DONG NAI, Vietnam — Authorities arrested Nguyen Quoc Hung, 41, Bui Thi Thanh Nga, 34, and three others on May 28 for allegedly running a massive cryptocurrency scam via the Matrix Chain platform. The group reportedly swindled investors out of more than VND10 trillion (approximately $386 million) in a pyramid scheme operation.
Matrix Chain, promoted as a decentralized blockchain financial platform using the MTC token, had no real value but was marketed as a high-return investment. Starting early 2024, the group held promotional events nationwide and attracted over 138,000 user accounts.
Hung admitted to hiring anonymous developers to create the MTC platform for 20,000 USDT, and the operation used the SafePal e-wallet and B2B Smart Trade system. Investors were required to deposit at least 1 USDT into a “platform fee wallet” controlled by Nga. Funds collected were funneled to recruiters, marketing campaigns, and real estate purchases under Nga’s family names.
Hung also manipulated token prices using a separate SafePal wallet and withdrew users’ deposits illegally. The scammers expanded their reach by training recruiters and fostering online communities on Telegram and Facebook with promises of “huge profits” and “massive commissions.”
The Ministry of Public Security revealed a 200-day investigation involving elite officers to dismantle the scheme. Further investigations continue to track and prosecute additional suspects.
