Vietnam arrests ONUS, HanaGold executives over alleged crypto price manipulation scheme
The Vietnamese Ministry of Public Security's investigative agency has arrested several executives linked to cryptocurrency platform ONUS and gold trading firm HanaGold for alleged fraud and market manipulation.
Investigators initiated legal proceedings against and detained Vuong Le Vinh Nhan, CEO of Digital Asset Management JSC; Tran Quang Chien, a technical administrator at crypto exchange ONUS; and Ngo Thi Phuong Thao, director of HanaGold, along with four others.
They are accused of “using computer networks, telecommunications networks or electronic means to appropriate assets,” under the Criminal Code, according to Public Security News, a media entity under the Ministry of Public Security.
Authorities also initiated legal proceedings against and detained another suspect on money laundering charges.
ONUS, formerly known as VNDC Wallet, was launched in 2020 during a boom in cryptocurrency investment.
According to preliminary findings, since 2018 the suspects had allegedly created cryptocurrencies such as VNDC, ONUS and HNG and sold them to investors via the ONUS platform.
To attract investors, Vuong Le Vinh Nhan allegedly directed the dissemination of misleading promotional information and orchestrated trades to create artificial supply and demand, manipulating prices at will, investigators said.
Vuong Le Vinh Nhan at a year-end meeting in 2025. Photo courtesy of HVA Group.
Since March 20, many investors had reported being unable to access the ONUS application, which has millions of users in Vietnam, while new registrations could not be completed.
At around the same time, HanaGold users reported difficulties withdrawing funds. On its website, the company said it was upgrading its system and temporarily suspending certain functions, including withdrawals.
Both ONUS and HanaGold are linked to HVA Group and Vuong Le Vinh Nhan, who serves as its chairman.
ONUS, formerly known as VNDC Wallet, was launched in 2020 during a boom in cryptocurrency investment. Its operator, ONUS Finance UAB, has said it obtained a digital asset exchange licence in Lithuania, allowing it to expand operations across parts of Europe.
Meanwhile, HanaGold, founded in 2020, offers online gold trading and accumulation services using NFC technology.
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