The cryptocurrency scam "DRK" that occurred in Da Nang, led by Huỳnh Đức Vân, is a typical example of an organized asset appropriation model in the cryptocurrency sector. According to initial investigation results, the group constructed a cryptocurrency project with no real value, creating a professional facade through a website, social media, and online communities to instill confidence in investors. By promoting high profits and spreading false information, they gradually attracted large sums of money from many participants using popular coins like BTC, ETH, and USDT.
When the amount of money poured in reaches a sufficiently large level, the perpetrators suddenly crash the entire system, erase related traces, and cut off all communication channels, thereby appropriating all assets of the investors. The total amount of money embezzled is determined to include thousands of Bitcoin, tens of thousands of Ethereum, and millions of USDT, equivalent to about 2 trillion VND at the time in 2021. The characteristic of this type of asset is that it is difficult to trace and recover, making the process of remedying the consequences face many obstacles.
The authorities have arrested the related individuals and frozen part of the assets; however, the ability to recover the entire amount of money is very limited due to the flow of funds being dispersed through many layers of transactions. The case shows that the perpetrators have exploited the psychology of expecting quick profits, the lack of understanding of blockchain technology, and the legal loopholes to commit fraud. The essence of this model does not lie in technology but in creating false trust, manipulating information, and exploiting the unverified investment behavior of participants.
