VIETNAM POLICE SMASH $3.8BN CRYPTOCURRENCY RING, 59 DETAINED

Vietnamese police have smashed a huge cryptocurrency ring worth around $3.8 billion, state media said on Friday, as authorities battle rampant illegal gambling in the country.

Fifty- nine people were detained in southern business hub Ho Chi Minh City, accused of luring players through social media to place bets online, according to the city police’s official newspaper.

The gambling ring is reportedly the biggest ever uncovered by Vietnamese police.

State media said players were instructed to buy a cryptocurrency wallet and convert their money into one of two digital currencies, Ethereum or USDT - also known as Tether - before placing bets on Swiftonline.live and Nagaclubs.com.

Officers confiscated 55 laptops and desktops, 39 mobile phones and seven luxury cars from the gang in Ho Chi Minh City.