Vietnam police investigate cryptocurrency fraud

Vietnam’s Ministry of Public Security is investigating a case of possible fraud related to the trading of the Pi cryptocurrency, said Major General Le Xuan Minh, vice head of the ministry’s department of cybersecurity and anti-high-tech crime.

Minh made the statement at the ministry’s Friday press conference held to review the first six months of this year. He said Pi's operations were complicated and unregulated, and the level of profitability for an internet-based business was not possible. There were signs that Pi's operations in Vietnam were essentially a multi-level marketing model with a high risk of losses, the officer stressed.

Pi debuted in 2019 and has been highly popular in Vietnam since 2021. The item is not valued yet, however, it appears many people have traded Pi with real money after reaching deals. Trading cryptocurrencies, including Bitcoin, is currently not permitted and is a violation in Vietnam.

The officer made the statement a few days after a scandal related to Pi in Vietnam. On June 25, a major event for Pi owners took place in the northern province of Bac Ninh. Although Pi is not valued yet, many people at the event valued the cryptocurrency themselves at thousands of USD per coin, but no trades were made.

Meanwhile, participants had to pay exorbitant fees for uniforms and entrance fees to take part in the event.