Vietnam’s Ministry of Public Security said authorities had launched a large-scale investigation into alleged cryptocurrency fraud across Hanoi, Ho Chi Minh City, Can Tho, Da Nang, and Dak Lak.
Following directives from the ministry, the Economic Security Department, in coordination with the Investigation Security Department and local police forces, conducted coordinated searches over two days in March, summoning more than 140 individuals.
On 23 March 2026, the Investigation Security Agency initiated criminal proceedings for “using computer networks, telecommunications, or electronic means to commit asset misappropriation” and “money laundering,” covering activities from 2018 to the present.
Authorities temporarily detained Vuong Le Vinh Nhan, General Director of Digital Asset Management JSC; Tran Quang Chien, technical administrator of the ONUS cryptocurrency exchange; Ngo Thi Thao, Director of HANAGOLD Jewelry JSC; and five others.
One additional individual faces charges of money laundering, though their identity remains undisclosed. The Supreme People’s Procuracy approved all prosecution and detention decisions.
Investigators allege the suspects created tokens including VNDC, ONUS and HNG, promoted them using false information, and used artificial trading activity to manipulate prices and misappropriate investor funds.
Authorities also blocked attempts to destroy evidence or disperse assets.
ONUS, formerly known as VNDC Wallet, launched in 2020 and has been widely marketed to Vietnamese users, though reports have described it as Singapore-headquartered.
The platform had previously said it had more than 7 million users globally by end-2025, with VNDC positioned as a stablecoin pegged to the Vietnamese dong.
Featured image credit: Edited by Fintech News Singapore, based on image by ganzevayna1 and pvproductions via Freepik
