How a $1 million crypto scam baited Vietnamese investors with ancient treasures

A fake cryptocurrency led to millions in losses for several Vietnamese residents who were hoping to spawn life-changing gains from their investments.

Recently, law enforcement in the Vietnamese city of Hanoi apprehended several suspects who had ties to a local company that had branded itself as “Million Smiles.”

The dubious firm has allegedly stolen over 30 billion Vietnamese dong, roughly 300 million locals and 100 businesses.

A cryptocurrency backed by ancient treasures

According to local media outlet VTV, Million Smiles reportedly posed as a humanitarian corporation that was working for the benefit of society.

They sold dreams of riches out of small investments by promising life-changing returns and financial freedom through their so-called Quantum Financial System (QFS) coin.

To the victims of the elaborate scam, QFS was no ordinary cryptocurrency.

It was an asset supposedly backed by ancient treasures and heritage assets, passed down for generations and preserved by prominent family dynasties.

Those willing to bet on the future success of these ancient assets would acquire QFS coin from Million Smiles, who lured in unsuspecting victims, claiming that early movers would be able to generate billions when the value of the token skyrockets in the future.

To further incentivise their patrons, Million Smiles promised QFS owners access to the QFS financial ecosystem, where both individuals and businesses could acquire loans without having to pay interest or offer any sort of collateral. 

With this pitch, the fraudulent firm solicited investments ranging from 4-5 million VND (approximately $190) per coin for individuals and 39 million VND (around $1,350) per coin from businesses.

By the time law enforcement dismantled the operation, the scammers had made roughly 30 billion VND ($1.25 million) from its victims, some of whom were low-income individuals.

Among them was a forestry worker from Yên Bái who invested 39 million VND ($1,350) only to have been left with a valueless cryptocurrency backed by nothing.

A portion of the proceeds from the crime was used to acquire luxurious office spaces in upscale villa areas to add more legitimacy to the entire act.

Masterminds apprehended

Per the VTV report, the police are investigating the General Director of “Million Smiles,” along with seven other individuals connected to the fraudulent QFS cryptocurrency scheme.

A raid has been conducted at the company’s headquarters, and authorities have seized documents, computers, and other evidence, uncovering the extent of the operation and its fraudulent activities.

Further, authorities managed to thwart an upcoming promotional meeting scheduled to host 300 potential investors at Thiên Đường Bảo Sơn in Hanoi. The event was intended to market the fraudulent QFS coin further.

The police have also issued a notice urging victims of the scam to come forward and report their cases to ensure their rights and interests are protected under the law.

With cryptocurrencies dominating headlines, thanks to their growing role in global politics and Bitcoin’s historic rise beyond $100K, scammers have seized the moment, weaving elaborate schemes to exploit the hype.

As previously reported by Invezz, investment frauds accounted for approximately 71% of the $5.6 billion stolen from the crypto industry last year. 

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