Home Cryptocurrency $658 Million Cryptocurrency Fraud Allegation Spurs Vietnam Probe

$658 Million Cryptocurrency Fraud Allegation Spurs Vietnam Probe

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Vietnam’s deputy prime minister ordered an investigation into allegations of a cryptocurrency rip-off involving $658 million, the most recent report of fraud to hit the evenly regulated marketplace for preliminary coin choices.

Deputy Prime Minister Vuong Dinh Hue informed six ministries to “rapidly contemplate and sort out” the rip-off, in keeping with an announcement on the federal government’s web site that didn’t title the cash concerned. A separate assertion from Vietnam’s prime minister on Wednesday referred to as for the nation’s monetary firms to keep away from dealing with cryptocurrency transactions, which authorities have beforehand mentioned are unlawful.

Read more: What the World’s Governments Are Saying About Cryptocurrencies

Whereas ICOs have allowed some respectable blockchain-related ventures to boost funds rapidly by promoting tokens to traders, the choices have additionally been affected by experiences of wrongdoing. Governments around the globe are more and more scrutinizing the market, with U.S. Securities and Alternate Fee Chairman Jay Clayton saying on Tuesday that he was surprised by the degrees of fraud that encompass ICOs.

— With help by Andrea Tan

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