Vietnamese Police Bust Fake Crypto Investment Scheme 'Kayple,' Arrest Ten Suspects

Last Sunday, Vietnamese police announced the arrest of alleged ringleaders Mai Minh Tan, 30, and Tran Quang Ut, 39, along with eight other suspects involved in the fraudulently appropriating assets.

According to preliminary police investigations, Tan and Ut recruited several developers in mid-April 2024 to create a fake tech project named "Kayple," luring investors into a cryptocurrency investment scheme.

In early September 2024, the pair falsely claimed Kayple was an "advanced blockchain ecosystem" featuring a decentralized exchange, a play-to-earn platform, AI-driven automated trading, and cross-chain compatibility. They assured investors it could automatically generate high returns.

They claimed Kayple had issued only 7 million Kay tokens, priced at $2 each. However, the trading account balances and profits displayed to investors were fabricated.

To bolster credibility, the suspects claimed the investment project was established overseas, attracting numerous investors outside Vietnam. They recruited a large number of intermediaries as "leaders" to continuously expand the project's reach. These intermediaries were paid using funds raised by the suspects from investors.

Police revealed that through Zalo and Telegram groups as well as online meetings, they disseminated fabricated images and data showcasing purported high returns to lure more investors.

Investigations confirmed Kayple was fraudulent. Investor funds flowed into digital wallets controlled by Tan. After withdrawals, Tan, Ut, and other suspects collectively used these funds for personal consumption. By August 2025, they had squandered all funds, shutting down Kayple while falsely claiming the system was under "maintenance."

From September 2024 to August 2025, Kayple attracted over 4,000 investors, raising more than 51 million USDT.

Vietnamese authorities urge Kayple investors to contact local police to file reports and assist in the investigation.

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In the risky financial markets, no investment can be guaranteed with 100% returns. If an individual or entity claims your investment will definitely yield high returns, it is almost certainly a scam.

Before investing, we advise investors to verify the regulatory status of brokers through BrokersView to ensure your funds are protected by regulatory authorities.