Vietnamese officials have detained several individuals connected to ONUS. This move represents a major development in a sweeping investigation into alleged cryptocurrency fraud. The purported plan centered around misleading promotions and rigged trading activities on the widely-used platform.
The Ministry of Public Security announced the operation on Thursday, claiming the group used the ONUS exchange to sell digital tokens through false advertising and coordinated market activity.
Investigators say the ONUS suspects artificially influenced supply and demand, adjusted token prices, and presented the assets as safe, high-return investments while keeping tight centralized control behind the scenes.
Among those named in the case are Vuong Le Vinh Nhan, connected through Vemanti to XPLOR, the Singapore-based parent of ONUS Pro; Tran Quang Chien, described in local reports as the technical administrator of the ONUS exchange; and Ngo Thi Thao, director of HanaGold Jewelry JSC.
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Authorities accuse these ONUS suspects of creating and promoting tokens such as VNDC, ONUS, and HNG on the platform. Police claim the operation raised billions of dollars from everyday investors, though no detailed breakdown of losses has been released so far.
This development has intensified concerns about crypto activity in Vietnam, which remains one of the most active retail digital asset markets globally. The country currently ranks fourth in Chainalysis’ 2025 crypto adoption index.
Vietnam widens ONUS fraud probe
The arrests are part of a coordinated multi-agency effort across several cities. Officers reportedly summoned more than 140 people for questioning and seized various forms of evidence as they work to break down what they describe as large-scale crypto-linked fraud networks.
Vemanti Group, the US-based fintech company linked to the platform, said it learned of the indictments involving Nhan Vuong and Chien Tran through official announcements and Vietnamese media. The company has brought in US legal counsel to review the situation. Vemanti identified Vuong as its board chairman and Tran as a board member.
The ONUS platform markets itself as a full digital asset ecosystem offering trading, staking, and various investment products. It claims over seven million users and backing from Vemanti Group. Its official X account boasts more than 885,000 followers.
Yet market data from CoinMarketCap shows the ONUS token with a self-reported market capitalization of only around $25 million.
The case directly points to the challenges in Vietnam’s rapidly developing cryptocurrency market, where adoption seems to have accelerated beyond regulatory control.
However, ONUS is yet to make any public statement about the arrests.
Similar pattern in India?
On the same day as the above cases, in another development, the Central Bureau of Investigation in India arrested a suspect based in Mumbai, who allegedly facilitated the trafficking of individuals to scam centers in Myanmar.
The individuals, hoping to find employment in Thailand, were drawn to the facilities located in Myanmar’s Myawaddy region. They were then kept in confinement and compelled to participate in various online fraud operations, including cryptocurrency investment scams and romance scams targeting victims across the world.
The cases mentioned above, although unrelated to one another, reflect the global nature of the current fraud landscape. They also reflect the challenges facing law enforcement agencies in the world in the pursuit of advanced cryptocurrency-based fraud schemes.
The story with the ONUS suspects is far from over, and we might learn more about this story as the investigation in Vietnam unfolds. Meanwhile, we can take note that even big platforms like this one with seemingly legitimate support can find themselves in hot water when market manipulation and deceptive promotions are at play.
It is encouraged that investors should take note and do their own due diligence before investing in any cryptocurrency project that promises unusually high and guaranteed returns.
