Elderly Man Loses Billions of Dong Due to Believing in the Promise of "Virtual Currency Profits"

More than 2,000 people, mostly elderly, have become victims of the MPX scam group in the case 2502L dismantled by the Hanoi Police. With sophisticated tactics, this group lured people into investing in the MPX energy token of the CrossFi project, promising astronomical returns, causing many to lose their life savings. Mrs. T, 91 years old, from Chuong My, Hanoi, is a typical victim. At the end of March 2024, she received a call from a young man claiming to be her “son”, inviting her to invest in the cryptocurrency MPX with the promise of “only a few hundred thousand, and in a few months, it will yield many times the profit.” After several days of consideration, she was invited to a seminar at a 5-star hotel, picked up in a luxurious Mercedes. There, she met “Tuan” – the leader of the ring – along with many other elderly people, persuaded by “financial experts” and enticing price increase forecasts. Trusting, Mrs. T invested up to 7 billion VND, but then Tuan disappeared, the MPX website stopped operating, leaving her empty-handed.

Police revealed that the MPX group targets elderly, less tech-savvy people who live far away from their children and grandchildren. They held grand seminars, used luxury cars to shuttle, creating absolute trust. When victims run out of money, they instigate land sales, hot loans to continue investing, pushing many people into misery. The total damage amounts to 2 trillion VND, with more than 100 victims verified. Currently, 11 individuals have been prosecuted, and 500 billion VND in assets have been frozen. The incident raises alarm bells about the dangers of unclear cryptocurrency projects. The police urge the public to be vigilant, especially regarding enticing investment offers that lack transparency.