Vietnam's Ministry of Public Security investigation agency has prosecuted Vương Lê Vĩnh Nhân, also known as Eric Vuong, and eight accomplices on two charges: using a computer network or telecommunications network to appropriate assets, and money laundering. Colonel Pham Manh Hung, deputy head of the ministry's Economic Security Department, gave the figures at a press conference on the afternoon of 3 April 2026 covering police work in the first quarter of 2026, and said the prosecutions stood as of 23 March 20261.
According to the ministry, Nhân, born in 1984 in Can Tho, and Tran Quang Chien, of the Le Trong Tan urban area in Hanoi, built the VNDC virtual currency and the VNDC Wallet exchange with accomplices in 2018. In October 2021, VNDC Wallet was renamed ONUS1.
The ministry described the methods. VNDC was advertised as backed one to one by assets deposited at large Vietnamese commercial banks, but the ministry said the VNDC issued was not deposited at banks to ensure liquidity. VNDC also partnered with Trustpay JSC and Go24 ATS JSC to launch a "VNDC Supermarket" e-commerce site, which the ministry said did not exist either. The group hired KOLs, recruited agents and "tentacles" to steer and draw in investors, and announced that VNDC and the exchange were issued by VNDC Holding and Onus Technology in Singapore, companies the ministry said were in fact established in the names of Nhân and Chien1.
After attracting investors, the group programmed and cooperated to create other virtual currencies including LABUBU, HNG and BDS, and used bots to generate fake buy and sell orders to manipulate prices as they wished, the ministry said. When investors lost money, the group stopped the fake orders and the promotion, leaving the coins worthless, then moved on to issue further token projects by the same process1.
"Hiện nay, Cơ quan điều tra đang tập trung để bóc gỡ, tiếp tục đấu tranh mở rộng và xử lý nghiêm các đối tượng"
The ministry said the case involves a very large ecosystem and that the group appropriated large sums from many investors. No total loss figure has been reported1.
What it means for players
ONUS was marketed in Vietnam as a crypto exchange rather than a betting operator, but the alleged conduct described by the ministry is the same pattern that appears in gambling scams and safety cases across Asia: claims of bank backing that did not exist, fake retail partnerships, paid influencers, and trading volume generated by bots rather than real users. For anyone in Vietnam holding VNDC or tokens issued through the exchange, the ministry's account states that the coins had no backing and that trading activity was manufactured, and it does not describe any compensation or refund process for investors. Vietnam does not permit most forms of gambling for residents, and crypto trading sits outside licensed gambling channels; the Vietnam guide sets out what is and is not permitted. The Singapore link claimed in the case is a reminder that a company registration in Singapore says nothing about whether an operator is licensed or holds customer funds.
What happens next
The investigation agency said it is continuing to expand the case and to handle those involved strictly under the law1. No trial date, additional charges or further arrests have been reported.
