Vietnamese Woman Arrested in $300M Crypto Scam Targeting 2,600 Victims

Ngo Thi Theu, a 30-year-old Vietnamese national, has been arrested in Thailand for her alleged role in a massive cryptocurrency scam that defrauded over 2,600 victims of approximately $300 million. According to Asia News Network, Theu was apprehended last Friday by Thailand’s Crime Suppression Division (CSD) at a local hotel following an Interpol red notice.

Theu was reportedly a central figure in an extensive fraud operation that included 35 senior members and more than 1,000 employees operating across 44 call centers in Vietnam. The scheme involved luring investors into fake cryptocurrency and foreign exchange trading platforms with promises of high monthly returns—ranging from 20% to 30%.

Vietnam's high level of crypto adoption has made the country a prime target for such scams. Recent data shows that around 21.2% of the nation’s 100 million citizens are involved in cryptocurrency investments, making it one of the most crypto-active populations in Southeast Asia.

The arrest underscores growing concerns about crypto-related fraud in the region and highlights the challenges law enforcement agencies face in tracking down transnational cybercriminals. Theu’s capture follows increased international cooperation aimed at cracking down on crypto scams that exploit emerging markets with high investment enthusiasm and limited regulatory oversight.

CoinDesk reached out to the Thai Crime Suppression Division for comment but has not received a response. The case remains under investigation, and authorities are working to uncover the full extent of the network’s operations and recover funds for affected victims.

Theu’s arrest serves as a warning to investors to remain cautious and conduct thorough due diligence before committing to high-return crypto schemes.