Vietnam: $3.8bn online betting ring dismantled in two-year probe
Vietnam jails 43 in massive crypto-linked gambling network.
Key Points:
– Four siblings jailed for up to 13 years over running a vast crypto-based gambling ring
– 39 others sentenced in a trial spanning online gambling and money laundering
– Police still searching for alleged ringleader, an Indian national
A Vietnamese court has handed out jail terms to 43 individuals involved in a cross-border online gambling and cryptocurrency operation worth over US$3.8bn, as reported by Channel NewsAsia.
The Ho Chi Minh City trial concluded with four siblings receiving sentences ranging from eight to 13 years for organising the illegal operation. Thirty-nine additional defendants were sentenced to terms between three years, some suspended, and over 10 years in prison.
The operation was linked to a now-dismantled network of 20,000 users managing over 25 million accounts. Punters were able to convert Vietnamese dong into digital tokens such as USDT and Ethereum, then use them to place bets via e-wallets linked to illicit gambling platforms. Participants were recruited via Telegram and other social channels, with users receiving commissions for bringing in new players.
Authorities have launched a separate money laundering probe after it was discovered that large sums were used to buy real estate and luxury cars, and some funds were moved abroad. Police are still hunting for an Indian national suspected to be the true mastermind behind the scheme.
Good to know: Vietnam does not recognise cryptocurrency as legal tender and has banned its use in payment activities since 2018
The court’s ruling comes amid rising concern over online gambling and crypto fraud across Southeast Asia.
In recent years, Vietnam has cracked down on illegal online gaming, especially operations that exploit digital currencies to bypass local laws and banking oversight.
The government has also restricted access to Telegram since June, citing widespread use of the platform for activities linked to crime and misinformation.
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