Bac Ninh, Vietnam – Four men have been arrested in the northern province of Bac Ninh for allegedly hacking users’ cryptocurrency accounts on the Binance app and using them to steal over VND10 billion (approximately US$393,300). The four suspects – Nguyen Duc Hung, 25; Hoang Dinh Tai, 27; Nguyen Phung Hoang, 22; and Nguyen Anh Tuan, 26 – are under investigation for fraudulent appropriation of assets.
According to the Bac Ninh police, the group targeted Binance users by illegally accessing their accounts and selling the stolen cryptocurrency. Authorities confiscated six phones, four laptops, VND130 million, and 37 bank accounts during the arrests.
The Cybersecurity and High-Tech Crime Prevention Department of Bac Ninh Police began investigating after discovering suspicious activities related to the account “HOANG_COIN_247.” The account displayed signs of fraud, and investigations revealed that Hung had learned how to illicitly access users’ Binance accounts.
The suspects used burner phone numbers and non-official bank accounts to set up fraudulent Binance accounts. Hung and his accomplices would place orders to buy USDT (a type of cryptocurrency) at low prices to attract buyers. Once the buyers showed interest, they were tricked into scanning a QR code provided by the suspects. Upon scanning the code, the scammers gained access to the buyers’ accounts and immediately withdrew all the funds, selling the stolen cryptocurrency shortly thereafter.
Since the start of the year, Hung and his group have carried out more than 50 fraudulent transactions, swindling users across the country. The stolen USDT was converted into cash and used by the suspects to purchase cars, top-up gaming accounts, and cover personal expenses.
The authorities are continuing their investigation, and additional charges may be forthcoming as more details emerge. The Bac Ninh police have urged any other victims of the scam to come forward and assist in the investigation.
This case highlights the growing threat of cybercrimes involving cryptocurrencies and the importance of securing digital assets from fraudsters. The Bac Ninh Police’s swift action in apprehending the suspects is seen as a critical step in protecting cryptocurrency users in Vietnam.
