BlockBeats news, on October 4, Cointelegraph reported that police in Nghe An Province, Vietnam, which borders Laos and the Gulf of Tonkin, busted a Laotian fraud ring related to fraudulent wire transfers. These scammers specialize in butchery and cryptocurrency investment scams. One of the fraudsters visited Laos in September 2023 to join the fraud group. In February of this year, they began creating Facebook accounts to lure victims into emotional deception and investment fraud.
One of the scammers gained the trust of a man in Ho Chi Minh City by posing as a woman. The victims were eventually tricked into investing in “Biconomynft,” a fake app that promised high returns. Over several months, scammers stole more than 17.6 billion VND ($700,000) from their victims. Initially the scammer will gain the victim’s trust by releasing part of the investment funds as profits. Once the victim invests a larger amount, the scammer locks the account and freezes the funds.
