Vietnam Busts $3.8B Illegal Crypto Gambling Ring
Vietnamese authorities have dismantled a vast illegal gambling and cryptocurrency operation valued at $3.8 billion. The ring, active between 2020 and 2021, involved 20,000 users and 25 million accounts at its peak. The mastermind, an Indian man, remains at large.
In a two-day trial at Ho Chi Minh City, 43 individuals received sentences ranging from suspended terms to over 10 years in jail. Four siblings, leaders of the ring, were sentenced to between eight and 13 years. The operation allowed players to convert local currency into digital tokens like Ethereum and USDT for gambling activities.
The ring recruited new players via Telegram and social media, with recruiters earning commission for each addition. Authorities have also initiated a separate criminal case focusing on money laundering offenses. Leaders of the ring are suspected of using illicit funds to purchase expensive cars and property.
The illegal gambling and crypto ring in Vietnam has been dismantled, with 43 individuals receiving sentences. The mastermind, an Indian man, is still at large. Authorities continue to investigate money laundering offenses related to the case.
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