Vietnam Busts Multibillion-Dollar Paynet Coin Ponzi Scheme, 20 Arrested

August 14, 2025

, By Cointelegraph

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Vietnamese authorities have dismantled what they describe 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 Aug. 11 that the suspects lured thousands of victims in Vietnam and overseas into an illegal multilevel marketing (MLM) operation disguised as a crypto investment platform, data-ct-non-breakable=”null” href=”https://cand.com.vn/Ban-tin-113/phu-tho-triet-pha-duong-day-lua-dao-tien-ao-paynetcoin-voi-so-tien-huy-dong-hang-ty-usd-i777649/” title=”null”>according to a report by local media outlet Công an Nhân dân.

Using websites such as FMCPAY.com and…

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Vietnam Busts Multibillion-Dollar Paynet Coin Ponzi Scheme, 20 Arrested

August 14, 2025

, Published By Cointelegraph

Vietnamese authorities have dismantled what they describe 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 Aug. 11 that the suspects lured thousands of victims in Vietnam and overseas into an illegal multilevel marketing (MLM) operation disguised as a crypto investment platform, data-ct-non-breakable=”null” href=”https://cand.com.vn/Ban-tin-113/phu-tho-triet-pha-duong-day-lua-dao-tien-ao-paynetcoin-voi-so-tien-huy-dong-hang-ty-usd-i777649/” title=”null”>according to a report by local media outlet Công an Nhân dân.

Using websites such as FMCPAY.com and…

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

JD.com beats Q2 estimates, faces price war clampdown in China

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Shivalik Small Finance Bank raises Rs 100 Cr from SMBC, Accel, Lightspeed, others

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