Hanoi police are investigating a cryptocurrency ring allegedly led by Than Van Thoai, the 40-year-old vice director of Global BBA company. Thoai, along with seven others, faces accusations of running a multi-marketing scheme with hundreds of thousands of accounts, potentially worth billions of U.S. dollars.
The investigation follows previous allegations in May, where Thoai and Ho Quoc Anh, chairman of BBI Vietnam Internet Technology company, were accused of property appropriation through digital means.
The CashBack Pro Cryptocurrency Project
In 2019, Thoai acquired the CashBack Pro (CBP) foreign cryptocurrency project as a business venture. Leveraging his international connections, Thoai created virtual transactions and advertised the CBP cryptocurrency on specific websites. He developed applications where users could earn bonuses in CBP coins.
Thoai also established websites to solicit investments, created systems to convert bonuses into cryptocurrency, and introduced the CBP Wallet under multi-marketing schemes. He claimed participants could receive direct bonuses and rewards for connecting with the community or opening investment accounts within the network.
Deceptive Practices and Rapid Expansion
Thoai’s group established the Global BBA company to organize training and advertising events. Despite lacking business licenses for multi-marketing, the company held conferences on financial management and other topics at its Hanoi headquarters.
Thoai’s team presented several plans including 0.5% daily interest and other benefits in order to draw in investors. Investment packages ranged in value from $1,000 to $100,000; more valuable packages offered bigger bonuses.
Participants had to either introduce two others to the scheme or open two accounts themselves. From March 2021 to June 2024, Thoai’s group allegedly created investment communities with hundreds of thousands of accounts, with package values reaching tens of billions of U.S. dollars.
Authorities Take Action
According to local reports, authorities have now put Thoai and his associates under investigation for their alleged roles in this massive cryptocurrency scam. The potential value of the fraudulent scheme underscores the significant financial impact on investors.
The case against Than Van Thoai and his associates highlights the dangers of cryptocurrency scams. As the global issue of crypto fraud continues to grow, cases like this emphasize the importance of due diligence before investing.
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