- Arrests made in $394M crypto scheme, affecting 138,000 investors.
- Fraud utilized multi-level pyramid model with fake MTC token.
- Significant market reaction but no effect on major protocols or exchanges.
Vietnamese public security forces have dismantled the Matrix Chain fraud operation, leading to the arrest of five suspects orchestrating a substantial crypto scam. The scheme, involving around $394M USDT, deceived over 138,000 investors across Vietnam.
Matrix Chain’s fraudulent platform was shut down as authorities aim to recover assets. The blockchain industry continues facing challenges from elaborate scams exploiting user trust and decentralized finance’s rapid growth.
$394 Million Fraud Bust Shakes Vietnam’s Crypto Scene
The Matrix Chain fraud case in Vietnam led to significant law enforcement action targeting a crypto network orchestrating a large scheme. Headed by Nguyen Quoc Hung, the group leveraged pyramid model strategies through the Matrix Chain (MTC) platform promising lavish returns. Five suspects are in custody, with key members facing serious allegations.
As reported by the Vietnam’s Ministry of Public Security, “This large-scale operation showcased how illicit platforms can exploit vulnerable investors, leading to significant financial losses and ongoing investigations.”
The Matrix Chain fraud involved multi-level marketing tactics to lure over 138,000 investors with deceptive promises. Users were enticed to buy MTC tokens, described by officials as fraudulent due to their lack of intrinsic value. The platform utilized SafePal wallets to channel profits into real estate.
Market reactions feature unease within the crypto community despite no immediate impact on major exchanges or key blockchain assets. Authorities continue investigating and pursuing additional suspects. Vietnam’s Ministry of Public Security warns against unregulated crypto activities, emphasizing the importance of scrutiny. The fraudulent use of multi-level commissions was highlighted by police, defrauding numerous investors.
Historical Context, Price Data, and Expert Analysis
Did you know? Frauds like the Matrix Chain incident often mirror historical cases such as the 2019 PlusToken scheme, highlighting persistent vulnerabilities within decentralized finance.
As reported by CoinMarketCap, Tether (USDT) maintains a stable price of $1.00, with a market cap of approximately $153 billion and a 4.46% market dominance. Trading volume stands at roughly $79 billion, reflecting minor price fluctuations over recent months.
Coincu research suggests the Matrix Chain case may prompt regulatory enhancements and could reinforce investor due diligence in Vietnam’s crypto space. Increased scrutiny on pyramid models asserts potential for stronger legal countermeasures, influencing future financial safeguarding steps.
Source: https://coincu.com/340257-matrix-chain-crypto-fraud-vietnam-2025/