Police bust illegal cryptocurrency network worth trillions of đồng

Thân Văn Thoại, Deputy Director-General of Global BBA JSC, questioned by a policeman. — Photo sggp.org.vn

HÀ NỘI — Hà Nội police announced on Friday that they had prosecuted Thân Văn Thoại, Deputy Director-General of Global BBA JSC, for orchestrating a multi-level scam involving the cryptocurrency CachBach Pro (CBP).

Along with Thoại, 40, residing in Xuân Tảo Ward, Bắc Từ Liêm District, Hà Nội City, the police also arrested seven others implicated in the scam.

Thoại allegedly purchased the CBP project overseas in 2019 and established a network of websites and applications, including the website speeding.vip, to promote and trade the cryptocurrency.

He also created a tiered system where participants were rewarded for recruiting new members and developing their investment networks, despite not having a license.

To attract investors, Thoại and his team employed a variety of deceptive tactics, including promising daily returns of 0.5 per cent and commission of up to 50 per cent for recruiting new members, and hosting 5-star vacations and other events for investors who deposit large amounts of money into the system.

From March 2021 to June 2024, they leveraged speeding.vip to build an investment community with hundreds of thousands of accounts, with investment packages amounting to tens of billions of dollars.

Hà Nội police have initiated legal proceedings against Thoại and his accomplices on charges of violating multi-level business regulations and misappropriating properties using telecommunication and electronic tools.

They have urged individuals who participated in the BBI Mall, CBP, SVIP, VNDO, CBP Wallet, Future City, and other related projects connected to Global BBA JSC to come forward and cooperate with the investigation. — VNS