Vietnam Busts $3.8B Crypto Gambling Ring, Jails Siblings
Vietnamese authorities have dismantled a vast illegal gambling and cryptocurrency operation, valued at a staggering $3.8 billion. The cross-border ring, active between early 2020 and late 2021, involved over 20,000 users and 25 million accounts at its peak. The illicit network allowed players to convert local Vietnamese dong into digital tokens like Ethereum and USDT for online gambling activities. The mastermind behind the operation, an Indian man, remains at large. The ring's leaders, four Vietnamese siblings, laundered money and splurged on luxury cars and property with the ill-gotten gains. A total of 43 individuals received sentences, with the siblings receiving terms between eight and 13 years. Other defendants received suspended sentences or jail terms ranging from three to over 10 years. Recruiters profited from commissions for each new player they brought onto the platform. A separate investigation into money-laundering offenses is ongoing. The takedown of this massive gambling and crypto ring sends a strong message against such activities in Vietnam. Authorities continue to pursue the mastermind and investigate related money-laundering offenses to ensure justice is served.
