Authorities in Phu Tho Province revealed that the network drew in thousands of investors from Vietnam and abroad through a fake investment platform masked as a multilevel marketing program.
Victims were promised monthly returns of up to 9% and recruitment bonuses, with payouts funded by money from new participants.
Investigators named Nguyen Van Ha, 45, from Gia Lai Province, as the architect of the scam. Though he had no formal IT background, police allege he hired developers to create the PAYN blockchain, build a rewards system, and design a polished security framework to lend credibility.
The operation also falsely claimed U.S. registration and advertised PAYN as usable for booking travel services. Lavish events at luxury venues were staged to win investor trust.
Officials say Ha personally pocketed around $200 million, while his deputy, Phan Viet Lap, and others helped manage the scheme.
More than 20 suspects have been arrested, and authorities have frozen $38 million in assets, including cash, foreign currency, and real estate. The platform was still attracting funds from countries such as India and the Philippines at the time of the bust.
The case adds to a year already marked by heavy crypto-related losses. CertiK data shows hacks, scams, and exploits totaled $2.47 billion globally in the first half of 2025, with $2.2 billion in net losses after partial recoveries.
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