Vietnamese authorities have successfully dismantled a large-scale cryptocurrency scam operated by the fraudulent company Million Smiles, which swindled over $1.17 million from unsuspecting victims. The Hanoi City Police Department uncovered the scheme after identifying deceptive marketing tactics used to promote a fictitious cryptocurrency called QFS (Quantum Financial System). The scammers lured investors with false promises of financial freedom, spiritual connections, and access to a financial ecosystem offering collateral-free funding and zero-interest loans.
Law enforcement intervened just in time to prevent a planned event where Million Smiles aimed to target 300 potential investors. Attendees were expected to invest sums ranging from 4–5 million dong ($190) for individuals to 39 million dong ($1,350) for businesses. A police raid on the company’s headquarters led to the confiscation of documents, computers, and other incriminating materials. Further investigation revealed that QFS was entirely fictitious and had no legal recognition under Vietnamese financial regulations.
Vietnamese authorities have been increasingly vigilant in cracking down on cryptocurrency scams, with this latest incident highlighting the sophistication and scale of such fraudulent operations. In a similar case earlier this year, authorities dismantled a Laos-based crypto scam network responsible for stealing millions through fake investment platforms. The persistence and adaptability of these fraudulent schemes emphasize the need for continuous vigilance and public education regarding crypto investments.
The successful intervention in the Million Smiles scam underscores the Vietnamese government’s commitment to safeguarding its citizens from digital financial crimes. Moving forward, authorities are expected to enhance regulatory frameworks and cybersecurity measures to prevent similar scams. Citizens are urged to remain cautious and verify the legitimacy of cryptocurrency platforms before making any financial commitments.
