Vietnamese Authorities Detain Multiple Suspects Connected to ONUS in Crypto Fraud Investigation
Authorities in Vietnam have apprehended individuals linked to ONUS in a cryptocurrency fraud investigation involving allegations of manipulated prices, deceptive marketing tactics and centralized control of digital asset markets.
Law enforcement agencies in Vietnam have taken into custody several individuals connected to the ONUS cryptocurrency platform following accusations that they employed deceptive marketing strategies and orchestrated token price manipulation schemes to unlawfully obtain funds from investors utilizing the digital asset platform.
In a statement released on Thursday, the Ministry of Public Security revealed that the probe focused on individuals accused of distributing digital tokens via the Onus platform while employing deceptive promotional tactics and orchestrating coordinated trading operations designed to lure users. Law enforcement officials assert that the group engaged in supply and demand manipulation and controlled token valuations, portraying these digital assets as credible investment vehicles while exercising centralized authority over their respective markets.
Officials conducting the investigation identified multiple suspects involved in the case, including Vuong Le Vinh Nhan, who Vemanti connects to XPLOR, the Singapore-registered parent entity of ONUS Pro; Tran Quang Chien, described in Vietnamese news coverage as the technical operations manager of the ONUS trading platform; and Ngo Thi Thao, who serves as director of HanaGold Jewelry JSC.
Law enforcement officials stated that the accused individuals are charged with developing and marketing tokens, including VNDC, ONUS and HNG, via the ONUS platform. According to police statements, the alleged operation collected billions of dollars from investors. Nevertheless, officials have not disclosed a detailed accounting of the financial damages.
This investigation contributes to growing regulatory attention on cryptocurrency operations in Vietnam, which represents one of the globe's most vibrant retail digital currency markets.
Vietnam widens ONUS fraud probe
Based on information from the Ministry of Public Security, the detentions come after a collaborative investigation conducted across multiple cities, during which law enforcement officials summoned more than 140 people for interrogation and confiscated evidence, representing part of a comprehensive initiative to break up large-scale cryptocurrency-related fraudulent schemes.
In a statement issued on Thursday, Vemanti disclosed that it became aware of the criminal charges against Nhan Vuong and Chien Tran via the ministry's public announcement and Vietnamese news sources, and has retained legal representation in the United States to evaluate the circumstances. Vemanti confirmed that Vuong serves as chairman of its board of directors while Tran holds a position as a board member.
The ONUS platform markets itself as a comprehensive digital asset infrastructure providing trading services, staking capabilities and investment vehicles, asserting it serves more than seven million users and receives financial support from Vemanti Group, a US-based financial technology company.
The platform's official X account boasts more than 885,000 followers. Nonetheless, CoinMarketCap, a market data aggregation service, reports the ONUS token with a self-declared market capitalization of approximately $25 million, revealing a substantial discrepancy between the magnitude of purported losses and publicly accessible token valuation data.
Onus has not issued an official public statement responding to the allegations.
Cointelegraph contacted Onus seeking comment on the matter, but had not received a reply at the time of publication.
India case points to wider scam network risks
In an unrelated development, the Central Bureau of Investigation in India announced on Thursday that authorities apprehended a suspect based in Mumbai who stands accused of facilitating the trafficking of victims to fraudulent operation compounds located in Myanmar, where people were purportedly coerced into executing online fraud operations, including cryptocurrency investment scams and romantic deception schemes.
The investigative agency reported that victims were enticed with employment opportunities in Thailand before being redirected to scam operation centers situated in Myanmar's Myawaddy region, where they experienced confinement, threats and physical abuse while being compelled to perpetrate fraud targeting victims around the world.