Vietnamese authorities have dismantled what they describe as the biggest crypto fraud to date and arrested the masterminds and accomplices behind the multi-billion dollar Ponzi scheme built around the digital token PayNet Coin (Payn).
Phu Tho provincial police said on August 11 that the suspect seduced thousands of victims in Vietnam and abroad into illegal multi-level marketing (MLM) operations.
Using websites such as FMCPay.com and Aff2024.com, the group has promised investors a monthly return of 5% to 9%, as well as an additional fee to recruit others. According to authorities, funds from new participants were used to pay previous investors, a classic ponge structure.
Investigators identified Nguyen Van HA, 45, of Gia Lai Province, as the mastermind. Although there was no formal IT training, HA allegedly asked developers to create Payn blockchain, sophisticated security systems, and reward programs designed to look legal.
PayNet coin prices on CoinMarketCap. sauce: coinmarketcap
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Payn scam falsely claimed US registration
The scheme also mislead participants by claiming that it could be used to book flights and hotels using Payn.
To attract more casualties, the group held a gorgeous seminar at a five-star venue, portraying Payn as a legitimate and high return investment. Authorities claim that HA siphoned around $200 million for his own use.
At the time of the arrest, money was flowing through platforms from investors in countries, including India and the Philippines, authorities said.
Police are seizing and frozen assets worth $38 million, including cash, foreign currency and real estate, according to Vietnam’s online newspaper vNexpress. The report shows that 20 people have been arrested so far.
Ha, his deputy pfan Viet rap and other defendants face accusations of violating MLM regulations under Vietnamese criminal law and using electronic networks to use them for appropriate property.
Related: Credix recovers $4.5 million in crypto after successful exploit negotiations
Crypto Hack’s loss reached $2.47 billion in H1
According to Certik, losses from Crypto Hacks, fraud and exploits reached $2.47 billion in the first half of 2025. In the second quarter, 144 incidents lost $800 million, a 52% drop in value compared to Q1, and 59 hacks were seen as less, but the total so far has already increased nearly 3% since 2024.
After accounting for $187 million in recovered funds, the adjusted loss is about $2.2 billion.
https://www.youtube.com/watch?v=20zfedqdkl8
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