Vietnam police bust billion-dollar crypto Ponzi ring behind Paynet Coin scam: Report

Vietnam’s police said they arrested 20 people in the country’s largest crypto scam, a multibillion-dollar Ponzi scheme built around Paynet Coin.

Vietnamese authorities have dismantled what they described as the country’s largest crypto fraud to date, arresting the ringleader and accomplices behind a multibillion-dollar Ponzi scheme built around the digital token Paynet Coin (PAYN).

The Phu Tho Provincial Police said on Monday that the suspects lured thousands of victims in Vietnam and overseas into an illegal multilevel marketing (MLM) operation disguised as a crypto investment platform, according to a report by local media outlet Công an Nhân dân.

Using websites such as FMCPAY.com and AFF2024.com, the group promised investors monthly returns of 5%–9% and additional commissions for recruiting others. Funds from new participants were used to pay earlier investors, a classic Ponzi structure, per the authorities.

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