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Vietnam Police Dismantle Multi-Billion Dollar Cryptocurrency Fraud Operation

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Vietnamese authorities have busted what officials describe as one of the country’s largest cryptocurrency scams, arresting key suspects in a multi-billion dollar Ponzi-style scheme that allegedly defrauded thousands of investors both domestically and overseas.

The operation, centered around a fraudulent digital token known as Paynet Coin (PAYN), was dismantled by police in Phu Tho province in August 2025. Authorities charged at least 20 individuals, including the alleged ringleader, Nguyen Van Ha, a 45-year-old entrepreneur and founder linked to the Hahalolo platform.

According to reports from local state media, including Công an Nhân dân, the suspects operated an illegal multi-level marketing (MLM) network disguised as a legitimate cryptocurrency investment platform.

Victims were lured with promises of high returns through the Paynet Coin scheme, which authorities labeled as the biggest crypto fraud uncovered in Vietnam to date. The operation reportedly spanned multiple provinces and attracted investors from abroad.

Police seized evidence related to the scheme and charged the suspects with fraud and organizing illegal MLM activities. Estimates of the total scale have varied in reports, with some describing losses in the billions of dollars, though exact figures for victim losses and assets recovered have not been fully disclosed publicly.

This bust is part of a broader crackdown on cryptocurrency-related crimes in Vietnam, where digital asset trading has grown rapidly in recent years but has also attracted scammers exploiting regulatory gaps.

Other recent cases include arrests tied to platforms like ONUS and HanaGold for alleged price manipulation, as well as smaller scams involving fake exchanges and investment schemes totaling millions of dollars.

Vietnamese law enforcement has intensified efforts against online fraud, Ponzi schemes, and unlicensed crypto operations amid a surge in investor complaints. Officials have warned the public to exercise caution with high-yield crypto investments promising unrealistic returns.

The investigation remains ongoing, with authorities urging additional victims to come forward. This case highlights the risks in Vietnam’s booming but largely unregulated crypto market, where millions of citizens hold digital assets.

No further details on trial dates or additional arrests have been released as of the latest reports.

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Crime

Boko Haram Attacks Adamawa Community, Kills Residents

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Boko Haram militants have launched a deadly invasion of a community in Adamawa State, killing several residents and setting multiple houses ablaze.

The attack, described by local sources as sudden and coordinated, saw the fighters storm the area, opening fire on civilians and torching homes. Survivors reported scenes of chaos as residents fled in different directions to escape the assault. A number of people were confirmed dead, while others sustained injuries and are receiving treatment.

The burning of houses has left many families displaced, with properties and livelihoods destroyed in the violence. The community remains tense, and residents are calling for increased security presence to prevent further attacks.

Security forces are yet to issue a comprehensive official update on the incident, though reports indicate that troops have been mobilised to the area.

The assault is the latest in a series of raids attributed to the group in the northeast, underscoring the ongoing threat posed by the insurgents in Adamawa and neighbouring states.

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More Than 23 Terrorists Killed in Boko Haram-ISWAP Clash in Sambisa (Video)

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More than 23 terrorists have been killed in renewed fighting between rival Boko Haram and Islamic State West Africa Province (ISWAP) factions in the Sambisa Forest area of Borno State, security sources say.

The latest clashes erupted around the Chingolo axis of Bama Local Government Area after Boko Haram fighters attacked ISWAP members advancing into the area. The fighting forms part of a fresh wave of hostilities that began about two days ago.

A video obtained by Zagazola Makama shows sustained exchanges of fire as both groups tried to consolidate positions and block the other from expanding influence inside the forest.

Preliminary intelligence puts the death toll at more than 23 on both sides since the latest round began, though exact figures for each faction could not be independently verified.

The violence underscores the ongoing rivalry between Boko Haram and ISWAP over territory, access routes, resources and control of fighters in Sambisa Forest and surrounding areas. The confrontation has further weakened both groups and disrupted their activities in a long-standing insurgent stronghold.

Security forces are closely monitoring the situation and exploiting intelligence on the factions’ movements. The military continues to target terrorist concentrations, logistics networks and hideouts across the North-East as part of efforts to degrade the insurgents.

Officials have urged communities near the forest to remain vigilant and report any suspicious movements. The situation remains fluid, with further clashes possible as both sides seek to reposition and reinforce their fighters.

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Crime

10 Out of 15 Abducted NYSC Members Rescued in Kogi (Video)

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The Kogi State Police Command has confirmed that 10 of the 15 National Youth Service Corps members abducted by suspected bandits along the Aloma–Egane Expressway in Ofu Local Government Area have been rescued.

Commissioner of Police Naziru Bello Kankarofi said security operatives are combing surrounding forests and intensifying efforts to free the remaining victims.

He dismissed reports that the 10 rescued corps members were among the 11 persons freed during a joint security operation last week, clarifying that those earlier rescued were other travellers caught up in the same kidnapping incident.

The commissioner added that several suspects have been arrested in connection with the attack.

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