Vietnamese police cracked the MTC (Matrix Chain) cryptocurrency fraud case, involving nearly $400 million, and more than 130,000 people were victimized, which is very shocking. (Synopsis: Vietnamese government announces ban on Telegram: Fight crime!) Encrypted communication is not in line with national security) (Background supplement: Vietnam's Ministry of Finance cooperates with Bybit to push official crypto exchanges, Southeast Asia's largest potential market accelerates compliance) Cryptocurrencies in Vietnam are very popular, and there are many scams in the lure of high yields. Recently, the Vietnamese police successfully closed a large cryptocurrency fraud group known as "Matrix Chain"(MTC), involving nearly $400 million and more than 138,000 accounts. Vietnam inter-provincial scam According to public information from the Vietnamese police, the MTC scam has attracted the attention of the Dong Nai provincial police since early 2024. After nearly 200 days of investigation, the Criminal Investigation Department of Dong Nai Province set up a special case team, and on May 19, 2025, together with the criminal police of Hanoi, Ho Chi Minh City and other places, simultaneously launched arrests and searches, arrested Nguyễn Quốc Hùng, Bùi Thị Thanh Nga and other five core suspects in one fell swoop, and announced the solution of the case. Four main suspects, headed by Fei Shi on the left and Ruan Nan on the top right What is Matrix Chain (MTC)? MTC lured investors by promoting the prospect of "ultra-high profits and ultra-high commissions" for its MTC tokens through fake cryptocurrency trading platforms. In order to expand their influence, they frequently hold promotional activities and establish a multi-level MLM system from north to south, using the "Leader" model to develop downline. According to the details of the suspect's confession revealed by the Vietnamese police: "The main suspect Bui Guoxiong commissioned the development of MTC virtual currency software in February 2023 and cooperated with Bui Qingya. The platform requires participants to pay a fee of 1 USDT, the funds are managed by Wanshi, part is distributed to Leaders and promotions, and the remaining 55% is stolen by the owner, and the price of MTC tokens on the decentralized exchange PancakeSwap is manipulated, waiting for the opportunity to cash out investors' USDT funds, and the illegal proceeds are used to purchase real estate in Hanoi and other places." Some illegal assets are even registered in the names of the suspects and their families in an attempt to conceal the proceeds of crime. Police seize a large amount of stolen money to buy a famous car More than 130,000 victims The MTC platform attracted more than 138,000 registered accounts and recharged a total of 394,276,762 USDT ( about V ) ND 10 trillion, and investors suffered huge losses. The case demonstrates the high level of public participation in Vietnam's cryptocurrency market, but the relative lack of regulation, providing a breeding ground for online investment scams, especially pyramid schemes and high-yield investment schemes. Scammers often lure investors with fake platforms, artificial intelligence (AI) fake identities and unrealistic promises of returns, such as "pulling up shipments"(Pump and Dump). Related reports Crypto scam "fake meeting link attack" full analysis: six iron laws of long-term defense Zerebro late founder Jeffy Yu is still selling tokens? KOL questioning: fake death to evade fraud responsibility "Vietnam cracked the cryptocurrency fraud case: Matrix Chain attracted nearly $400 million, the main suspect was arrested" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".
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Vietnam cracks down on a major Crypto Assets fraud case: Matrix Chain siphoned nearly $400 million, main suspect arrested.
Vietnamese police cracked the MTC (Matrix Chain) cryptocurrency fraud case, involving nearly $400 million, and more than 130,000 people were victimized, which is very shocking. (Synopsis: Vietnamese government announces ban on Telegram: Fight crime!) Encrypted communication is not in line with national security) (Background supplement: Vietnam's Ministry of Finance cooperates with Bybit to push official crypto exchanges, Southeast Asia's largest potential market accelerates compliance) Cryptocurrencies in Vietnam are very popular, and there are many scams in the lure of high yields. Recently, the Vietnamese police successfully closed a large cryptocurrency fraud group known as "Matrix Chain"(MTC), involving nearly $400 million and more than 138,000 accounts. Vietnam inter-provincial scam According to public information from the Vietnamese police, the MTC scam has attracted the attention of the Dong Nai provincial police since early 2024. After nearly 200 days of investigation, the Criminal Investigation Department of Dong Nai Province set up a special case team, and on May 19, 2025, together with the criminal police of Hanoi, Ho Chi Minh City and other places, simultaneously launched arrests and searches, arrested Nguyễn Quốc Hùng, Bùi Thị Thanh Nga and other five core suspects in one fell swoop, and announced the solution of the case. Four main suspects, headed by Fei Shi on the left and Ruan Nan on the top right What is Matrix Chain (MTC)? MTC lured investors by promoting the prospect of "ultra-high profits and ultra-high commissions" for its MTC tokens through fake cryptocurrency trading platforms. In order to expand their influence, they frequently hold promotional activities and establish a multi-level MLM system from north to south, using the "Leader" model to develop downline. According to the details of the suspect's confession revealed by the Vietnamese police: "The main suspect Bui Guoxiong commissioned the development of MTC virtual currency software in February 2023 and cooperated with Bui Qingya. The platform requires participants to pay a fee of 1 USDT, the funds are managed by Wanshi, part is distributed to Leaders and promotions, and the remaining 55% is stolen by the owner, and the price of MTC tokens on the decentralized exchange PancakeSwap is manipulated, waiting for the opportunity to cash out investors' USDT funds, and the illegal proceeds are used to purchase real estate in Hanoi and other places." Some illegal assets are even registered in the names of the suspects and their families in an attempt to conceal the proceeds of crime. Police seize a large amount of stolen money to buy a famous car More than 130,000 victims The MTC platform attracted more than 138,000 registered accounts and recharged a total of 394,276,762 USDT ( about V ) ND 10 trillion, and investors suffered huge losses. The case demonstrates the high level of public participation in Vietnam's cryptocurrency market, but the relative lack of regulation, providing a breeding ground for online investment scams, especially pyramid schemes and high-yield investment schemes. Scammers often lure investors with fake platforms, artificial intelligence (AI) fake identities and unrealistic promises of returns, such as "pulling up shipments"(Pump and Dump). Related reports Crypto scam "fake meeting link attack" full analysis: six iron laws of long-term defense Zerebro late founder Jeffy Yu is still selling tokens? KOL questioning: fake death to evade fraud responsibility "Vietnam cracked the cryptocurrency fraud case: Matrix Chain attracted nearly $400 million, the main suspect was arrested" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".