Cryptocurrency is very popular in Vietnam, and many scams have emerged with high-yield temptations. Recently, Vietnamese police successfully cracked down on a large cryptocurrency fraud group called "Matrix Chain" (MTC), involving nearly $400 million and affecting over 138,000 accounts.
Cross-Provincial Scam in Vietnam
According to the public information from Vietnamese police, the MTC fraud case attracted the attention of Dong Nai Province police since early 2024. After nearly 200 days of investigation, the Dong Nai Province Criminal Investigation Department formed a special task force and, on May 19, 2025, coordinated with criminal police from Hanoi, Ho Chi Minh City, and other locations to simultaneously arrest and search, capturing five core suspects including Nguyen Quoc Hung and Bui Thi Thanh Nga, announcing the case solved.
What is Matrix Chain (MTC)?
MTC used a fake cryptocurrency trading platform, promoting its MTC token with "ultra-high profits and commissions" to lure investments. To expand influence, they frequently held promotional activities and established a multi-level marketing system from north to south, using a "Leader" model to develop downline members. According to details revealed by Vietnamese police from the suspects' confessions:
"The main suspect Nguyen Quoc Hung commissioned the development of the MTC virtual currency software in February 2023 and collaborated with Bui Thi Thanh Nga. The platform required participants to pay a 1 USDT fee, with funds managed by Phi, partially distributed to Leaders and promoters, with the remaining 55% privately pocketed by the main suspects. They also manipulated the MTC token price on the decentralized exchange PancakeSwap to cash out investors' USDT funds, using illegal proceeds to purchase real estate in Hanoi and other locations."
Some illegal assets were even registered under the main suspects' and their family members' names in an attempt to conceal criminal proceeds.
Over 130,000 Victims
The MTC platform attracted over 138,000 registered accounts, with total deposits reaching 394,276,762 USDT (approximately 10 trillion Vietnamese dong), causing massive losses to investors.
This case reveals that while the Vietnamese cryptocurrency market has high public participation, regulation remains relatively insufficient, providing a breeding ground for online investment fraud, especially pyramid schemes and high-yield investment programs.
Scammers often use fake platforms, AI-generated false identities, and unrealistic return promises to lure investors, such as "Pump and Dump" schemes.
