The HCM City People's Procuracy on Friday charged Huỳnh Long Nhu, 32, and three of his siblings with organizing and running the gambling network, alongside dozens of accomplices1. In total, 43 people were indicted over the ring, which Vietnamese prosecutors describe as transnational and which used USDT, Ethereum and Naga tokens1.
- 43 people were indicted over the ring1
- The network processed bets worth nearly VNĐ88 trillion (US$3.8 billion)1
- At its peak it attracted some 25 million user accounts1
Investigators said the network processed bets worth nearly VNĐ88 trillion (US$3.8 billion) through the platforms Swiftonline.live and Nagaclubs.com1. At its peak it attracted some 25 million user accounts and ran a multi-level marketing scheme promising investors daily returns of up to 1.5 percent1. Profits were laundered through real estate and luxury assets, according to the indictment, with Nhu alone pocketing about VNĐ53 billion ($2.1 million) while his brother earned more than VNĐ44 billion1.
The ring was dismantled in late 2021 after four years of probes and 15 rounds of supplementary investigation1. Authorities have identified an Indian national as the alleged mastermind, but he remains at large1.
"Vietnamese prosecutors have indicted 43 people for a US$3.8 billion transnational crypto gambling ring using USDT, Ethereum and Naga tokens"
Players reportedly converted Vietnamese đồng into digital tokens through exchanges such as Binance and Remitano, then used them to gamble online before cashing out1. Việt Nam has not recognized cryptocurrencies as legal tender or as lawful means of payment, but crypto trading and peer-to-peer transfers remain widespread1. Despite repeated warnings from the State Bank of Việt Nam, the absence of a comprehensive legal framework has allowed digital assets to be used in cross-border fraud, money laundering and illegal online betting, according to the report1.
| Item | Figure |
|---|---|
| People indicted | 431 |
| Bets processed | nearly VNĐ88 trillion (US$3.8 billion)1 |
| Peak user accounts | about 25 million1 |
| Promised daily returns | up to 1.5 percent1 |
| Nhu's alleged proceeds | about VNĐ53 billion ($2.1 million)1 |
| Brother's alleged proceeds | more than VNĐ44 billion1 |
What it means for players
The indictment concerns the operators of two platforms, not their users, and the report does not say that any bettors were charged1. What it does set out is the mechanism: đồng converted to tokens on exchanges, bets placed online, then cashed out1. Because Việt Nam does not treat crypto as legal tender or a lawful means of payment, that conversion and transfer activity sits outside a settled legal framework even though it is widespread1. Anyone gambling in Việt Nam, whether resident or visiting, is doing so in a jurisdiction where the legal status of the payment method used here has not been resolved. Our guide to gambling in Vietnam and our pages on crypto gambling law in Asia and online gambling enforcement against players set out the position by jurisdiction.
What happens next
The case has moved to the indictment stage, with the file now before the HCM City People's Procuracy1. The alleged mastermind, an Indian national, has not been arrested and remains at large1. Authorities have pledged to tighten oversight, but a long-delayed legal framework for digital assets remains under discussion1. No trial date has been reported.
