Hanoi, March 17 -- The investigation police agency under the Hanoi Department of Public Security has launched criminal proceedings against five suspects in an alleged fraud case involving the FTXF cryptocurrency, who are accused of defrauding investors of tens of billions of Vietnamese dong.

According to the Hanoi police, the investigation targets a group led by Tran Nam Chung, born 1986, residing in Ha Dong ward, Hanoi. The investigation police agency has officially charged the five individuals with "fraudulent appropriation of property" under Article 174 of the Penal Code.

Investigators found that since 2021, the group had exploited their knowledge of digital currency and crypto assets to raise funds from the public by promoting inves...