Vietnamese Police Detain Culprits Allegedly behind $394M Matrix Chain Swindle
Crypto Scam Bust in Vietnam:
The Lowdown
Vietnamese authorities have cracked down on a massive cryptocurrency fraud, arresting the masterminds behind the Matrix Chain scam that defrauded thousands, racking up billions in losses.
Matrix Chain: The Deception
At the helm of Matrix Chain were Nguyen Quoc Hung, 41 and Bui Thi Thanh Nga, 34. They developed a sham trading platform using MTC tokens bearing no value, all while advertising the platform as a guaranteed ticket to huge profits. This scheme thrived off a multi-tiered system spanning multiple regions in Vietnam, with new investors persuaded to pay a nominal "platform fee" of 1 USDT to join using SafePal wallets.
Flush with Funds
The scam was incredibly effective, attracting over 138,000 investors and amassing between $385 million to $400 million. Sources initially estimated a higher number of victims, but official statements confirm the 138,000 figure. The proceeds were distributed as follows: 40% towards regional recruiters, 5% for marketing, and the remainder used for personal luxuries like buying real estate in northern Vietnam under false names. It is estimated that around 55% of the funds were siphoned off for personal use.
The Arrests and Investigation
On May 28, 2025, police in Dong Nai Province apprehended Nguyen Quoc Hung, Bui Thi Thanh Nga, and several accomplices. The investigation followed approximately 200 days of surveillance and evidence collection led by Dong Nai Provincial Police with support from the Ministry of Public Security. Police seized digital evidence and assets tied to the scam, including real estate and cryptocurrency wallets, and are continuing to pursue additional accomplices, trace stolen funds, and recover assets for the victims.
A Word of Caution
Investors are advised to take caution in verification of the regulatory status of trading platforms to avoid similar fraudulent activities.
- The bust of the Matrix Chain crypto scam in Vietnam has emphasized the importance of crypto wallet verification to avoid fraudulent activities.
- Bitcoin,, stablecoin, and other digital assets transactions were among the digital evidence seized during the arrest of Matrix Chain masterminds.
- The crypto mining boom has accelerated crypto adoption, creating a need for secure crypto wallets like SafePal to protect investments.
- Despite the rise in technology, crime-and-justice sectors continue to explore strategies to combat crypto scams such as the one perpetrated by Matrix Chain.
- The Matrix Chain scam is a stark example of how ICOs can be misused for fraudulent purposes, emphasizing the need for transparency in digital asset finance.
- The general-news outlets have reported that the distributable profits of the Matrix Chain scam were used excessively on personal luxuries like real estate, further emphasizing the scam's magnitude.
- Cryptocurrency, cryptocurrency mining, and financial technology are increasingly interconnected, necessitating increased vigilance against potential crypto scams and fraud.
- The arrest of Nguyen Quoc Hung and Bui Thi Thanh Nga marks a significant blow to crypto scams in Vietnam, showcasing the power of legal action in deterring such criminal activities.
- The collaboration between the Ministry of Public Security and Dong Nai Provincial Police in apprehending Matrix Chain scammers demonstrates the commitment of Vietnamese authorities to ensuring justice and protecting investors in the crypto space.
