cryptojournalist
Hanoi police stopped a crypto scam that had already taken $1.17 million from unsuspecting victims. The scammers, operating under the name Million Smiles, had targeted hundreds of individuals and businesses and were about to rope in 300 more.
Selling Fake Dreams with a Fake Token
The scam revolved around a made-up cryptocurrency called QFS. Million Smiles lured people in with wild promises—like accessing loans without collateral or interest—and even claimed the token was tied to spiritual treasures. None of it was real.
Police Raid Saves the Day
Authorities raided Million Smiles’ headquarters, seizing computers and documents. Investigators found that QFS didn’t exist and wasn’t recognized by Vietnamese law.
Vietnam’s Ongoing Battle Against Crypto Scams
This isn’t Vietnam’s first big crypto bust. In October, police took down a scam ring based in Laos that used fake apps to steal money. One victim lost $700,000 after being tricked by someone pretending to be a trusted friend.
