The Department of Cyber Security and High-Tech Crime Prevention, in coordination with the Criminal Police Department of Hanoi City Police, has just dismantled a group of subjects issuing, promoting, and attracting investment in virtual currency projects from 2022 to present with mobilized amounts of up to 7.86 million USD (equivalent to about 200 billion VND) from more than 3,000 investor accounts.
Lieutenant Colonel Dao Manh Ha, Captain of the Cybercrime Prevention Team for Enforcing Economic Management Order (Team 6), Cyber Security and High-Tech Crime Prevention Department of Hanoi City Police, said that from around March 2022, Dang Quoc Thang (born in 1986, residing in Hanoi) established Maxx Group Company with the purpose of promoting and introducing virtual currency projects brought by Thang. Thang directs staff to organize communication on social networking groups to attract investors. For each virtual currency project, Thang receives from 5% to 50% of the mobilized amount.
During the investigation, the police determined that Thang brought the wingstep project to Maxx Group Company, assigning Ngo Khac Trung - Director, legal representative of the company - to carry out promotion and attract investment. For this project, investors register an account, download the Wingstep application on the website moiza.io, then deposit the BUSD (1 BUSD equivalent to 1 USD) virtual currency into the account. Through the application, investors buy NFT shoes priced from 1001,200 USD/pair. Every day, turn on the wingstep walking or running app to receive WST virtual currency bonuses, then convert to BUSD.
The total number of customers participating in the wingstep project is about 50 people, with an investment of 300,000 USD (equivalent to 7.2 billion VND). However, after only three months (from May 2022 to August 2022), the project lost liquidity, the investor could not withdraw money, and all capital was misappropriated.
In addition, Dang Quoc Thang also collaborated with Nguyen Thanh Loc (born in 1997, residing in Ninh Binh) to implement the Naga Kingdom game project. In this project, investors buy NFT game characters such as Monkey, Chicken, Dog, pig... called "Linh Binh", priced from tens to hundreds of millions of VND, typically NFT pigs are priced up to 400 million VND. After buying, investors play games to receive rewards in the virtual currency "Maga", then convert it to BUSD.
To promote, Thang introduced this as a Blockchain application game, issuing NFT, bringing high profits (from 58%/month), commissions introducing 10% of the total investment (including 5% F1, 3% F2, 2% F3).
During its operation, the Naga Kingdom project has 20 customers participating, with a total investment of 60,000 USD (equivalent to 1.5 billion VND). However, after only about three months, the project also "collapsed", unable to play, the investor lost all the money.
Based on the behavior of the subjects, the Investigation Police Agency of Hanoi City Police issued a decision to prosecute the criminal case of "Using computer networks, telecommunications networks, electronic means to appropriate property" and prosecuted and temporarily detained Dang Quoc Thang, Ngo Khac Trung and Nguyen Thanh Loc for investigation.
To ensure the rights of related people, Hanoi City Police recommends that anyone who is a victim of the above projects contact the Investigation Police Agency (Criminal Police Department) or the Cyber Security and High-Tech Crime Prevention and Control Department of Hanoi City Police to report and resolve according to legal regulations.
