Police Detain ONUS Leadership in Multi-Billion Dollar Probe
Vietnamese authorities have arrested key figures connected to the ONUS crypto ecosystem, including Vuong Le Vinh Nhan and Tran Quang Chien, as part of a criminal investigation into a multi-billion dollar fraud. On March 23, 2026, the Investigation Security Agency initiated proceedings for asset misappropriation and money laundering, detaining at least eight individuals after summoning over 140 people for questioning across several major cities.
Investigators allege that from 2018 to the present, the suspects created and promoted tokens such as VNDC, ONUS, and HNG through the ONUS platform. The group is accused of disseminating misleading information and conducting artificial trading to create fabricated supply and demand, allowing them to manipulate prices and misappropriate investor funds.
Platform with 7M Users Faces Collapse
The crackdown targets a platform that claimed to have over seven million users by the end of 2025, marketing itself as a comprehensive digital asset ecosystem. ONUS, formerly VNDC Wallet, gained significant traction in Vietnam by offering a stablecoin (VNDC) pegged to the local currency alongside various trading and staking products. The arrests followed a platform outage on March 20 that prevented users from accessing their funds, fueling concerns over the platform's solvency.
This enforcement action coincides with Vietnam's efforts to formalize its digital asset market. Under Resolution No. 05/2025/NQ-CP, issued in September 2025, the government is preparing to launch a pilot program for domestically operated crypto exchanges. The ONUS case highlights the significant risks within the country's previously unregulated market and underscores the government's new push to strengthen oversight and investor protection.
