Vietnam launches probe into alleged ONUS-linked crypto fraud…multiple related figures arrested

Uk Jin

Summary

Vietnam’s Ministry of Public Security said it has launched a sweeping investigation into suspected token fraud linked to ONUS.
Authorities said they have detained multiple ONUS-related figures on suspicion of defrauding investors through false promotion and price manipulation.
They said the assets allegedly swindled through VNDC, ONUS and HNG tokens sold via the ONUS platform are estimated at several billion dollars.

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Vietnamese authorities have launched a sweeping investigation and arrested key figures over suspected token fraud linked to the crypto (cryptocurrency) platform ONUS.

According to crypto-focused outlet Cointelegraph on the 27th (Korea time), Vietnam’s Ministry of Public Security said it has detained multiple individuals connected to ONUS on suspicion of defrauding investors through false promotion and price manipulation.

Investigators said the group sold cryptoassets via the ONUS platform while disseminating false investment information and artificially inflating prices by manipulating supply and demand through coordinated trading.

Specifically, the cryptoassets they sold were tokens including VNDC, ONUS and HNG. The assets allegedly swindled are estimated at several billion dollars.