Vietnam police have arrested 20 individuals involved in a significant crypto scam related to Paynet Coin (PAYN), described as the country's largest Ponzi scheme. Authorities reported that the ringleader, Nguyen Van Ha, along with his accomplices, deceived thousands of victims both in Vietnam and internationally by promoting a fraudulent multilevel marketing scheme disguised as a cryptocurrency investment platform. The suspects lured investors with promises of monthly returns of 5% to 9% and commissions for recruiting others. Using websites like FMCPAY.com, the group employed a classic Ponzi structure, paying earlier investors with funds from new ones. Investigations revealed that Ha, despite lacking formal IT training, claimed to have developed a sophisticated blockchain and rewards program for PAYN, misleading participants with false claims about legitimate uses of the token. Police have seized $38 million in assets, and as of the arrests, victims continued to invest from countries like India and the Philippines. Charges against the accused include violating MLM regulations and misappropriating property through electronic means.

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