Vietnam Bitcoin Ponzi Scheme on the verge of collapse

Since the birth of Bitcoin, there have been a number of individuals and businesses that have tried to discredit cryptocurrencies. Some have even devised elaborate Ponzi schemes to defraud Bitcoin investors. In Vietnam, such scams seem to be on the verge of collapse, with hundreds of people being deceived by this pyramid scheme, which seems to have the same structure as an MLM.

This is not the first time that a Bitcoin Ponzi scheme has made headlines. One of the largest pyramid schemes, Onecoin, is still operating to this day. Despite numerous accusations of fraud, the company continues to attract investors, and once Onecoin collapses, thousands of people will see what the company is really like.

Another Bitcoin Ponzi Scheme Busted

In Vietnam, a similar Ponzi scheme is collapsing. A large number of investors promised potential customers that once the good news spread among people, more people would notice the company. Some victims even bought millions of shares, hoping to get rich overnight.

Typically, the early stages of these Ponzi schemes go very smoothly. At the beginning, a lot of new money will come in, and early investors will see their investments grow. Some people even increase their shares at this time. When problems arise, once large funds come in, the company will stop paying investors' returns soon.

Because many people invest in Bitcoin through bank loans, the consequences are quite serious. One investor will have to repay a loan of 60 million VND at a monthly interest rate of 5%. This is equivalent to less than $2,500, which is a lot of money for the average person living in Vietnam.

Police reports show that more than 2,000 people have been involved in this Ponzi scheme, and the company has a total income of 1,900 bitcoins. In a short period of time, the promise of high returns attracted many investors. However, no legitimate company can pay 24% of any investment income in just five days.

This particular Ponzi scheme could reflect badly on Bitcoin in Vietnam. Cryptocurrencies are not regulated by banks in Vietnam, and the local government is not too fond of Bitcoin. Investors know the risks are on the good side, and it is doubtful whether they will ever see their money again.