Vietnam's ONUS Crypto Investment Scam: 350kg of Gold and Silver Seized, Thousands of Investors Trapped Under AI Guise

Who Gets Targeted

Victims are primarily middle-class Vietnamese investors, freelancers, and young people new to investing. While familiar with mobile apps, they lack understanding of the underlying logic of cryptocurrencies. They are easily lured by terms like 'AI quantitative trading' and 'guaranteed high returns,' often succumbing to 'copy-trading' peer pressure in group chats. Scammers use artificial scarcity—such as limited slots—to pressure victims into depositing funds without verifying credentials, ultimately leading to total financial loss.

骗局怎么运作

• Packaging a legitimate image: Fraudsters register shell companies and build fake international fintech platforms. Websites display terms like 'AI quantitative trading' and 'intelligent risk control,' and even forge regulatory license screenshots. This polished persona of 'Vietnam's largest fintech company' leads investors to believe they are dealing with a compliant institution, lowering their guard.
• Targeted customer acquisition: Ads promising '1% daily returns' are deployed via Facebook, Zalo, and Telegram, leading users to private investment groups. These groups are filled with 'shills' who post fake profit screenshots to create an atmosphere of 'guaranteed AI-driven gains.' Tactics emphasize 'limited slots, first come, first served' to rush users into depositing.
• Small-scale 'tasting' phase: New users deposit around 1 million VND, and the platform pays out principal and interest on time or allows withdrawals. This builds trust, convincing users the platform is 'actually making money,' while inducing them to increase their investment to hundreds of millions of VND.
• Layered obstacles: When users attempt large withdrawals, customer service refuses, citing 'account anomalies,' '20% income tax requirements,' or 'transaction volume mandates,' while encouraging users to 'deposit more to unfreeze.' Many users, driven by the 'sunk cost' fallacy, continue to invest until their savings are exhausted.
• Exit scam: Once the fund pool reaches a critical threshold, the platform suddenly shuts down. Websites and apps become inaccessible, and groups are disbanded. Funds are then laundered through underground banks, crypto mixers, or the purchase of precious metals, making it difficult for victims to track their money.

红旗信号（看到这些快跑）

• 🚩 Guaranteed returns: Platforms claiming 'zero risk, high returns' with annual yields far exceeding legitimate financial products are classic signs of a Ponzi scheme.
• 🚩 Lack of formal regulation: License information at the bottom of the website cannot be verified on the State Securities Commission of Vietnam or Central Bank websites. Domain registration is often less than a year old.
• 🚩 Vague technical jargon: Repeated mentions of AI, quantitative trading, and smart strategies without explaining fund flows or algorithmic logic, demanding unconditional trust from users.
• 🚩 Withdrawal conditions: Demanding 'security deposits,' 'income taxes,' or 'unfreezing fees.' Legitimate financial platforms never require customers to transfer funds to private accounts.
• 🚩 Closed community management: Investment groups prohibit members from adding each other. All communication is controlled by 'mentors' and shills, preventing users from encountering real investors or negative information.

真实案例

• In 2025, the Vietnam Police portal (congan.com.vn) reported on the Luxkingtech and Xintel crypto investment scam chain: The platform illegally absorbed funds under the guise of AI mining hosting. Da Nang police arrested 8 suspects and froze over 60 billion VND, with over 1,000 victims nationwide losing approximately 17.5 billion VND. (Source: https://congan.com.vn/vu-an/phong-chong-toi-pham-tren-khong-gian-mang/gan-600-ty-dong-boc-hoi-vi-bay-tien-ao-luxkingtech-va-xintel_190232.html)
• On March 9, 2026, the Vietnamese publication 'Người Quan Sát' reported that approximately 1,000 investors were trapped in the Luxkingtech crypto project. Vietnamese police urged victims to report and register, confirming over 1,000 participants in the project. (Source: https://nguoiquansat.vn/1-000-nha-dau-tu-sap-bay-du-an-tien-so-luxkingtech-cong-an-keu-goi-trinh-bao-278033.html)
• On August 3, 2026, the Vietnam News Agency reported that the Hanoi People's Procuracy issued an indictment for the 'Mr Pips' massive online financial fraud case. The mastermind, Fu De Nan, directed the establishment of multiple shell companies and 66 bank accounts, renting offices in Hanoi, Ho Chi Minh City, and Da Nang to recruit hundreds of employees to lure victims. Prosecutors held him criminally liable for 919 fraud cases involving nearly 156 billion VND, with 188 individuals recommended for prosecution. (Source: https://zh.vietnamplus.vn/article-post266230.vnp)

Official Stance

• In 2025, the Ministry of Public Security of Vietnam issued a notice regarding the progress of the ONUS crypto fraud investigation and called on investors to provide leads to the police.
• In 2025, the Voice of Vietnam (VOV) reported on 'Combating Property Appropriation Gangs in the Virtual Currency Sector,' exposing the Luxkingtech case and warning the public against 'high-yield' crypto investment traps.
• In 2025, the Vietnam News Agency reported on the 'Mr Pips' major online financial fraud case, noting that the prosecution recommended indicting 188 suspects and warned the public to guard against online investment scams.

How to Protect Yourself

• ✅ Before opening an account, verify if the platform holds a financial license via the State Securities Commission of Vietnam or the local Central Bank website. You can also check company registration numbers and tax information.
• ✅ Do not trust promises of 'AI-automated wealth.' Understand the underlying assets of any investment. If a platform is vague about how funds are used, stay away immediately.
• ✅ Conduct a small withdrawal test first. If the withdrawal is rejected or requires additional fees, stop depositing immediately and save all chat logs, transfer receipts, and webpage screenshots.
• ✅ Join investor alert groups operated by regulatory agencies or credible media to receive timely updates on the latest scams. If you are defrauded, report it to the local police cybercrime department as soon as possible.