Vietnam Jails Four Siblings for Massive Crypto Gambling Ring
Vietnamese authorities have dismantled a massive illegal gambling operation that used cryptocurrency concepts, with four siblings receiving lengthy prison sentences. The ring, which had 20,000 customers at its peak, handled transactions totalling US$3.8bn between early 2020 and late 2021.
The operation, which was run by four siblings, offered gambling services using crypto. This is illegal in Vietnam, where gambling is heavily restricted. Customers were incentivised to refer new people through social media platforms, with rewards offered for successful referrals.
The ring's ill-gotten gains were lavishly spent on real estate and luxury cars. The network's transactions are now under investigation in a separate probe for money laundering.
The alleged mastermind behind the operation is a 28-year-old Indian national. He was identified by a victim in a burglary case in Linz-Land on September 19, 2025, and taken into custody. However, he remains at large and is still sought by the police.
In total, 43 people were sentenced for their involvement in the illegal gambling operation. The four siblings received sentences ranging from 8 to 13 years. The investigation into the money laundering aspect of the operation continues.
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