Photo courtesy of VN Express

 

A Vietnamese court has sentenced four siblings to jail in a massive online gambling and cryptocurrency scheme involving $3.8 billion. The court in Ho Chi Minh City handed down sentences ranging from eight to 13 years for the siblings, while 39 others received jail terms from three years, suspended, up to more than 10 years. The group, charged with organizing an illegal gambling network, was active between early 2020 and late 2021 before being dismantled.

 

The network operated during a period when Vietnamese laws strictly prohibited such activities, especially involving cryptocurrency. The gambling ring's operations included converting Vietnamese dong into digital tokens and facilitating illicit online gaming. With over 20,000 users and approximately 25 million accounts, the network managed to channel significant amounts of money through complex cryptocurrency transactions.

 

In addition to the arrests, Vietnamese police are pursuing an Indian suspect, believed to be the orchestrator of the entire operation. Profits from the network were allegedly used to acquire luxury assets and launder money both domestically and abroad, prompting a separate investigation into money laundering activities. The operation involved elaborate schemes, such as multilayered cryptocurrency investments, which are illegal in Vietnam.

 

Looking forward, this case marks a significant crackdown on cybercrime and financial fraud in Vietnam, signaling tougher enforcement against illegal cryptocurrency use. The focus will likely remain on dismantling remaining elements of this network and preventing new ones from emerging. Authorities may intensify efforts to tighten regulations surrounding cryptocurrency to avert similar schemes in the future.

 

Key Takeaways

• Four Vietnamese siblings sentenced for partaking in a $3.8B gambling ring.
• Vietnamese law enforcement is pursuing the ring's alleged Indian mastermind.
• The scheme involved illegal cryptocurrency transactions and money laundering.

 

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  Adapted by ASEAN Now from VN Express 2025-09-26

 

 

Well done!