Hoang Gia Tan, 35, and six accomplices face prosecution by the Hanoi Police Investigation Agency. They are charged with "using computer networks, telecommunication networks, and electronic means to appropriate property," under Article 290, Clause 4 of the Penal Code. The group allegedly defrauded investors of over 60 billion VND through a fabricated digital currency scheme.

Hoang Gia Tan at the investigative agency. *Police provided*

According to police, Tan and his technical team began researching the cryptocurrency market in 2019. They then created the LIBFX digital currency. Tan developed promotional content, outlining LIBFX's development roadmap and its supposed potential for rapid profits through various investment packages, complete with attractive commission structures.

Tan falsely advertised LIBFX as originating from abroad, claiming it possessed full legal documentation. He asserted it would function as an intermediary payment method within the Forex market. However, police investigations revealed Tan fabricated all this information solely to attract investors.

Investigators believe Tan hired a technical team in Vietnam to establish the entire LIBFX project. The group did not genuinely invest any funds; instead, they operated a Ponzi scheme, using money from new investors to pay supposed returns to earlier participants.

Police and prosecutors inspecting evidence. *Police provided*

Initial findings from the investigation confirm the group appropriated more than 60 billion VND.