$200 Million Paynet Coin Ponzi Busted in Vietnam, $38 Million in Assets Seized
Main Idea
Vietnamese authorities have dismantled a $200 million Ponzi scheme involving Paynet Coin (PAYN), arresting 20 individuals and seizing $38 million in assets.
Key Points
1. The scheme was promoted through websites FMCPAY.com and AFF2024.com, promising monthly profits of 5% to 9% and bonuses for recruiting new members.
2. Nguyễn Văn Hà, the main organizer, allegedly created the PAYN blockchain and misled investors by claiming it could be used for travel bookings and was registered in the U.S.
3. Authorities froze or seized $38 million in cash, foreign currency, and real estate linked to the scheme.
4. 20 people, including Hà and his deputy Phan Việt Lập, have been taken into custody.
Description
Police in Phú Thọ Province, Vietnam, have shut down the largest cryptocurrency scam recorded in the country, according to a report by Công an Nhân dân , a local media outlet.
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