As per CoinTelegraph, the Hanoi City Police Department in Vietnam successfully thwarted a crypto scam orchestrated by Million Smiles, a company that defrauded $1.17 million from approximately 100 businesses and 400 individuals. The scam involved a fictitious token called QFS, or Quantum Financial System, which was falsely advertised with spiritual claims and promises of unrealistic returns. The police intervention prevented 300 potential victims from falling prey to the scheme. Authorities raided the company's headquarters, confiscating documents and computers, and revealed that the QFS token was not recognized under Vietnamese law. This operation is part of Vietnam's ongoing efforts to combat crypto-related fraud, with previous arrests made in October involving a Laos-based scam ring.
Vietnamese Police Foil $1.17M Crypto Scam, Protect 300 Potential Victims
KuCoin NewsShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.