Police in Hanoi, Vietnam, have stopped a cryptocurrency scam that had already stolen around 30 billion Vietnamese dong, worth approximately $1.17 million, from about 400 people and 100 businesses.
According to VTV, Vietnam's national television channel, the scheme was run by a group called Million Smiles.
It targeted individuals and businesses with false promises tied to a token called Quantum Financial System (QFS).
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The Hanoi City Police Department uncovered plans for the group to hold a large meeting with 300 potential investors to push QFS further.
The group aimed to collect investments ranging from 4 to 5 million dong, equivalent to $190, from individuals and up to 39 million dong (around $1,350) from businesses.
However, before the meeting could happen, law enforcement intervened. Officers raided the company’s headquarters, seizing documents, computers, and other materials.
Investigations revealed that the QFS token was fake and not legally recognized in Vietnam. The operation was exposed as a scam designed to exploit trust and encourage financial contributions.
QFS was promoted as a unique cryptocurrency, claiming it was linked to spiritual beliefs and ancient treasures. Million Smiles promised those who invested would gain access to a special financial system offering benefits like interest-free funding.
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