Five people arrested in Vietnam for creating fraudulent platform Matrix Chain
Date: 2025-05-29 Author: Gabriel Deangelo Categories: IN WORLD
In Vietnam, police detained five members of a criminal group that organized a fake cryptocurrency exchange called Matrix Chain. According to the investigation, the fraudsters lured funds from more than 138,000 people, convincing them to invest in non-existent digital assets under the pretext of high profits.
The attackers acted according to a carefully thought-out scheme, using network marketing methods. They found their victims through online advertising and during personal meetings, convincing them of the reliability of the platform. Thanks to this, the fraudsters managed to create the illusion of legal and profitable cryptocurrency activity, which in fact turned out to be fictitious.
Law enforcement officers conducted a large-scale operation, during which they searched the premises and seized evidence, including documentation and electronic devices proving illegal activity. The total amount of investments received from defrauded citizens amounted to approximately 10 trillion Vietnamese dong, which is equivalent to $400 million.
The investigation found that a significant part of the stolen funds was laundered through the purchase of luxury real estate in the northern part of the country. This helped the criminals disguise the source of income and legalize part of the capital.
All those detained were charged with fraud, illegal circulation of digital assets, and violation of Vietnam's financial legislation. The police are continuing the investigation to identify all those involved in the scam and return as much of the stolen funds as possible to the affected investors.
Amid this high-profile case, the Ministry of Planning and Investment of Vietnam (MPI) has come forward with an initiative to develop a state program to support legal crypto trading platforms. It is proposed to focus the development of such platforms in the country's financial centers in order to increase transparency and protect the interests of investors.
This case once again highlights the vulnerability of unprepared investors to well-organized fraudsters and highlights the need for stricter regulation in the field of digital assets.
