Police arrest gang for $380M Matrix Chain crypto scam
Police in southern Dong Nai Province arrested Nguyen Quoc Hung and his accomplices for allegedly running a cryptocurrency scam and swindling people out of VND10 trillion (US$386 million) through Matrix Chain.
It is a decentralized blockchain platform designed for financial applications. Hung, 41, Bui Thi Thanh Nga, 34, and three others were arrested on May 28 in Dong Nai. Dozens of suspected accomplices are also under investigation.
According to the police, the group promoted Matrix Chain, a trading platform using the MTC token, an asset with no real value, as a high-return investment. Beginning in early 2024 they held promotional events and operated under a pyramid scheme model across Vietnam’s to lure investors. They managed to…
