Vietnamese Police Bust $1 Million Crypto Scam Before 300 New Potential Victims Fall Prey

The Hanoi City Police Department in Vietnam has managed to prevent 300 potential victims from falling prey to a fraudulent cryptocurrency investment scheme orchestrated by a company known as Million Smiles. The scheme defrauded about 100 businesses and 400 individuals of 30 billion Vietnamese dong ($1.17 million). Several individuals connected to Million Smiles have been apprehended. 

Million Smiles promoted an in-house cryptocurrency called QFS (Quantum Financial System) using deceptive advertising tactics that linked the currency to ancestral treasures and spiritual claims. The company made promises of unrealistic high returns and falsely claimed that owning QFS would gain access to a financial ecosystem with benefits such as funding without collateral or interest.

Vietnamese law enforcement first intercepted Million Smiles' plan to host a meeting with 300 customers to further promote QFS. The fraudsters aimed to persuade individuals to invest between 4–5 million dong (approximately $190) and up to 39 million dong ($1,350) for businesses during these meetings.

Police have raided Million Smiles' headquarters, confiscating documents, computers, and other materials. According to subsequent investigations, the QFS token was fictitious and not recognized under Vietnamese law.