Coinspeaker
Crypto Scam: Massive Billion-Dollar Crime Ring Uncovered in Hanoi
Than Van Thoai, 40, vice director of the Global BBA company has been accused by Hanoi authorities of facilitating a crypto scam gang. Notably, this malicious group engaged in multi-marketing schemes worth billions of US dollars. According to a Vietnamese news source, VNExpress, Thoai is currently under investigation along with seven other accomplices by the Hanoi police.
Crypto Scam: The Busted CashBack Pro (CBP) Scheme
Thoai has a track record of encounters with the law bordering on online fraud. In May, for instance, Thaoi and BBI Vietnam Internet Technology company chairman, Ho Quoc Anh were probed. The duo were investigated for illegally appropriating property to themselves using a computer network, telecommunication network, and electronic device.
Meanwhile, back in 2019, Thoai acquired the CashBack Pro (CBP) foreign cryptocurrency project claiming it to be a business venture. He subsequently in collaboration with some unnamed foreigners created virtual transactions.
On that account, the group advertised the CBP on different websites as a platform where users can gain bonuses on CBP coins. Additionally, Thoai and his gang sourced for investors on their bogus project. They even created a network of systems that converts bonuses into cryptocurrencies and a CBP wallet to provide coins under multi-marketing schemes.
The vice director of the Global BBA and his accomplices in a bid to defraud also advertised the project as a means for participants to receive rewards. Essentially, they were required to connect with the community or create their investment accounts on the platform.
Interestingly, between March 2021 and June 2024, the Thoai’s group had created investment communities with hundreds of thousands of accounts. The value of which stands at tens of billions of dollars.
Deceptive Practices and Rapid Expansion
Notably, the Hanoi authorities say the crypto scam fueled by Global BBA Company was registered by Thoai. The goal remains to organize training and advertising events. It was never granted a license to engage in multi-marketing business. This model is one of the most clever crypto scam strategies in an industry where hacks and address poisoning are not uncommon.
This did not prevent Thoai and his group from organizing conferences to create a deceptive image for the public. According to the authorities, some of these conferences were organized at the company’s headquarters in Hanoi’s Thanh Xuan District.
Thoai and his group used their project to defraud by creating policies that would attract investors. The investors were categorized based on the amount staked with some investing $1,000 and others as high as $100,000. To encourage greater investment capital, participants were rewarded with bonuses and daily interest rates.
To guarantee a steady stream of participants, the group structured it in the form of a pyramid scheme. This required intending participants to introduce a minimum of two others or open two other accounts. This method ensured the chain grew rapidly.
While this scheme is concentrated within the Vietnam region, more crypto scam activities take place around the world. One of the highest-profile cases was that of OneCoin whose mastermind Ruja Ignatova remained on the run for up to a decade.
Crypto Scam: Massive Billion-Dollar Crime Ring Uncovered in Hanoi
