When investors deposited money, their accounts would display notifications of profits many times the original investment. However, these were entirely virtual notifications, and account holders could not withdraw any actual cash.

Although the cryptocurrency itself was worthless, the perpetrators promoted it with false claims of high potential and exorbitant profits.

Over the past four years, Vietnam has been consistently placed in the top five of Chainalysis' Global Crypto Adoption Index.

Blofin aims to boost cryptocurrency adoption and provide support for users.

Figures from the Chainalysis Company show that from July 2021 to June 2022, Vietnam recorded $112.6 billion in cryptocurrency transactions. It therefore surpassed the region’s financial center, Singapore, to join Thailand as the two leading cryptocurrency trading centers among the ten ASEAN countries.

Sky Mavis, the maker of the hit game Axie Infinity, has announced it raised a $150 million investment led by Binance, the world’s largest cryptocurrency exchange. The new investment will help Sky Mavis reimburse victims of a recent “hack” while enhancing security to prevent future attacks.

According to Chainalysis, the level of global adoption of virtual currencies has increased sharply over the last year, by 881 per cent, led by Vietnam, India, and Pakistan. Two factors driving the high level of cryptocurrency adoption in Vietnam are that young Vietnamese are fond of betting and technology, and the lack of investment channels for savings.