Vietnamese police in Phu Tho Province have charged 20 people over an alleged cryptocurrency fraud involving Paynet Coin (PAYN) that authorities say stole billions of dollars from victims in Vietnam and overseas, VnExpress reported.
The group, led by Nguyen Van Ha, from Gia Lai Province, is accused of creating the token on a blockchain and promoting it through websites such as FMCPAY.com and AFF2024.com.
Investors were promised monthly returns of 5–9 percent and referral rewards, a model police say mirrored a Ponzi scheme.
Payouts came in PAYN tokens, which could be swapped for USDT and converted into cash. VnExpress said the operators also claimed the project was U.S.-registered and usable for travel bookings, though no agency accepted it.
Police have seized cash, foreign currencies, and real estate worth trillions of Vietnamese dong, and the investigation is continuing.
Featured image: Edited by Fintech News Singapore, based on images by Paynet Coin via Facebook, and somemeans via Freepik
