Matrix Chain Fake Exchange Creators Arrested in Vietnam

Vietnamese police have carried out an operation that has resulted in the arrest of five people suspected of organizing a fraudulent scheme using the fictitious cryptocurrency platform Matrix Chain.

According to Vietnamese investigators, the criminal group created a fake crypto exchange called Matrix Chain and lured nearly 140,000 investors to the platform by promising them high returns. To give their activities a semblance of legitimacy, the criminals used complex network marketing schemes, online advertising, and personal contacts to convince citizens to invest large sums in non-existent digital assets. As part of the special operation, police conducted searches at the suspects' places of residence and work. During these activities, documents, electronic devices, and other materials that could serve as evidence against the defendants were seized.

In total, the fraudsters managed to attract about 10 trillion Vietnamese dongs (approximately $400 million - editor's note) through the criminal scheme. According to investigators, a significant part of these funds was laundered through the purchase of elite real estate in the north of the country. The investigation continues to clarify all the circumstances of the crimes committed, as well as to establish the possible participation of other persons in this scheme.

Earlier it was reported that the police conducted a search in the office of the cryptocurrency exchanger Mosca, which is located in the center of "Moscow-City". As a result of the operation, seven people were detained, who are suspected of fraud and theft of digital assets.