- Vietnamese police exposed crypto scams, including a $157,300 fraud by BitMiner and a $1.17M fake cryptocurrency scheme.
- Hong Kong uncovered a $4.37M global scam using AI deepfakes to target victims via fake crypto platforms.
- Southeast Asia saw job scams forcing victims into cybercrime rings, urging global action against such frauds.
On 5th January 2025, police in Dong Nai Province, Vietnam, arrested four suspects. A gang defrauded over 200 victims of nearly 4 billion Vietnamese dong worth, that is $157,300. The leader of the gang was Tran Minh Quang; they set up a website called BitMiner to mine cryptocurrencies.
They registered their website in Singapore but claimed to be from Dubai and were selling packages and materials that would give the victim huge returns. The money goes to Quang and his helpers. This case is part of an effort to stop crypto scams in Vietnam. In another event, a fake network promoted a phony cryptocurrency called the Quantum Financial System, or QFS. Coin to over 400 people and 100 businesses, tricking them out of $1.17 million.
The scammers fooled people into thinking they could make a lot of money, claiming the coin was backed by “ancient family treasures.” Authorities found computers, papers, and other evidence during a raid that showed the size of the scam.
Vietnam Police Arrest Gang Behind Crypto Scams
The police managed to apprehend 31 people believed to be part of an international scamming group that could scam Taiwanese, Singaporeans, Malaysians, and people in the United States with HK$34 million, which is around US$4.37 million by employing sophisticated AI deepfake technology.
This is used for making counterfeit identities by stealing people’s likenesses, through which they gain confidence and build an internet-based romantic relationship with victims. After gaining the victims’ trust, they cheated the latter into investing in fake crypto trading platforms.
Many Indians are becoming victims of deceitful job promises made to them for visiting Vietnam, Thailand, Cambodia, and Myanmar. In many cases, after they land, cybercrime gangs capture them and get them to be involved in fraudulent schemes, including investment fraud in cryptocurrency and dating online scams.
These scams reflect the level of intelligence fraudsters are capable of attaining when exploiting these technologies, including AI. In addition to other tricks, to swindle innocent people. The authorities requested that people be more alert, seeking more intercountry cooperation to put these schemes to an end.
Police agencies want to inform the public and offer advice. Which is to help tackle the increasing problem of fraud involving cryptocurrencies as more people get involved. These recent arrests are a positive move toward stopping these groups, but the fight against cybercrime continues.
