Vietnam police bust billion-dollar Paynet Coin crypto scam

By Pham Du August 12, 2025 | 08:45 pm PT

Police in the northern Phu Tho Province have busted a transnational gang that allegedly stole billions of dollars from thousands of people by using a cryptocurrency called Paynet Coin (PAYN).

They said Monday that 20 people have been charged with violating regulations on multi-level marketing business practices and misappropriation of assets.

Police searching a site involved in the crime. Photo by the police

According to investigators, Nguyen Van Ha, 45, of the Central Highlands province of Gia Lai and his accomplices created PAYN, which operated on a blockchain platform, and a reward system similar to a Ponzi scheme.

The group set up and ran websites such as FMCPAY.com and AFF2024.com, where participants can register for investment packages that promised monthly interest of 5-9%. Participants who recruited others also got commissions.

The group planned to use money from later investors to pay earlier ones.

It paid in PAYN tokens, which could be traded on the FMCPAY website or converted into USDT tokens and subsequently into dollars or dong.

An officer reading out charges to one of those involved in the crime. Photo by the police

It also falsely claimed that its trading website was registered in the U.S. and that PAYN could be used to book airline tickets and hotel rooms while in reality no travel agency accepts the token.

To expand the network, Ha hosted seminars and created private groups to lure people into buying the token.

Investigators said the group collected billions of dollars from thousands of people in Vietnam and abroad.

They have seized and frozen assets including cash, foreign currencies and real estate worth trillions of dongs (VND1 trillion = US$38 million). They are investigating further.