Vietnamese police successfully thwarted a crypto scam, preventing approximately 300 potential victims from falling prey to a fraudulent investment scheme that had already defrauded $1.17 million from about 100 businesses and 400 individuals. The Hanoi City Police apprehended individuals linked to Million Smiles, a company that promoted a fictitious cryptocurrency called QFS (Quantum Financial System). Using deceptive tactics, Million Smiles misled investors by associating the currency with ancestral treasures and promising unrealistic returns alongside access to a collateral-free financial ecosystem. The police intervened just before a planned meeting where further promotions were scheduled, where potential investments ranged from $190 to $1,350. A raid on Million Smiles’ headquarters recovered various incriminating materials, revealing that the QFS token had no legal standing in Vietnam. This incident forms part of Vietnam's ongoing efforts to combat cryptocurrency fraud, as demonstrated by previous arrests connected to different scams.

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