Crypto Paynet Scam Dismantled: 800 Billion VND Seized!
Shocking Paynet Coin Fraud: 800 Billion In Cash Confiscated
On August 11, 2025, the Phu Tho Provincial Police, in collaboration with multiple agencies, successfully busted a professional cryptocurrency fraud ring involving Paynet Coin (PAYN), seizing 800 billion VND in cash along with real estate and other high-value assets. This is considered the largest investment scam involving virtual currency ever discovered.
Fraud Model Hidden Under the Veil Of Cryptocurrency
The scheme has been operating since 2021, orchestrated by Nguyen Van Ha (GĐt Gia Lai).
Promoters marketed Paynet Coin promising 5–9% monthly returns, converting via platforms FMCPAY.com or AFF2024.com, operating as a multi-level pyramid (MLM).
Victims were told they could use PAYN to buy airline tickets or book hotels — but in reality, no service providers accepted these payments.
Decisive Operation By Phu Tho Police
About one month before the bust, the Economic Security Division (PC04) of Phu Tho Police detected suspicious activity and coordinated with the Ministry of Public Security to launch raids in Phu Tho, Hanoi, and Ho Chi Minh City.
Investigators indicted 20 suspects for illegal multi-level marketing and computer-assisted fraud, leading to substantial asset seizure.
Massive Assets Seized & Effort To Return To Victims
Aside from 800 billion VND in cash, law enforcement confiscated numerous other valuable assets — totaling over a trillion VND.
Major General Nguyễn Minh Tuấn assured that authorities would work to return assets to the victims.
Stern Warning From Authorities
The Phu Tho Provincial Police issued a strong warning: be extremely cautious of any investment that involves cryptocurrency combined with multi-level marketing. If you are required to deposit money and recruit others to earn commissions, that’s a clear red flag of fraud.
Conclusion & Advice For Investors
Avoid schemes that require recruiting others to earn commissions — classic multi-level pyramid (Ponzi) features.
Only trust cryptocurrencies that are registered and regulated, and traded on legitimate exchanges.
If you're suspicious, report to the police and preserve all evidence (messages, transactions, contracts) to support investigations.
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.