Hanoi police have just dismantled the crypto scam project CrossFi, arresting 8 suspects and seizing many luxury assets, including Rolls-Royce cars, Lexus, and high-end real estate with a total value of about 500 billion VND.
CrossFi, originally MinePlex, deceived thousands of investors with a sophisticated Ponzi scheme, luring them to buy MPX tokens to mine XFI with promises of enormous profits. When the capital flow stopped, the system collapsed, and many victims lost tens of billions of VND.
This project organized seminars, invited influential figures to create credibility, but in reality, it had no operating license in Vietnam.
The CrossFi bust serves as a wake-up call for investors regarding the scams disguised as blockchain technology. Projects promising huge profits and committing to low risks are often indicators of a Ponzi scheme.
When investing in crypto, protect your assets by doing your own research (DYOR), be wary of 'interest commitment' schemes, and do not blindly trust promises of easy profits.
#crypto #CrossFi
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