Vietnamese police have arrested five individuals in Da Nang for allegedly orchestrating a cryptocurrency scam that embezzled over $530,000. The suspects, reportedly operating from Cambodia, imitated the Nasdaq exchange to deceive victims. They used platforms like Zalo and Telegram to create fake accounts and pose as investment experts, luring victims with false trading activities and profit reports. The group allegedly misappropriated 14 billion Vietnamese dong (approximately $532,800) and transferred the funds through multiple bank accounts before converting them into cryptocurrency to obscure their origins. Authorities noted the suspects' use of a sophisticated telecommunications network and electronic devices to facilitate their illegal operations.
Vietnamese Police Arrest Five for $530,000 Cryptocurrency Fraud
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