Over 200 victims in Vietnam duped by crypto mining scam

Over 200 people have fallen victim to a cryptocurrency mining scam in southern Vietnam, having lost a total of VND 4 billion (approximately US$157,300) to a fraudulent platform. The police have arrested four individuals connected to the development of the fraudulent website named BitMiner, which had a Singapore domain. 

According to officials, these individuals were implicated in luring victims into purchasing fake cryptocurrency Bitcoin on the website.

As reported , Tran Minh Quang, 41, and three others were arrested on Saturday as a part of an investigation into the alleged fraudulent appropriation of assets in Dong Nai Province, which borders Ho Chi Minh City. The group generated false advertisements to mislead users into believing they operated a legitimate company based in Dubai. 

They recruited numerous collaborators by promising significant profits. These collaborators received materials and manipulated trading accounts to further deceive investors. Investors were offered various cryptocurrency mining packages with different speeds, including Red Diamond, Blue Diamond, Diamond Gold, Black Diamond, and Green Diamond.