Vietnamese authorities have opened a wide fraud case tied to the ONUS crypto ecosystem after detaining several suspects and accusing them of using token promotions and controlled trading to take investor funds. 

The case puts fresh focus on crypto enforcement in one of the world’s busiest retail digital asset markets.

Vietnam’s Ministry of Public Security launched criminal proceedings on March 23 over alleged “appropriating property through computer networks” and “money laundering” linked to the ONUS ecosystem, according to local reporting that cited the ministry’s investigation agency. The probe covers Hanoi and several other provinces and cities.

Authorities named several suspects in the case, including Vuong Le Vinh Nhan, Tran Quang Chien, and Ngo Thi Thao, based on Vietnamese reports. Investigators say the group promoted and traded tokens through the ONUS platform while keeping control over supply, demand, and pricing.

Investigators allege the group used promotions and coordinated trading activity to present certain tokens as real investment products while managing their markets from the center. Local reports said the case involves tokens such as VNDC, ONUS, and HNG.

Vietnamnet reported that police view the matter as one of the country’s largest cybercrime investigations tied to digital assets. Authorities have not published a full public breakdown of investor losses, though reports on the case said the scheme drew in funds worth billions of US dollars.

Vemanti Group said it learned through the ministry’s announcement and local media that Nhan Vuong, its board chairman, and Chien Tran, a board member, had been indicted. The company said it had received no earlier notice from authorities in any jurisdiction before the public reports appeared.

Vemanti added that it had hired US legal counsel to review the matter. The statement linked the investigation to ONUS Pro, the platform at the center of the Vietnam case.

Vietnam’s crypto market faces more fraud scrutiny

The case lands at a time when Vietnam remains a major crypto market. Chainalysis ranked Vietnam fourth in its 2025 Global Crypto Adoption Index, placing it among the world’s most active countries for grassroots digital asset use.

Regional enforcement has also widened beyond Vietnam. In India, the CBI said it arrested a Mumbai-based suspect accused of sending people to scam compounds in Myanmar, where trafficked victims were allegedly forced to run online fraud, including cryptocurrency investment scams and romance scams.

Key Highlights

• Brent crude climbed close to $110 per barrel while WTI hit $96 amid escalating Middle East tensions through early April.
• President Trump postponed the deadline for potential strikes on Iran’s energy sector until April 6, citing active diplomatic discussions.
• Iranian officials have publicly rejected claims that negotiations with Washington are underway.
• Approximately 8 million barrels daily remain unavailable due to the continued blockade of the Strait of Hormuz.
• Energy analysts from Macquarie project oil could surge to $200 per barrel if hostilities persist beyond spring.

Global crude markets continue their sharp ascent as geopolitical strife involving the United States, Israel, and Iran throttles critical energy transport routes. Brent crude advanced nearly 2% to reach $109.92 per barrel during Friday trading. Meanwhile, U.S. West Texas Intermediate climbed to $96.08.

March appears set to deliver unprecedented gains for Brent crude. The benchmark has jumped approximately 52% throughout the month, representing one of the most dramatic monthly advances in modern energy trading history.

Hostilities erupted in late February and have resulted in the virtual shutdown of the Strait of Hormuz. This narrow maritime passage typically handles roughly 20% of the world’s petroleum shipments.

The strait’s closure has removed roughly 8 million barrels daily from international markets. Ole Hansen, Saxo Bank’s commodities strategy chief, noted that supply constraints are accelerating rapidly as vessels that departed Gulf ports before the crisis have completed their deliveries and offloaded their cargo.

President Trump pushed back the White House’s ultimatum for Iran to restore access to the strait or risk American military action against its energy infrastructure. April 6 now marks the revised deadline. Trump indicated that Iran requested the postponement and characterized ongoing discussions as productive.

Tehran contradicted this narrative through official channels. Iranian authorities stated that no diplomatic engagement with the United States is currently in progress.

Military Operations and Troop Deployments Expand

Combat operations have persisted throughout the region. Israeli forces announced they targeted a primary Iranian production center for missiles and naval mines located in Yazd. Kuwait confirmed drone strikes against two of its port facilities. Saudi authorities intercepted unmanned aircraft in the kingdom’s eastern provinces.

