The Hanoi City Police Department has successfully disrupted a sophisticated crypto scam, preventing 300 potential victims from falling prey to fraudulent schemes. The scam, orchestrated by a company called Million Smiles, had already defrauded 30 billion Vietnamese dong (approximately $1.17 million) from 100 businesses and 400 individuals, according to Vietnam’s national broadcaster, VTV.
Million Smiles and the Fake QFS Token
Million Smiles promoted a fictitious cryptocurrency called QFS (Quantum Financial System), luring investors with deceptive advertising. The scammers falsely linked the token to ancestral treasures and spiritual claims, promising unrealistic returns. They further claimed that owning QFS would provide access to a unique financial ecosystem offering benefits like collateral-free and interest-free funding.
Police Intervention and Raid
Authorities intercepted Million Smiles’ plans to hold a promotional event with 300 potential investors. At such meetings, the fraudsters encouraged individuals to invest between 4–5 million dong (around $190) and businesses up to 39 million dong ($1,350).
Police raided the company’s headquarters, seizing documents, computers, and other materials. Investigations confirmed that the QFS token was entirely fictitious and not recognized under Vietnamese law.
Vietnam’s Strong Stance Against Crypto Fraud
Vietnamese authorities have a history of cracking down on crypto-related scams. In October, police in Nghe An province dismantled a Laos-based scam ring connected to fraudulent wire transfers and crypto investment schemes.
In one notable case, scammers posing as offshore actors convinced a victim in Ho Chi Minh City to invest in a fake app called “Biconomynft,” promising high returns. Over several months, the victim lost 17.6 billion dong ($700,000).
The Million Smiles case highlights the increasing risks posed by crypto fraud in Vietnam. While the country remains a growing hub for blockchain and cryptocurrency, these scams underscore the importance of vigilance and robust regulatory enforcement to protect investors.
