Authorities in Vietnam have uncovered a crypto mining scam that deceived over 200 victims into investing VND4 billion (approximately $157,300) through a fraudulent platform, BitMiner, allegedly operated by Tran Minh Quang, 41, and three accomplices.

According to the report from a local media outlet, the suspects were arrested on Saturday in Dong Nai Province, near Ho Chi Minh City, as part of an investigation into fraudulent appropriation of assets. The group is accused of creating a fraudulent website with a Singapore domain and promoting a fake cryptocurrency called Bincoin.‍

A Sophisticated Deception

According to police, the scheme was designed to appear legitimate, with perpetrators falsely claiming that their company was based in Dubai. They recruited collaborators by promising substantial profits and provided them with promotional materials and fake trading accounts to lure investors.

Victims were offered various crypto mining packages named Red Diamond, Blue Diamond, Diamond Gold, Black Diamond, and Green Diamond, each with different purported mining speeds. The suspects held forums to educate potential investors about crypto mining, claiming to use AI and advanced technologies.

Despite promises of returns, all investments were funneled into wallets controlled by Quang and his accomplices. None of the funds were used for legitimate crypto mining activities.

Vietnamese authorities have urged citizens to exercise caution when investing in cryptocurrencies and to thoroughly verify the legitimacy of platforms and projects. They warn against falling for promises of guaranteed high returns or investment schemes requiring upfront payments.