Vietnam Busts $200 Million Crypto Ponzi Scheme, 20 Arrested

Authorities in Phu Tho Province have dismantled a massive crypto-based pyramid scheme, apprehending over 20 individuals linked to the operation. The scheme, disguised as a multi-level marketing program, lured thousands of investors from Vietnam and abroad with promises of high returns, including monthly payouts of up to 9% and recruitment bonuses. However, these payouts were funded by new participants’ investments, perpetuating a Ponzi-like structure that ultimately collapsed.