Vietnamese police have arrested a gang suspected of orchestrating the cryptocurrency scam "Matrix Chain," which has defrauded investors of nearly $400 million

ChainCatcher news, the Vietnamese police have arrested a gang suspected of orchestrating the cryptocurrency scam "Matrix Chain," which has defrauded investors of nearly 400 million dollars.

The alleged pyramid scheme fraud group established a multi-level system across three regions in Vietnam, misleading investors into believing that they could download the Matrix Chain software for a symbolic fee of just 1 USDT. The funds were ultimately embezzled by the gang, which has over 185,000 registered accounts, with 394.2 million USDT deposited and transferred through cryptocurrency wallets. Four men and one woman (born between 1980 and 1991) have been detained, and the police are searching their residences and workplaces.