The cryptocurrency and NFT markets always hold promising opportunities, but they also come with countless pitfalls. Recently, shocking news from the Hanoi Police has sounded an alarm: a large-scale NFT Game project scam ring was dismantled, defrauding over 3,000 investors of up to 200 billion VND. This serves as a stark reminder of the unforeseen risks in the digital space.
Wingstep: NFT Shoes That Mint Money, and a Bitter End
The Wingstep project once attracted a lot of attention with its enticing “Move-to-Earn” model. Investors were asked to download the app, then deposit funds (BUSD) to purchase virtual NFT shoes priced from 100 to 1,200 USD per pair. The idea was that users would receive WST token rewards simply by walking or running, seemingly an easy way to earn profits.
However, this dream of “easy money” quickly shattered. Operational for just a brief period from May to August 2022, the Wingstep project completely “collapsed,” causing nearly 50 investors to lose approximately 300,000 USD (equivalent to 7.2 billion VND).
Naga Kingdom: Virtual Spirit Beasts, Real Money Evaporates
Similar to Wingstep, the Naga Kingdom Game project was another sophisticated scam. The perpetrators urged investors to purchase virtual “Spirit Beast” NFTs at significant costs, ranging from tens to hundreds of millions of VND. Players would then use these spirit beasts to participate in the game and “earn” the virtual currency “Maga.”
Despite appearing promising, Naga Kingdom Game only lasted about 3 months before abruptly ceasing operations. As a result, 20 investors lost a total of 60,000 USD (1.5 billion VND) with no hope of recovery.
A Warning from the Authorities
The two cases above are just typical examples among many investors who have had their assets seized when participating in obscure cryptocurrency and NFT projects. Scammers frequently exploit victims’ lack of understanding and their desire to get rich quickly, making unrealistic promises of “sky-high” profits.
The Hanoi Police particularly emphasize that many victims have yet to report. If you or a family member are victims of the Wingstep and Naga Kingdom Game projects, please contact the Criminal Police Department or the Cybersecurity and High-Tech Crime Prevention and Control Department (PA05) of the Hanoi Police immediately for legal assistance. This is extremely important for authorities to gather information, expand investigations, and prosecute the offenders.
Protect Your Assets in the Crypto World – Always Be Vigilant!
The dismantling of this 200 billion VND scam ring serves as a costly reminder for all of us. When participating in any cryptocurrency or NFT Game project, always prioritize caution:
- Thoroughly research: Understand the development team, roadmap, technology, and legitimacy of the project.
- Be wary of “sky-high” profits: Promises of unbelievably high returns are often a sign of a scam.
- Do not invest more than you can afford to lose: This market carries high risks; be prepared for all scenarios.
- Consult experts: If unsure, do not hesitate to seek advice from experienced individuals.
Be a smart investor and protect your assets from sophisticated traps in the digital world!
