Vietnam Arrests Suspects in ONUS Crypto Fraud Case

Vietnamese authorities have arrested several suspects linked to the ONUS cryptocurrency platform, accusing them of orchestrating a multibillion-dollar fraud scheme through misleading promotions and manipulated token trading. The Ministry of Public Security announced the detentions on Thursday, following a multi-agency investigation across Hanoi and other provinces that involved questioning more than 140 individuals and seizing evidence.

Investigators allege that the group, operating since at least 2018, created and promoted digital tokens including VNDC, ONUS, and HNG via the ONUS platform. By using coordinated trading activities to artificially control supply, demand, and prices, the suspects presented these assets as legitimate investment opportunities while maintaining centralized oversight of the markets. Authorities claim the operation drew in billions of dollars from investors, though no detailed breakdown of losses has been released. The platform became inaccessible around March 20, leaving users unable to access their accounts and prompting widespread complaints.

Among those detained are Vuong Le Vinh Nhan, identified as chairman of the board for U.S.-based Vemanti Group...