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Vietnamese authorities have arrested key figures behind a nationwide cryptocurrency scam that defrauded tens of thousands of investors out of nearly 10 trillion VND (approximately $400 million). The fraud ring operated under the guise of a fake virtual currency exchange called MTC (Matrix Chain), according to local reporting. The Dong Nai Provincial Police led the months-long investigation with support from the Ministry of Public Security and other regional forces. After nearly 200 days of surveillance and evidence collection, officers arrested the group’s ringleader Nguyen Quoc Hung and four accomplices during coordinated raids across multiple provinces. The suspects are accused of creating a bogus cryptocurrency platform using software built for 20,000 Tether ( USDT ) (520 million VND). Investors were promised large profits and rewards for recruiting others into the scheme, which operated like a multi-level marketing system. Participants had to pay a 1 USDT “platform fee” via the SafePal wallet system to join. Authorities say the scam attracted over 138,000 registered users, who collectively deposited more than 394 million USDT (~10 trillion VND). Roughly 55% of the funds were siphoned off by the group for personal use, while the rest was spent on marketing, events, and commissions for regional promoters. The group allegedly laundered funds through real estate purchases across northern Vietnam, using wallets under multiple identities to obscure transactions. Police have seized assets and digital evidence for further investigation. The operation’s success coincides with the 80th anniversary of the People’s Public Security Force and is being celebrated as a major win in Vietnam’s fight against cybercrime. Investigations are ongoing as police continue to identify additional accomplices and trace stolen funds.

New Jersey is undergoing a large-scale digital transformation of its property record system, led by real estate infrastructure firm Balcony. Balcony signed a five-year agreement with the Bergen County Clerk’s Office to migrate more than 370,000 property records onto a blockchain infrastructure built using AvaCloud on Avalanche ( AVAX ). The records represent approximately $240 billion in real estate, according to Avalanche. The project is part of a broader effort to modernize outdated public record systems, which have long relied on paper-based processes and legacy software. By transitioning to a blockchain-based system, officials aim to reduce fraud , shorten deed settlement times from months to a single day, and make public records searchable, verifiable, and resistant to manipulation. The effort comes amid a rising number of ransomware attacks on local governments. In 2023, 23 municipalities in New Jersey reported experiencing cyberattacks, with some incurring recovery costs of up to $1 million, according to the Avalance. Blockchain-based recordkeeping is being positioned as a more secure and efficient alternative. The initiative is already expanding beyond Bergen County. Municipalities including Camden, Orange, Morristown, and Fort Lee are adopting or rolling out similar systems, collectively covering over 460,000 properties and an estimated $290 billion in real estate. In Orange, the updated system reportedly helped uncover nearly $1 million in previously uncollected tax income. This marks one of the largest public-sector blockchain deployments in the U.S. to date.

Bitfinex analyst Jag Kooner believes that Bitcoin and Ethereum are driven by the macroeconomic environment, which is pushing them to new highs. Despite recent volatility, Bitcoin (BTC) and Ethereum (ETH) may be heading for another move higher. According to Jag Kooner, Head of Derivatives at Bitfinex, the current macroeconomic environment is favorable for digital assets. In particular, traders are looking at Federal Reserve guidance and consumer spending data, the Bitfinex analyst shared in a note with crypto.news on May 28. For one, the Fed is under pressure from the potential inflationary effects of tariffs. If the Fed is worried about this, Kooner expects the rates will likely stay at their current level. However, core personal consumption expenditures may have a more direct impact on the dollar. “The Core PCE data on Friday will be the most binary macro event. Market pricing expects stability; any downside surprise below 2.6% y/y (core) will trigger a compression in real yields and dollar softness, catalyzing capital back into crypto,” Jag Kooner, Bitfinex. If the dollar falls, traders will be looking for other assets to protect their wealth. In this context, Bitcoin is a strong option. Kooner notes that institutional inflows are strong, with $1 billion net inflows into Bitcoin and Ethereum ETFs on the week ending on Sunday, May 25. Notably, Ethereum may be driving the altcoin rally, suggests Kooner, noting that ETH was up 6% against BTC off local lows. What is more, Kooner states that this is not driven by retail demand, but more institutional interest. “This is the beginning of what might become Phase 3 of the crypto bull cycle, where BTC strength stabilizes, ETH accelerates, and capital spreads out across selective altcoins,” Kooner noted about Ethereum’s recent growth. Still, the timing of the potential rally will likely depend on the macro environment. If the Fed minutes and the PCE are favorable, this could trigger another rally. “The underlying takeaway for traders: crypto isn’t overbought, it’s underallocated—macro just decides how quickly capital flows in,” he concluded.

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