The Pentagon is evaluating the deployment of as many as 10,000 additional ground forces to the area, potentially including elements from the 82nd Airborne Division and Marine Expeditionary Units.

The Trump administration is simultaneously working to organize a diplomatic gathering in Pakistan scheduled for this weekend. Vice President JD Vance and additional high-ranking officials may participate in discussions aimed at identifying a pathway toward resolution.

Iranian leadership indicated it declined a 15-point American peace framework and presented alternative conditions. Tehran’s terms reportedly include formal acknowledgment of Iranian authority over the Strait of Hormuz.

Economic Ripple Effects and Global Market Reaction

The dramatic oil spike is amplifying wider economic anxieties. Government debt yields have climbed as market participants anticipate that elevated energy costs may compel monetary authorities to implement tighter policy.

The benchmark 10-year U.S. Treasury yield advanced to levels not observed since July. European bond markets in Germany and France experienced similar yield increases.

Numerous nations have implemented measures to cushion the impact on their populations. India reduced taxation on diesel and gasoline products. Vietnam implemented a temporary freeze on fuel-related levies through mid-April. New Zealand authorities documented evidence of consumer stockpiling of petroleum products.

Macquarie’s analytical team estimates a 40% probability that military confrontations will continue through June. Under that scenario, their forecasts suggest crude could reach $200 per barrel.

Two commercial container vessels operated by China’s Cosco Shipping made an attempt to transit the Strait of Hormuz on Friday but reversed course in proximity to Iranian territorial waters.

Vietnamese authorities have detained multiple ONUS-linked suspects after alleging they used false promotions and manipulated token trading to misappropriate investor funds through the crypto platform.

The Ministry of Public Security said Thursday that the investigation targeted a group accused of selling digital tokens through the Onus platform, using misleading promotions and coordinated trading activity to attract users. Authorities claim the group manipulated supply and demand and adjusted token prices, presenting the assets as legitimate investment opportunities while maintaining centralized control over their markets. 

Investigators named several suspects in the case, including Vuong Le Vinh Nhan, who is linked by Vemanti to XPLOR, the Singapore-based parent company of ONUS Pro; Tran Quang Chien, identified in Vietnamese reporting as the technical administrator of the ONUS exchange; and Ngo Thi Thao, director of HanaGold Jewelry JSC.

Authorities said the suspects are accused of creating and promoting tokens, including VNDC, ONUS and HNG, through the ONUS platform. Police say the scheme raised billions of dollars from investors. However, the authorities did not provide a breakdown of the losses. 

The case adds to scrutiny of crypto activity in Vietnam, one of the world’s most active retail digital asset markets.

Vietnam widens ONUS fraud probe

According to the Ministry of Public Security, the arrests follow a multi-agency investigation spanning several cities, with police summoning over 140 individuals for questioning and seizing evidence, as part of a broader effort to dismantle large-scale crypto-linked fraud operations. 

On Thursday, Vemanti said it learned of the indictments of Nhan Vuong and Chien Tran through the ministry announcement and Vietnamese media, and had engaged US legal counsel to assess the situation. Vemanti identified Vuong as chairman of its board and Tran as a board member.

Related: Indian court says ‘no case’ against CoinDCX founders in impersonation fraud

The ONUS platform presents itself as a digital asset ecosystem offering trading, staking and investment products, claiming more than seven million users and backing from the US-based fintech company Vemanti Group. 

Its official X account has more than 885,000 followers. However, market data aggregator CoinMarketCap lists the ONUS token with a self-reported market capitalization of around $25 million, highlighting a gap between the scale of alleged losses and publicly available token metrics.

Onus has not released an official statement addressing the situation.

Cointelegraph reached out to Onus for comment, but had not received a response by publication. 

India case points to wider scam network risks

In a separate case, India’s Central Bureau of Investigation said Thursday that it arrested a Mumbai-based suspect accused of helping traffic victims to scam compounds in Myanmar, where individuals were allegedly forced to carry out online fraud schemes, including crypto investment scams and romance scams.

The agency said victims were lured with job offers in Thailand before being diverted to scam centers in Myanmar’s Myawaddy region, where they were subjected to confinement, intimidation and abuse while being made to target victims globally.

Magazine: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan: Asia Express