Dong Nai Police, in coordination with the Criminal Police Department (Ministry of Public Security) and authorities from Hanoi, Ho Chi Minh City, Hung Yen, Binh Dinh, Dak Lak, Gia Lai, Bac Giang, and other provinces, have dismantled a massive nationwide cryptocurrency scam involving the MTC (Matrixchain) platform.

The scheme lured tens of thousands of victims and defrauded them of more than VND 10 trillion (approximately USD 400 million).

The suspects arrested and searched include: Nguyen Quoc Hung (born 1984), Bui Thi Thanh Nga (born 1991, both from Hanoi), Ho Long Tri (born 1980, from Ho Chi Minh City), Dinh Huu Hay (born 1991, from Binh Dinh), and Than Van Hiep (born 1982, from Dong Nai). Investigators also summoned several accomplices for questioning.

Initial findings reveal that the group launched the MTC (Matrixchain) virtual currency trading platform, operating under a multi-level marketing model and dividing the operation by region from North to South Vietnam to solicit investments.

The group organized numerous promotional events, advertising “super profits” from the MTC token - an asset with no real value - in order to deceive tens of thousands of people across the country.

In February 2023, Nguyen Quoc Hung contacted an anonymous group via Telegram and hired them to develop the MTC platform software for USD 20,000 (approx. VND 520 million). He then invited Nga to co-invest VND 400 million to execute their fraudulent plan.

The group created a SafePal e-wallet connected to the B2B Smart Trade platform and established a “platform fee wallet” to collect money from participants. Each investor account had to deposit 1 USDT (approx. VND 26,000).

Collected funds were divided as follows: 40% to regional “leaders,” 5% for marketing and event organization, and the remaining 55% was withdrawn by Hung and Nga for personal use.

After listing MTC on PancakeSwap, Hung controlled 11 SafePal wallets containing around 100 million MTC tokens to manipulate prices and embezzle USDT from investors.

The group also established numerous Facebook and Telegram groups to train “leaders,” promote the project, promise high returns, and offer attractive commissions to recruit new participants.

By the time the scam was uncovered, over 138,000 accounts had been created on the system, which had received more than 394 million USDT - equivalent to over VND 10 trillion.

The stolen funds were used by Hung and his accomplices to purchase real estate in various provinces including Hanoi, Bac Ninh, Hoa Binh, Hung Yen, and Thai Nguyen.

According to Dong Nai Police, after months of investigation and surveillance, nearly 200 officers were mobilized to track the suspects and have now dismantled most of the network.

Authorities are urgently expanding the investigation to locate and prosecute the individuals involved in accordance with the law.

Hoang Anh