in Ho Chi Minh City late Wednesday, the four were jailed for between eight and 13 years, it said.

Thirty-nine other defendants were given sentences from three years, suspended, to more than 10 years in jail.

Vietnamese police were also seeking the arrest of an Indian man, believed to be the ring's mastermind, according to the report, which cited the court verdict.

The criminal group used millions of dollars in illicit profits to buy real estate and luxury cars in Vietnam as well as launder cash abroad.

Police have opened a separate money laundering investigation, the report said.

The ring had designed websites for multilayer investments using cryptocurrency, which is illegal in Vietnam.

Users were able to open accounts, convert Vietnamese dong into digital tokens, such as USDT and Ethereum, and transfer them into e-wallets for use in online gambling.

At its peak, the network had 20,000 users with around 25 million accounts.

Several users earned commission by luring other punters on Telegram and other social media platforms to join the gambling network.