Vietnamese police have arrested five suspects for cryptocurrency fraud, allegedly embezzling over $530,000.

PANews reported on January 18 that, according to Crypto Politan, Vietnamese police arrested five suspects in Da Nang for allegedly operating a cryptocurrency scam. In a statement, Vietnamese police stated that the suspects were based in Cambodia and operated the cryptocurrency scam. The scam allegedly imitated the Nasdaq exchange, and the suspects misappropriated 14 billion Vietnamese dong (approximately US$532,800).

Police also mentioned that the suspects possessed a powerful telecommunications network and electronic devices, enabling them to conduct illegal activities from their residences in the Da Nang area. The group used Zalo and Telegram to create dozens of fake accounts, posting fake trading activities, posing as investment experts to lure victims into investing, and falsely reporting profits. After misappropriating the funds, the money was transferred through multiple bank accounts and ultimately converted into cryptocurrency to conceal its origin.