Vietnam Police Arrest 59 Suspects on Charges Tied to $3.8B Crypto Gambling

Vietnam-based crypto gambling ring

December 5, 2021

Reading Time: 2 minutes

Authorities in Vietnam have apprehended 59 suspects linked to an illegal crypto gambling gang in the country. The gang is the biggest organization of the nature in the country, with transactions allegedly exceeding $3.8 billion.

The authorities who conducted the raid are the police of Ho Chi Minh City. Together with the 59 suspects, the authorities also seized 40 laptops, 79 cell phones, AT, cards, vehicles, and cash amounting to over $130,000.

The transactions of the illegal online crypto gambling gang include those that gamblers would put in the ring. The reciprocal money from the dealer is not part of the $3.8 billion.

The Operations of the Vietnam-Based Crypto Gambling Ring

The police report states that the Vietnam-based crypto gambling ring has been notoriously taking cryptocurrency for the users’ wallets and intentionally crashing sites. In fact, authorities were able to arrive at the $3.8 billion figure from how much was paid into the sites invaded by the gang.

The gambling operated by registering cryptocurrency wallets on the Remitano platform. Members would then proceed to buy cryptocurrencies such as Ethereum and Tether from the platform. After that, they would use the acquired crypto to gamble through Swiftonline.live and Nagaclubs.com websites.

The apprehended suspects confirmed to the Vietnam police how the organization operated. The group fronted as intermediaries to the international betting platform Evolution.com so that they would earn a commission.

After luring gamblers to their sites, the ring would wait to establish there was a large number of players active. It was at this point when they would then crash the websites to steal money from the players’ digital wallets.

The Vietnamese Law on Gambling

The Vietnamese law on gambling is relatively straightforward. Regulated betting in casinos and sports betting is permitted. However, online gambling and private card rooms remain prohibited in the country. It is no wonder as such that the massive illegal online crypto gambling gang was targeted by the Vietnam police.

The gang had established its operations in the country extensively. According to the police report, the organizers had set up large-scale networks across different provinces and cities in the country.

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