Vietnamese authorities allegedly prevent losses of nearly $1.17 million
Vietnamese authorities have stopped a major cryptocurrency scam, saving nearly 30 billion Vietnamese dong (about $1.17 million) and protecting 300 potential victims from fraud. The crackdown focused on Million Smiles, the company responsible for the fake scheme involving a made-up cryptocurrency called Quantum Financial System (QFS). The scheme drew in investors by misleadingly presenting QFS as part of a unique financial system tied to ancestral treasures and spiritual beliefs, making