On 12/1, Tran Minh Tuan, 41, was placed under expanded investigation by Ho Chi Minh City Police for using computer networks, telecommunications networks, and electronic devices to appropriate assets, linked to the Bioption.org electronic exchange.
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Tran Minh Tuan upon his arrest. Photo: Nhat Vy |
Investigators identified Tran Minh Tuan as the ringleader, actively collaborating with some others to establish Bioption.org for fraudulent purposes. Tuan projected an image of a successful, sophisticated individual, regularly organizing large events to approach, promote, and attract people to an illegal "binary options" investment model.
To entice investors, Tuan promised very high returns and promoted a "safe investment" model. Participants used real money to purchase USDT cryptocurrency for "buy" or "sell" Bitcoin transactions on the exchange.
To build trust, Tuan advertised "insurance packages": if investors followed instructions and won, they would pay a fee; if they lost, their money would be refunded. Additionally, those who recruited new participants would receive multi-level marketing-style commissions.
In reality, however, Tuan and his administrative team could manipulate the system to control investors' win-loss outcomes. Once a substantial number of participants joined and significant funds flowed into the exchange, Tuan and his accomplices intentionally locked the platform, crashing the system to seize all customer cryptocurrency.
In mid-2021, Bioption.org was locked, preventing investors from logging in. During just one such locking event, Tuan and his accomplices appropriated approximately 550,000 USDT. Over 150 individuals have filed complaints, reporting a total loss of over one million USDT (equivalent to USD) to Tuan.
To aid the investigation, individuals who invested in this exchange but have not yet reported their losses should contact Team 5 - Criminal Police Department (PC02) at 459 Tran Hung Dao Street, Cau Ong Lanh Ward.
Victims can directly meet officer Su Ngoc Thuan or contact 090.898.7616 to provide information and documents.
Quoc Thang
