Vietnam Cracks Down on ONUS Crypto Fraud with Multiple Arrests

Highlights:

• The ONUS crypto fraud probe has led to seven arrests after a sweeping investigation.
• Investigators linked VNDC, ONUS, and HNG token activity to centralized price manipulation.
• ONUS went offline on March 20, leaving investors locked out and losses mounting.

The Vietnamese police have widened a crypto probe after arresting seven suspects linked to the ONUS platform. Authorities said the group sold tokens through misleading promotions and controlled trading behind the scenes. On March 23, the Ministry of Public Security opened criminal proceedings, citing alleged property appropriation through computer networks and money laundering. Since then, investigators have questioned more than 140 people across Hanoi and other provinces.

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A Fast-growing Platform Now Faces Deep Scrutiny in Vietnam

ONUS built a strong following in Vietnam after launching in 2020 as a crypto investment super app. The platform later claimed more than seven million users worldwide and promoted trading, staking, and investment products. Police now allege key figures used that reach to market tokens that lacked market independence.

🚨 Vietnam launches wide criminal probe, arrests suspects over alleged ONUS ecosystem fraud and market manipulation involving VNDC, ONUS and HNG.#ONUS #VNDC #Vietnam #Crypto

— CryptoNews (@CryptoNewsX_) March 27, 2026

Investigators named Vuong Le Vinh Nhan among the main suspects. Nhan also uses the name Eric Vuong. He serves as chairman of HVA Group, vice president of the Vietnam Digital Asset Alliance, and head of FundGo. 

Police also named Tran Quang Chien, who has been described as the technical administrator of the ONUS exchange. In addition, they identified Ngo Thi Thao, director of HanaGold Jewelry JSC, in the case.

Investigators Say Token Prices Moved Under Central Control

According to investigators, the group created and promoted tokens, including VNDC, ONUS, and HNG, through the platform. The suspects manipulated supply, demand, and prices to present those assets as real investment opportunities. 

Meanwhile, coordinated trading activity allegedly created false confidence among users and encouraged larger deposits. investigators now describe the operation as one of Vietnam’s biggest cybercrime cases tied to digital assets.

Authorities further noted that the scheme raised billions of dollars from investors, although they have not released a full public breakdown. The platform became inaccessible on March 20, locking user funds and triggering panic. Several investors then reported heavy losses after losing access to their accounts. For instance, one user told reporters the shutdown wiped out more than $15,000.

The Fallout Reaches Beyond Vietnam’s Domestic Crypto Market

The case has also pulled in Vemanti Group, a US-listed fintech company tied to ONUS Pro. On Thursday, Vemanti said it learned about the indictments through ministry statements and local news reports. The company identified Nhan Vuong as its board chairman and Chien Tran as a board member. It also said it hired U.S. legal counsel to review the matter

The ONUS crypto fraud investigation lands at a tense moment for Vietnam’s digital asset sector. Chainalysis placed the country in position four in its 2025 Global Crypto Adoption Index. This position reflects broad grassroots use of digital assets across the country.

Vietnam has long allowed blockchain development in a legal grey zone. Crypto payments are limited, but speculative trading has continued with a few restrictions. Due to this loophole, platforms have quickly gained users before the rules could catch up. Vietnam also announced earlier this month it would crack down on offshore exchanges. Authorities said they will develop licensed local exchanges and restrict overseas retail trading.

According to Reuters, Vietnam plans to draft new rules banning citizens from trading on overseas crypto platforms like Binance and OKX, while aiming to launch a pilot program for local compliant exchanges as early as this month. A Ministry of Finance document reveals that five… pic.twitter.com/xBc7BBgyR9

— Wu Blockchain (@WuBlockchain) March 17, 2026

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