A high-tech ring run by Nguyen Bang Thao has just been dismantled by the Thanh Hoa Provincial Police .
According to initial information, this group built a crypto project called Xintel and solicited investments nationwide. More than 42,000 people participated before the system was discovered, with the total amount of money stolen estimated at around 400 billion VND .
The raid at the "headquarters" in Ho Chi Minh City.
After monitoring online activity for some time, the Cyber Security and High-Tech Crime Prevention Department established a special case and conducted an inspection of Xintel's office. On January 7, 2026, authorities inspected the system's office at 19 A4 Street, Bay Hien Ward, Ho Chi Minh City. Nearly 50 people were summoned for questioning.
At the scene, the police seized numerous devices and data for investigation purposes, including servers, computers, telephones, and various related electronic data.
By January 17, 2026 , the investigating agency had initiated legal proceedings and temporarily detained 18 people , including Nguyen Bang Thao, Nguyen Duy Thinh, and Ha Tuan Dung. The defendants are being investigated under Article 290 of the Penal Code .
How the Xintel system lures people into participating.
This group built a fake "ecosystem," operating through companies like Pi Gaming and LNP Solution .
Outwardly, the system is promoted as a travel information Chia platform , but internally it operates like a multi-level marketing scheme.
Participants must deposit USDT to purchase investment packages such as Xnode virtual Mining Rig or Non-Fungible Token . Package prices range from 100 to 10,000 USDT . Profits are paid in Xin Token , the internal currency created by the system itself.
Marketing tactics that appeal to the desire to make money.
To attract funds, the system made numerous promises such as daily Mining , savings interest rates of 5–18% per year , or internal Token Sale .
This group also self-proclaimed a company valuation of $30 million and claimed to be "burning" 8.2 billion Xin Token to create a sense of scarcity.
However, according to investigators, the system lacked a transparent blockchain , data could be manually altered , and no real crypto transactions existed .
Luxury workshop to build trust
One way to attract investors is to hold seminars at upscale restaurants . There, the project is presented as a promising technology platform, leading many to invest in the hope of profit.
A victim in Thanh Hoa province reported investing 7.3 billion VND in cryptocurrency and Non-Fungible Token Mining packages. When they tried to withdraw their money, they were unable to log in and the system wouldn't allow withdrawals, leaving almost all of their funds frozen .
Lessons from the Xintel scam
The incident reveals that many projects branded as blockchain or crypto actually lack genuine technology.
Common hallmarks of this model include high fixed returns , self-issued internal Token , multi-tiered systems resembling pyramid schemes , and heavily promoted seminars .
The question is: how many similar "crypto investment ecosystems" are still quietly operating online?
