- Vietnamese authorities have arrested several suspects linked to the ONUS platform, accusing them of fraud and manipulation.
- Police allege the scheme used fake promotions and coordinated token price adjustments, raising billions from investors.
- The case increases regulatory scrutiny in Vietnam, a nation with high retail crypto adoption according to reports.
- The US-based Vemanti Group, which lists key suspects as board members, has engaged legal counsel after learning of the indictments.
Vietnamese authorities detained multiple suspects linked to the ONUS crypto platform this week, alleging a massive fraud scheme. The group is accused of using false promotions and manipulating token trading to misappropriate investor funds, according to a statement from Vemanti Group. Investigators named specific individuals, including Vuong Le Vinh Nhan and Tran Quang Chien, who are connected to ONUS’s parent company and platform administration.
Authorities claim the suspects created and promoted tokens, including VNDC and ONUS, through the platform. They allegedly manipulated supply and demand to present the assets as legitimate investments while maintaining centralized control. Consequently, police say the scheme raised billions of dollars from unsuspecting investors.
The Ministry of Public Security said the arrests followed a sprawling multi-city investigation. Law enforcement summoned over 140 individuals for questioning and seized evidence to dismantle the operation. Meanwhile, Vemanti identified the detained Vuong as its board chairman and Tran as a board member.
ONUS, which claims over seven million users, has not released a statement addressing the situation. However, market data lists the ONUS token with a much smaller self-reported market cap of around $25 million. This highlights a significant discrepancy compared to the scale of alleged losses.
This case adds to growing scrutiny of crypto activity in Vietnam, which ranks as a top retail digital asset market globally. In a separate related development, India’s Central Bureau of Investigation arrested a suspect accused of trafficking victims to scam compounds in Myanmar.
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