On December 21, the Dak Lak Provincial Police temporarily detained Tran Quang Ut (residing in Phu My Bac commune, Gia Lai province), Mai Tan Minh (30 years old, residing in Ea Mdroh commune), and 10 others for investigation and prosecution regarding the crime of fraud and appropriation of property, according to the report. People's Police.
Mai Tan Minh and Tran Quang Ut - two key figures in the Kayple scam project (Photo: People's Police Newspaper)According to initial investigations, around mid-April 2024, Tan and Ut plotted to make money through fraudulent schemes, so they hired someone to create the Kayple project software to solicit investments in the Kay cryptocurrency.
In early September 2025, despite being a virtual project, Tan and Ut still organized activities, promoting Kayple as an advanced blockchain ecosystem, integrating a decentralized exchange (DEX) and a play-to-earn gaming platform; with chain -chain compatibility. Along with a sustainable in-game economy, the value of the Kay cryptocurrency would always increase, and the system would automatically pay interest based on the amount participants had invested.
This group advertised the Kayple project as software developed overseas and attracted customers from many countries around the world. However, the project currently only has 7 million Kay, making it scarce and causing the value of the Kay cryptocurrency to continuously increase. For example, in September 2024, the exchange rate of 1 Kay reached 2 USDT, equivalent to approximately 52,000 Vietnamese Dong. Therefore, those who invested early in the Kay cryptocurrency will reap significant profits.
In addition, Tan and Ut also hired several individuals to act as team leaders responsible for guiding, leading, inspiring, and recruiting, promoting, and instructing more people to invest in the Kayple project.
The individuals acting as Leaders provided a lot of false information, such as: participants in the Kayple project would receive high benefits, attend seminars and online meetings, and be connected to Zalo and Telegram groups that posted images showing the monthly profits of those who invested in the project.
A search was conducted at the workplace of Nguyen Viet Phuong - one of the 10 suspects who have been arrested. (Photo: (People's Police Newspaper)Investigators determined that all the money invested in this project was embezzled by quickly transferring it to a cryptocurrency wallet managed by Tan, and then Chia to Ut and other accomplices for personal use.
The cryptocurrency profits (USDT) displayed in the Kayple e-wallets of project participants are all… fictitious figures, created by scammers using software designed to build trust and continue attracting investment into the project.
After Tấn and Út had embezzled all the USDT from the investors in the Kayple project, by the end of August 2025, the two agreed to shut down the system, simultaneously announcing that the overseas project was undergoing maintenance and inaccessible. They then gradually lowered the value of the Kay token to make the victims believe their investment had resulted in losses.
Using the aforementioned tactics, from September 2024 to August 2025, the Kayple project, concocted by Tan, Ut, and their accomplices, attracted over 4,000 investment wallets with a total amount exceeding 51 million USDT, equivalent to 1.275 billion Vietnamese Dong. The case is currently under expanded investigation.
Source: Vietnambiz
