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Vietnamese authorities dismantle a multi-billion dollar cryptocurrency fraud scheme, apprehending seven individuals.

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Vietnam's Ministry of Public Security has apprehended seven individuals, including fintech entrepreneur Vuong Le Vinh Nhan, also referred to as Eric Vuong, for orchestrating a multi-billion dollar cryptocurrency fraud. 

This deceptive operation, which persisted from 2018 until March 2026, targeted millions of users via the ONUS crypto ecosystem, marking it as one of the most significant financial scams in the nation's history.

The group devised and marketed counterfeit digital tokens (VNDC, ONUS, HNG), manipulated their market demand and pricing, and functioned within a legal grey area in Vietnam to entice investors, according to police reports. 

The fraudulent platform, ONUS, was utilized by millions of individuals. It became unavailable around March 20, 2026, resulting in substantial financial losses estimated in the billions of dollars.

Vuong Le Vinh Nhan and six accomplices were detained on charges of property appropriation and money laundering after more than 140 individuals were called in for questioning.

Authorities confiscated evidence suggesting a meticulously organized, long-term scheme. The investigation is still in progress as police strive to identify additional suspects and recover lost funds.

Vietnam exhibits a high rate of cryptocurrency adoption, with approximately 17 million digital asset owners as of 2025. Although the country does not prohibit cryptocurrency, it forbids its use as a payment method, creating a high-risk "grey area" for investors. 

This crackdown is perceived as a significant initiative by Vietnamese authorities to enhance oversight of the digital asset sector.

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