On the afternoon of 2/7, a representative from the Investigation Security Department of the Ministry of Public Security (A09) stated that this is a particularly complex case, with approximately 5 million users having opened accounts on the exchange. Police have received reports from over 2,000 citizens.

A09 has seized 350 kg of various gold and silver, blocked 8 real estate properties valued at over 200 billion VND, and temporarily froze 300 bank accounts.

Previously, A09 detained Vuong Le Vinh Nhan (also known as Eric Vuong, 42, residing in Can Tho), Tran Quang Chien (35, ONUS exchange technical administrator), Ngo Thi Thao (32, director of HANAGOLD Gold, Silver, and Gemstone Joint Stock Company), and four others. They face investigation for charges of using computer networks, telecommunication networks, or electronic means to appropriate property, and money laundering.

Users logging into the ONUS app on the afternoon of 21/3 received an error message. Photo: Tat Dat

Initial investigations determined that this group developed an ecosystem, creating cryptocurrencies such as VNDC, ONUS, and HNG to issue and sell to investors through the ONUS exchange. VNDC should have been backed by corresponding assets deposited in major Vietnamese banks at a 1:1 ratio, but the group failed to do so.

Vuong advertised that VNDC had joined an exchange issued by Singapore. However, these were all schemes by a company established and named by Vuong. His group also hired KOLs to recruit agents and affiliates to exploit, inspire, and promote, leading to "many investors joining."

After luring investors, the masterminds interfered, creating fake buy and sell orders "to manipulate and adjust the prices of virtual currencies as desired." After a period of operation and price manipulation that caused investors to incur losses, the group stopped creating fake buy and sell orders and halted promotions. Consequently, the cryptocurrencies became worthless.

Ngo Thi Thao, Tran Quang Chien, and Vuong Le Vinh Nhan at the investigative agency. Photo: Ministry of Public Security

Subsequently, Eric Vuong's group continued to launch other cryptocurrency projects under different names but using the same process to attract investors.

In addition to the self-created cryptocurrencies, the ONUS exchange also listed nearly 600 other cryptocurrency projects. With large trading volumes, billions of USD in funds circulated through this system.

"Eric Vuong and his accomplices operated the ONUS cryptocurrency ecosystem, raising billions of USD and appropriating tens of trillions of VND from the public," according to initial investigations.