Investing in virtual currency, cryptocurrency: Be careful not to fall into traps

Police agencies recommend that people need to be extremely vigilant, not letting ignorance turn them into victims of fraud.

Authorities arrested Ho Quoc Than (far left), the leader of a ring that appropriated assets through virtual currency transactions of Trieu Nu Cuoi Company (headquartered in An Khanh commune, Hoai Duc district).

Hit the psychology of profit-seeking

Recently, taking advantage of some people's lack of understanding of blockchain technology and digital currency, scammers have created virtual currencies and bonds with no real value, preying on the psychology of greed for high profits, causing many investors to lose everything...

At the end of 2024, the Economic Security Department - Hanoi City Police discovered signs of criminal property appropriation through "virtual" currency trading transactions of Trieu Nu Cuoi Company, headquartered in An Khanh commune, Hoai Duc district (Hanoi).

Believing in the attractive promises, about 100 businesses and nearly 400 individuals bought QFS quantum coins with a total value of up to tens of billions of VND. However, this QFS coin is completely unreal and not recognized by Vietnamese law.

The ringleader of this ring is Ho Quoc Than (born in 1992, in Bong Khe commune, Con Cuong district, Nghe An province). When Ho Quoc Than, Chairman of Trieu Nu Cuoi Joint Stock Company, was arrested at the end of 2024, hundreds of people still attended the "meeting and exchange" with the belief that there was no fraud here.

Or recently, Hanoi City Police cracked down on a fraud case led by Tiktoker Mr Pips Pho Duc Nam (born in 1994, in Ward 8, Vung Tau City, Ba Ria - Vung Tau Province), with a total of confiscated and frozen assets worth nearly 5,300 billion VND.

This is a transnational criminal ring, using high technology to defraud and appropriate people's assets through calling for investment on illegal foreign exchange and securities exchanges. The authorities have initiated a criminal case, prosecuting 26 defendants for the crimes of "Fraudulent appropriation of property", "Money laundering", and "Failure to report a crime".

Recently, through the social network Facebook, Ms. T. (in Hanoi) made friends and chatted with the account "Nguyen Thi Thuy Dung". The above subject invited Ms. T. to participate in investing in virtual currency through the website: https://www.mcprimetrusted.com/#/assets. Ms. T. followed the subject's instructions, depositing 5 billion VND to receive 350,000 USD, equivalent to 9.4 billion VND.

But when Ms. T. wanted to withdraw the above interest, the subject used many reasons to make unreasonable requests. Because she had "followed the lead", Ms. T. continued to pay 1.2 billion VND but still could not withdraw the money. Realizing that she had been scammed, Ms. T. went to the police station to report.

Investors bear all risks

From the above incidents, the Department of Cyber ​​Security and High-Tech Crime Prevention - Hanoi City Police recommends that people need to be extremely vigilant to avoid falling into financial traps.

Ms. Truong Mai Phuong, an expert from the Ministry of Finance, said that in Vietnam, there are no specific regulations on virtual currency and virtual assets. Currently, virtual currency transactions and investments in Vietnam are conducted through international exchanges, which pose many risks and are easily exploited and appropriated.

“Currently, Vietnam has not recognized and has no legal regulations governing the issuance and trading of virtual currency and cryptocurrencies. Therefore, investors will have to bear all risks when participating in investing in virtual currency and cryptocurrencies,” Ms. Truong Mai Phuong affirmed.

From a legal perspective, lawyer Nguyen Anh Thom, Head of Nguyen Anh Law Office, Hanoi Bar Association, said that the trick of selling virtual currency for illegal profit is not new, but many individuals still easily fall into the trap of scammers. With this fraudulent behavior, the subject can be prosecuted under Article 174, Penal Code 2015, amended.

“To have a chance to get their money back, victims need to immediately report fraud to the nearest police or prosecutor’s office. On the other hand, authorities need to soon develop a legal framework to manage virtual assets and virtual currencies, as well as have regulations prohibiting risky behaviors or taking advantage of virtual currency and virtual assets,” lawyer Nguyen Anh Thom suggested.

Currently, Hanoi City Police regularly issue recommendations on how to prevent and avoid risks when investing in virtual currency and securities. In particular, the police agency affirms that in Vietnam, virtual currency is not recognized as an asset, not a means of payment or a transfer instrument and has not been recorded in any document of the legal system...

In particular, Hanoi City Police advise people to be vigilant and not to participate in investing or trading on virtual currency exchanges, digital currencies, virtual currency investment applications, especially advertising platforms promising high profits or attractive investment opportunities, to avoid property appropriation. If a case of fraud is discovered, people should immediately report it to the police to have a basis for verification, prevention and handling of violators according to the provisions of law.

Source: https://hanoimoi.vn/dau-tu-tien-ao-tien-ma-hoa-can-trong-keo-mac-bay-696767.html