Vietnamese authorities busted the country’s largest crypto fraud, arresting the mastermind behind a multibillion-dollar Ponzi scheme involving Paynet Coin. The fraudsters promised investors 5%-9% monthly returns and additional commissions, using new participants’ funds to pay earlier investors. The group falsely claimed US registration and organized lavish seminars to attract victims.

The scheme, which misled participants by claiming PAYN could be used for travel bookings and was US-registered, held seminars at luxury venues to lure in investors. The ringleader allegedly siphoned $200 million, attracting funds from countries like India and the Philippines. Police seized $38 million in assets and arrested 20 individuals involved in the case.

Crypto hacks, scams, and exploits resulted in $2.47 billion in losses in the first half of 2025, with $800 million lost in Q2 alone. Despite a 52% drop in value and 59 fewer hacks in Q2 compared to Q1, the total losses are up almost 3% from 2024. Adjusted losses, after recovering $187 million, stand at around $2.2 billion.

Read more at Cointelegraph: Vietnam Busts Multibillion-Dollar Paynet Coin Ponzi Scheme, 20 Arrested