Vietnam Cracks Down on $1 Million Crypto Scam
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The Vietnamese authorities successfully dismantled a large-scale cryptocurrency scam orchestrated by a company called ‘Million Smiles,’ protecting nearly 300 potential victims from financial exploitation. The scheme, built around a fictitious token called QFS (Quantum Financial System), had already swindled approximately $1.17 million (30 billion VND) from around 400 individuals and 100 businesses. The fraudulent crypto operation relied on aggressive marketing tactics, including false promises of financial freedom, exaggerated returns, and spiritual claims tied to ancestral treasures. Victims were persuaded to invest amounts ranging from 4–5 million VND ($190) per individual to 39 million VND ($1,350) per business.
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