Vietnam Jails 43 in $3.8B Crypto Gambling Ring
Key Takeaways
A court in Vietnam sentenced over 40 people for an illicit online crypto gambling operation worth $3.8 billion.
The gang used illicit websites to allow users to convert dong into tokens like Ethereum for gambling use.
The sites reached up to 20,000 users and 25 million accounts.
Forty-three people have been jailed by a Vietnamese court for their involvement in a $3.8 billion online illicit crypto gambling ring.
The criminal group reportedly used millions of illegally obtained funds to purchase luxury cars and real estate.
On Thursday, Sept. 25, state media reported that the leaders of the ring, four Vietnamese siblings, had been charged with organised online gambling between 2020 and 2021.
The four siblings were jailed between eight and 13 years, according to the Ho Chi Minh City’s Law newspaper.
Thirty-nine different people were also charged and sentenced to three to ten years.
The newspaper reported that Vietnamese police were also looking to arrest an Indian man, who is thought to be the ring’s mastermind.
The criminal gang created and operated websites for investments using crypto, which remains illegal in Vietnam, reports stated.
Users of the websites were able to convert Vietnamese dong into digital tokens, such as Ethereum, and transfer them for use in online gambling.
The websites reportedly had up to 20,000 users with around 25 million accounts at its highest point.
Some users were offered commissions to bring other users to gambling sites via Telegram and other social media channels.
In June, Vietnam blocked Telegram after authorities cracked down on what it said were “signs of law violation” across the platform, Reuters reported.
The Vietnamese government said up to 68 per cent of 9,600 channels on Telegram contained “poisonous and bad information,” as well as “cases suspected of being related to terrorism.”
Vietnam accused Telegram of failing to remove and block information that violates its laws.
The country also claimed that authorities found “many groups with tens of thousands of participants were created by opposition and reactionary subjects spreading anti-government documents”.
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