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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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BREAKING: Retired General Dies in Kidnappers’ Captivity, Demand Release of Gang Members

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as Kidnappers Demand Release of Gang Membersetired Major General Rabe Abubakar has died while in captivity after being abducted by kidnappers, the Katsina State Ministry of Internal Security has announced.

The retired senior officer passed away from complications arising from diabetes and hypertension while being held alongside his wife, Amina Abubakar.

The couple was kidnapped within Matazu Local Government Area while travelling to Katsina.

A video recently circulated online showed the retired army general nursing a wound on his left foot during his time in captivity.

Reports indicate that the mastermind of the abduction demanded the release of three members of his gang, as well as some cattle, as conditions for freeing the couple.

The tragic development comes amid ongoing security challenges in parts of the North-West region.

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Bandits Kill 19 Farmers, Injure 12 Others in Fresh Attack in Zamfara

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Suspected bandits have killed 19 people and injured 12 others in a fresh attack on Gora Namaye district in Maradun Local Government Area of Zamfara State.

According to Bello Hussaini, the councilor representing the Faru/Magami ward, the attackers stormed the community on motorcycles in large numbers and opened sporadic fire on residents, mostly farmers.

Hussaini said the bandits initially killed 18 people during the assault. One of the injured victims later succumbed to injuries, bringing the death toll to 19.

Efforts to get confirmation from the Zamfara State Police Command proved unsuccessful as of the time of filing this report.

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Nigerian Army Contains Unauthorised Cameroonian Military Incursion in Cross River Border

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The Nigerian Army has confirmed that an unauthorised incursion by Cameroonian Armed Forces personnel into Danare Community in Boki Local Government Area of Cross River State is now fully under control.

According to a statement issued by the 82 Division Nigerian Army, troops stationed at the Forward Operating Base in Danare swiftly responded on June 9, 2026, after reports of the foreign military presence reached them. The Nigerian forces immediately contacted their Cameroonian counterparts, leading to the peaceful withdrawal of the Cameroonian troops from Nigerian territory in line with established border protocols. The situation was contained without any escalation or confrontation.

Preliminary investigations revealed that the incident stemmed from a dispute over the collection of levies on farmland situated between Danare Community in Nigeria and Dadi Community in Cameroon.

In a bid to strengthen bilateral relations and prevent recurrence, the General Officer Commanding 82 Division has directed the Commander of 13 Brigade to engage his Cameroonian counterpart. The planned visit aims to enhance border coordination, clarify operational procedures, and build confidence between the two militaries.

The Division reassured residents of Danare and surrounding areas that the situation is calm and under full control, with troops maintaining heightened vigilance along the border.

“Residents of Danare and adjoining areas are reassured that the situation is calm and fully under control,” the statement added.

The Army urged members of the public to remain calm, go about their lawful activities, and avoid spreading unverified information that could cause unnecessary tension in the area.

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