Vietnamese Police Arrest Five Cryptocurrency Scam Suspects Accused of Embezzling Around $530,000

January 18th, Vietnamese police arrested five suspects accused of operating a cryptocurrency scam syndicate in the Da Nang area. Vietnamese police stated that these suspects were based in Cambodia and engaged in cryptocurrency scam activities. The scam is said to have imitated the Nasdaq exchange, with the suspects embezzling 1.4 billion Vietnamese dong (approximately $53,280). The group used Zalo and Telegram to create dozens of fake accounts, post false trading activities, pose as investment experts to deceive victims into investing, and falsely report profits. After embezzling the funds, this money was transferred through multiple bank accounts and ultimately converted into cryptocurrency to conceal its source.