Vietnam detains ONUS crypto executives in suspected investor fraud probe

Vietnam's Ministry of Public Security has detained several people connected to the ONUS cryptocurrency platform, alleging investor funds were misappropriated through misleading promotions and coordinated trading. Investigators say the group manipulated token supply and demand, moved prices and kept centralized control of the market. The probe covers multiple tokens including VNDC, ONUS and HNG. Police estimate the scheme involved tens of billions of dollars, though authorities have not released figures on investor losses. Authorities have identified several individuals, including Vuong Le Vinh Nhan, whom U.S. fintech firm Vemanti links to XPLOR, the Singapore-based parent company of ONUS Pro; Tran Quang Chien, described by local media as the platform's technical administrator; and Ngo Thi Thao, a director at HanaGold Jewelry JSC. The investigation spans multiple cities and institutions, with more than 140 people summoned for questioning. Vemanti said it has retained U.S. legal counsel and confirmed Nhan is its board chairman and Chien a board member. ONUS says it has more than 7 million users and backing from Vemanti Group, while CoinMarketCap lists the ONUS token's market capitalization at about $25 million. ONUS has not issued an official statement on the allegations.