Vietnam Police Arrest 8 in $80 Million DRK Crypto Fraud

Key Points:

• Authorities estimate investor losses of about VND 2,000 billion, involving more than 1,880 BTC, 37,000+ ETH, and 2.7 million USDT.
• Vietnam Police identified Huynh Duc Van (33) as the alleged leader, accusing him of running the scheme from early 2020 until its collapse in late 2021.

Authorities in central Vietnam have arrested eight individuals in connection with an alleged large-scale cryptocurrency fraud scheme involving the DRK token, with estimated losses of approximately VND 2,000 billion (around USD 80 million at 2021 exchange rates), according to official statements from Da Nang City Police and state media.

On 15 December 2025, Da Nang City Police, acting under a directive from the Ministry of Public Security, coordinated with the Department of Cybersecurity and High-Tech Crime Prevention and the Da Nang People’s Procuracy to simultaneously arrest eight suspects and conduct searches at multiple locations.

Vietnam Police Trace $80 Million Crypto Losses to Draken (DRK) Scheme

Police identified Huynh Duc Van, 33, a resident of Hoa Cuong Ward, Da Nang, as the alleged ringleader. Investigators said that beginning in early 2020, Van worked with three accomplices in Ho Chi Minh City and several other individuals to create a privately issued cryptocurrency project known as DRK. Authorities described the project as a “ghost” or fictitious investment scheme.

According to initial investigative findings, the group promoted DRK extensively on social media platforms, online forums, and investor communities, disseminating information that authorities said was false or misleading. Promotional materials allegedly promised high returns and portrayed DRK as a technologically advanced blockchain project.

By the end of 2021, after attracting a large number of investors nationwide, investigators said the suspects abruptly shut down the DRK project. Websites, fan pages, and related online groups were taken offline, and investor funds were allegedly appropriated and converted into Vietnamese dong for personal use.

Based on digital evidence and transaction data collected during the investigation, police estimated that the group misappropriated more than 1,880 bitcoin (BTC), over 37,000 ether (ETH), and nearly 2.7 million USDT (Tether). Authorities said the combined value of these digital assets was approximately VND 2,000 billion at 2021 market prices.

During the investigation, law enforcement agencies also froze bank accounts and seized or temporarily suspended transactions involving real estate and other assets with a combined estimated value exceeding VND 600 billion, according to police statements.

Huynh Duc Van and Seven Others Placed in Pretrial Detention

On 16 December 2025, authorities announced that the case had been formally initiated, suspects had been charged, and Huynh Duc Van along with seven others had been placed in pretrial detention. Police said the investigation remains ongoing and may be expanded as additional evidence is reviewed.

Officials emphasized that all figures released so far are based on preliminary assessments and could change as the investigation continues. Under Vietnamese law, individuals convicted of fraud and misappropriation of property involving particularly large sums may face severe criminal penalties.

Authorities also reiterated warnings to the public regarding the risks of unregulated cryptocurrency investments and urged individuals who believe they may be victims of the DRK project to report to investigators for further review and resolution.

Who is Huynh Duc Van (Kao Van)

Huynh Duc Van, born in 1992, is a resident of Hoa Cuong Ward in Da Nang and has been identified by Vietnamese authorities as the alleged organizer and leader of the DRK cryptocurrency project. At the time of his arrest in mid-December, Van was 33 years old.

Prior to the police crackdown, Huynh Duc Van was known within some online investment circles under the alias “Kao Van.” Vietnamese media reports from 2020 and 2021 described him as the central figure behind DRK’s development and promotion, which was marketed as a technologically advanced cryptocurrency with strong profit potential.