Series of traps laid on ONUS cryptocurrency exchange

Vuong Le Vinh Nhân (Eric Vuong) and Tran Quang Chiến, together with accomplices, allegedly programmed and coordinated activities to create multiple cryptocurrencies, including LABUBU, HNG, and BDS. They also used bots to generate fake buy and sell orders, manipulating and adjusting the prices of these tokens according to their intent.

Alleged tactics used to attract and mislead investors

First, VNDC was promoted as being backed by assets held as collateral at major commercial banks in Vietnam on a 1:1 basis. However, investigators allege that the issued VNDC amount was not collateralized, undermining claims about liquidity support.

Second, the suspects allegedly organized events and communications stating that VNDC would invest in a bakery chain to expand nationwide. The plan was described as including 30 outlets in Cần Thơ, 200 outlets in the Western region, and 1,000 bakery outlets nationwide. Consumers were told they could redeem bread using VNDC vouchers at Snack House branches, but investigators allege that no such outlets existed.

Third, VNDC was said to have partnered with Trustpay JSC and Go24 ATS JSC to launch a VNDC supermarket, described as an e-commerce channel for VNDC users. Investigators allege that this shopping platform did not actually exist.

Fourth, the suspects allegedly hired KOLs (influencers) to recruit agents and networks, guiding and motivating recruitment efforts to attract investors.

Additionally, the suspects announced that VNDC and the VNDC Wallet exchange—later the ONUS exchange—were issued by VNDC Holding and Onus Technology in Singapore. Investigators allege that these entities were founded by the same individuals, Vuong Le Vinh Nhân and Tran Quang Chiến.

Price manipulation and alleged repeat cycle

After attracting investors, the suspects and accomplices allegedly coded and coordinated to create additional cryptocurrencies such as LABUBU, HNG, and BDS. They reportedly used bots to place fake buy and sell orders to manipulate and adjust prices as desired.

According to the allegations, after a period of operation and price manipulation—when investors incurred losses—the perpetrators would allegedly stop placing fake buy orders and stop disseminating information so the currencies would return to their intrinsic value and lose value. They would then allegedly launch new token projects and repeat the process.

Investigation and enforcement focus

Colonel Phạm Mạnh Hùng said this case involves a particularly large ecosystem and that the suspects allegedly embezzled substantial sums from investors. Investigators are currently focused on expanding the crackdown and strictly handling the perpetrators in accordance with the law.