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Vietnamese authorities have dismantled what they describe as the country’s largest crypto fraud to date, arresting the ringleader and accomplices behind a multibillion-dollar Ponzi scheme built around the digital token Paynet Coin (PAYN).
The Phu Tho Provincial Police said on Aug. 11 that the suspects lured thousands of victims in Vietnam and overseas into an illegal multilevel marketing (MLM) operation disguised as a crypto investment platform, according to a report by local media outlet Công an Nhân dân.
Using websites such as FMCPAY.com and…
